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Cash from the sale proceeds will, say the Conservatives, be used to create a £1bn Brownfield Regeneration Fund "to unlock 400,000 new homes on brownfield land".
The Tories also promise more garden cities, a £1bn brownfield regeneration fund, plans to unlock enough sites for 400,000 new homes and funding for a further 275,000 affordable homes by 2020.
This reality was acknowledged at the Regeneration Fund launch event, as a participant drew hearty, if self-conscious, laughter when in a slip of the tongue she referred to the mayor's "regentrification plan".
Designs have just been unveiled for the £100m Hackney Fashion Hub, by architect David Adjaye, to transform this part of Hackney Central into a mecca for luxury shopping – using £2m from the GLA's post-riot regeneration fund.
Into this breach steps the Greater London Authority GLAA), which recently announced it was making £20m available for innovative high street projects, as part of something called the London Regeneration Fund.
The government expects around 15,000 of these high value council properties will become vacant annually, and proceeds from these sales will release £4.5bn a year – cash that will not only build new affordable property, but also fund the proposed discounts to tenants, creating a £1bn brownfield regeneration fund that will produce 400,000 new houses over five years.
Similar(41)
Much of its infrastructure is derelict despite government regeneration funding.
"Communities in England have been allocated £5.3bn of EU regeneration funding up to 2020.
They've achieved this by going out and getting grants from the local authority, regeneration funds and community cohesion sources.
He goes on to talk about regeneration funding for the riot-hit areas of Tottenham and Croydon.
The vast majority of EU regeneration funding remains tied up in thousands of proposals which are yet to receive government approval".
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