Why Our Cities Are So Expensive
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- čas přidán 30. 08. 2022
- We won't build our way out of the housing crisis like this.
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Special thanks to the Battersea Power Station Development Company (BPSDC) team, Neil Pinder, Professor Paul Watt and Councillor Aydin Dikerdem.
Narrator - Fred Mills
Producer - Jaden Urbi
Camera, Video Editing and Graphics - Jim Casey
Motion Graphics - Vince North
Executive Producers - Fred Mills and James Durkin
Production Management - Victoria Gunn
Associate Producers - Adam Savage, Tim Gibson, Ian Parkin and Christine Beldon
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This channel is on another level now. Keeps getting better, so impressive. Thanks!
100% agreed. This is a whole new level of professionalism. Thank you.
TDG #1 FULLSUPPORT
THE B1M BIG FAX
Absolutely, yes. It's terrific.
True
@@roberthevern6249 true
The fact that cities like Vancouver had to put a law in to stop foreigners from buying homes and not living in them speaks volumes as to why the prices are skyrocketing.
We have this problem in Sydney. The corrupt Chinese (CCP) buy everything but don't live in them just so they can park their wealth. They're not even rented out. They have no regard for the destruction they cause.
Don't forget about the zoning laws in Vancouver preventing anything except single family buildings(the most expensive) outside of city center.
Rich people see housing as a way to make money, not as a way to keep a roof over head. And they squeeze every penny out of land use that we need to live.
It's a circular problem. North American cities have too few housing; due to zoning laws, antiquated regulations,... (NYC has a law preventing anyone from removing artists in SoHo, so basically no one rents out to anyone anymore). These factors push house's prices up, making them much more appealing as an investment asset when compared to other assets. Banning foreigners from buying would not solve the problem at its core, since they typically buy in bulk. Other prosperous cities like those in Japan, Singapore (formerly), China, Taiwan... don't have this issue because zoning laws are updated regularly to build more housing.
Taiwan actually has a land value tax law that is extremely effective to ensure housing availability and protection from speculation.
Not necessarily the right takeaway - there’s good arguments about how these vacancy laws in Vancouver are mostly attempts to find scapegoats and avoid having to deal with the core issue of land use policy. There’s been next to no change in affordability since those rules were implemented, because it’s simply not an issue with the scale to make a difference one way or another
I'm absolutely loving this new direction for The B1M. There is a wealth of construction content out there, but channels with such a high profile daring to discuss inherently political, and therefore risky, subject matters in-depth is very rare. Thank you for going deeper into the social issues involved in construction and not just marvelling at the spectacle of the site itself. Excellent video detailing both the techniques and the wider implications of a build.
@@k1k2k3k4 Imagine thinking about a subject beyond the surface of it. You should give it a try.
Hear hear!!
I was just thinking the same, these days I just can't stand the amount of construction/engineering porn that creators pump out completely divorced from its political implications, it's so tone deaf in today's society.
Yeah keep up the involvement of all views what CZcams should be for great channel
I would've liked to see more discussion of the effects of Right to Buy though. The interviewee who said it's not the job of private developers to provide public housing is right. It's ultimately a policy and planning issue.
As a longtime subscriber, I like The B1M's recent move away from faceless corporate cheerleading to thoughtful and personal coverage of the human and societal character of megaprojects. It jives nicely with your personal appearances in videos. Keep this kind of content coming!
I agree so much, so welcome to see this more critical approach! Also the way our cities are built needs to be viewed with much more awareness: we need more sustainable and ecological materials, healthier schemes, more beautiful architecture, rediscover traditional techniques, etc.
@@bart_u ...walkable neighborhoods, better transport systems, more green spaces, and so on...
I agree, I've always liked their content but in the past its sort of just felt like an advert for the construction and architecture companies. A more critical approach has given this channel a much needed boost
Not too much, hopefully; else this channel will go the way of the masses and begin critiquing anything that dares to be ambitious, simply because it's not "giving to the needy" or whatever.
It's good but on another hand it's becoming a bit slanted too -- we're supposed to be upset that an ABANDONED station is being built back up? of course it will hurt areas around it in someway, but the positive is much bigger. Tax revenue is needed for the state to provide affordable housing. Making those that can out to be faceless awful people is just getting tiring.
I LOVE that this channel does not just stop at "Look at how pretty and cool this new development is!". I love the idea of preserving and re imagining Battersea... but the reality is more complicated an it's refreshing to see a construction-focused channel address it.
This is the type of videos I like to see. Not just a shiny new building and repeating the marketing script from the company building it. Looking more at the problems we are facing in society
I used to work for councils around London carrying out electrical testing and now work in Construction Consultancy for a well known company in management, therefore I have been both sides of the fence. We have worked in all the projects you mentioned in this video and it’s eye opening when you hear the statistics of how many of these luxury homes will actually be occupied. I’m working on a project where the cheapest property is £5m and they reckon the overall occupancy will sit at 8% full. This was a great mini documentary.
These town councils should be explained to people who are not British. I hear about these all the times, but don't understand them. How exactly does the housing system in Britain work?
Here in Britain we have national government and then local government, local government is a council, there are 32 council boroughs in London, they control what’s built in there area they are also in charge of social housing (council housing) they have been demolishing all their old stock from the 70s and replacing it with private developers and no social housing and the waiting list for council housing is going up 20 years wait to be housed in affordable housing.
