London's Hackney Council is installing a rent cap on work and studio space in new-build offices in order to keep local artists and entrepreneurs in the area. Following public objections to the demolition of Vittoria Wharf, which housed many creative start-ups, the council has partnered with the London Legacy Development Corporation to guarantee new office schemes provide "genuinely affordable" studio spaces with rents below half their current market value. The move follows an announcement by Mayor Sadiq Khan that he would be scrapping his predecessor's controversial plans for a £1bn development at Battersea Power Station – one of several projects being scrapped or scaled back
London's Hackney Council is installing a rent cap on work and studio space in new-build offices in order to keep local artists and entrepreneurs in the area. Following public objections to the demolition of Vittoria Wharf, which housed many creative start-ups, the council has partnered with the London Legacy Development Corporation to guarantee new office schemes provide "genuinely affordable" studio spaces with rents below half their current market value. Additionally, two council-owned buildings in the E9 area are being renovated to offer independent and artistic firms, which have previously been priced out, a place to operate at a substantial discount.