Olympic Homes (Supplementary) [14]

Session date: 
February 20, 2008
Question By: 
Tony Arbour
Organisation: 
GLA Conservatives
Asked Of: 
The Mayor

Question

Neale Coleman, in the comments that you have reported, said that not only were you unlikely to raise the sum of money - ie £1.8 billion which was the original figure you thought you were going to make from land sales - but, because of the provision of affordable housing, it is going to reduce the receipts that you are going to get. How are you going to fund the difference between what you thought you were going to get and the sum that you actually receive?

Supplementary To: 

Answer

Answer for Olympic Homes (Supplementary) [14]

Answer for Olympic Homes (Supplementary) [14]

Answered By: 
The Mayor

The low projection of just under £700 million, the medium projection of £1.8 billion and the high projection of £3 billion are all predicated on the sales including 50% affordable housing. Clearly if you said there would be no affordable housing those values would soar but in all those negotiations I had with Tessa Jowell [Minister for the Olympics] and other government ministers we remain committed that that should be a mixed and balanced community, not just a rich enclave.