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Will Labour’s Rent Control Homes hurt London’s investment market?

London Labour Mayor Sadiq Khan says he will build 6,000 “affordable” rental homes by 2030 - with their rents capped.

Khan, standing for election on May 2 and seeking a third Mayoral term, says the 6,000 figure is a minimum and these properties will have their rents capped in line with key worker salaries in each part of the capital. 

Until now Khan has called for powers to control all private rents - both in properties built for social renting and those owned by private landlords - but successive Conservative governments have batted away his requests. 


More recently Labour under Sir Kier Starmer and shadow housing secretary Angela Rayner have resisted calls for the party nationally to back rent controls, saying they were worried such measures would drive landlords out of the sector. 

Khan has also said on social media: “I’m proud of how I’ve supported renters as Mayor bu there’s more to do. If re-elected I will build at least 6,000 rent control homes, invest more in tackling rogue landlords, and introduce far-reaching reforms to help renters defend their rights.”

He continued: “While the Tories are in the pockets of the landlord lobby, I’ll be a renters’ champion …. [I’ll be] a Mayor who will always stand up for renters.”

Activist group Generation Rent issued a statement in response, with chief executive Ben Twomey saying: "The Metro Mayor elections are crucial for renters, with the winning candidates wielding significant power over the tenant experience in their area. We welcome policy proposals from all candidates that seek to genuinely improve renters’ lives and tackle the problems we face.

"Generation Rent welcomes promises in Sadiq Khan’s ‘New Deal for Renters’ - including continued calls for the devolution of powers to slam the brakes on rent rises, support for renters to get cash back from landlords who don’t follow the rules, and new investment to defend renters’ rights.

"Metro Mayor candidates must address the issues renters face head-on.

“Rent controls, especially in London, and licensing powers must be devolved, criminal and underperforming landlords must be held to account, and new genuinely affordable and social homes must be built and kept available for people who need them. It is only through decisive action that the crises that we face on a daily basis as renters can be tackled."

The Labour Party nationally has remained silent on whether it backs Khan’s ‘rent control homes’ concept, and if so whether it would advocate something in the General Election, expected to be held in the next eight months.


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