London. Who is it actually for?
London gets 21 million tourists spending 17 billion pounds a year, and the people who live there can barely afford to stay.
THE GIST ON LONDON: "Who Is It Actually For?"
What happens when a city is built around people who leave?
Eventually there's nothing left for those who don't. Prime retail space is taken up by American candy stores and souvenir shops, and no one knows who owns them. This is what happens when a city becomes commodified.
Is London heading the way of Venice?
Venice has 50,000 permanent residents and 13 million tourists a year. London is headed that way because the value of the city as a financial vehicle outshines its use to the people who live in it.
Offshore investors buy property to park their money and rent it back to residents. Buying is beyond anyone with a salary, so no one stays long enough to build something that lasts, and when no one stays, no one invests in the future.
What is left to extract?
You might get turfed out of your flat next year because someone will pay more, so why care about your street? Everything becomes transactional, and the city turns from an ecosystem into a machine for extraction.
The irony is it has never been richer. It's like selling your house to someone who won't live in it: you can only do it once. Venice is a museum of what once was. So who is London for?
Should cities limit tourist shops and overseas buyers?
Your take. One tap, then see how everyone else voted.
Quick answers
How many tourists does London get?
21 million, who spend 17 billion pounds a year.
Why compare London to Venice?
Venice has 50,000 residents and 13 million tourists a year, a city whose value as a financial vehicle outshines its use to residents.
Why does it matter if no one stays?
No one invests in the future of a street or community they may be priced out of next year.
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