@@clarkhunt4014 Thank you Clark. Given that, isn't there something people can do to control their local council?
The collapse of the currency means that parking capital in property is how global investors preserve capital. That global capital helps the old people downsize but they also need new shiny property in the right place but makes it harder for the young as prices rise due to exchange differentials. The capital will be needed after the general economic collapse to rebuild. Its all connected, not that any politician even understand 5% of it all, hence they hasten the collapse.
We can hope that the economy grows our currency recovers and they all cash out at a profit for them but at a more affordable price for us thanks to inflation in salaries. But really if we had decent politicians we would not be suffering.
@@DB-su5qp Interesting point. So what do you think Biden should be doing to control inflation?
My grandad use to work at Battersea powerstatuon as an engineer before he became a nuclear engineer. When I use to go up to London I always made sure I sat on the right side of the train so I could see it. Then they covered it up. That made me abit sad. Then when it was finished we went up there. Me and my grandad both loved it. This ignited my love for architecture.
Thank you
I remember watching this channel 4-5 years ago, and being super interested in the content. Now as I (and the channel!) have aged, I RESPECT the content. You guys have gotten so, sooo good at not only covering construction content but reporting on it, and allowing for a TRUE nuanced view. I mean seriously, maybe it's different in London (i doubt it!) but where I live (southern USA) news, and ALL reporting is polarizing, not informative and directly contrasting multiple viewpoints, you are doing the BEST i've seen, and to top it all off, youre also a REAL expert in the industry you cover!!!!! Construction, and England in general is so blessed to have you working the way you do! Praying for your success, God bless.
This is extremely off topic but Fred is looking SWOLE! 💪
The one building plan he hasn’t covered? His muscle building plan.
Not so off topic; after all, this channel is about construction.
I didn't want to say anything, but yes
Impressive build quality 🙂
I was just thinking that! Impressive for sure!
Excellent documentary. As a New Yorker, I am grateful that there is someone with a large reach that cares enough about these issues.
London is almost as dirty as the Trump scum in NYC
Kick them out!
BIM is the evil way! You never build homes that way! You only please investor scum!
Greatful or grateful?
@@RHelenius grateful.
I love that you're doing this. I love skyscrapers, massive infrastructures, and good architecture, but sometimes people act like they are the marketing team for those people. These projects have real impacts and they need to be addressed.
Imagine liking concrete jungles
@@MrPolandball I prefer walkable cities to car-dependent rural villages 🤷
@@thastayapongsak4422 majority of rural villages aren't car dependent especially in europe
Besides the challenge of building more affordable housing, one other thing which you rightly pointed out is the maintenance of them. Singapore inherited the policy of building public housing from the previous British colonial government, but went further by having a whole process of maintenance and rejuvenation to ensure the public estates do not degenerate and remain attractive for people to live in. Our public housing development board (HDB) does not just build homes; it also builds communities. I hope this is something that you could explore since having affordable homes is a major concern in major cities today.
This channel and such doc style videos are the replacement of "how it's built" kinda content I used to watch on TV as a kid.
Indeed, I feel the same way
Indeed. I'd say the quality is so uch higher as well, you don't have the recapping and repeating that TV programs have becuse they seem to think their audience can't retain any information for longer than 2 minutes.
This one is giving me big modern marvels vibes
Modern Marvels on History Channel.
@@RealmDesigner the problem wasn't that they thought their audience was stupid, but that they couldn't watch at any time and so come in during the middle of the program. CZcams and other streaming services get rid of that issue, and more often now even the commercials interrupting as well, to allow for totally uninterrupted programs.
When you invest you're buying a day you don't have to work.
Assets that can make you rich
Bitcoin
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@@alexanderjason1960 I'm new to this Bitcoin trading, how do I get started with the help of a professional?
@Matthewallenwatts Any specific guide?
This is not the first time I'm hearing about Katrina C. Lawrence and her trading exploits but I have no idea how to reach her
"if you don't find a way to make money while you sleep you will have to work hard until you old".
Long time subscriber and just wanted to express how much I enjoyed this one. Covering the human side of a massive development project was a wonderful focus for a video on this megaproject. Watched this earlier today, but I came back to write this because I unexpectedly shed a tear just now thinking about the guy saying they used to play football games in the neighborhood "15 a side". It was in one sense just off the cuff banter in the context of the video, but it conveyed such a sence of community and shared humanity that is really at the core of what is being emptied when we talk about our cities being hallowed out. It's a dimension that "the market" is incapable of accounting for, it takes a human heart to appreciate.
Job well done lads,
Cheers to making our cities OURS, to everyone within them, and not diminishing them to assets in a financial portfolio
I am a Munich resident. It still baffles me to hear Munich in the same sentence with Honkong, Singapore and Los Angeles as one of the most expensive cities on earth. We are not that big. But still its getting worse and more expensive by the year. It is hard to finde a house in and out of munich under one million and flats are about half a million. It needs to change.
Don't worry, the world is going to fall apart. You'll see lower prices.
@@stanvanillo9831 I wouldn’t put Berlin anywhere near Singapore, Vancouver, Hong Kong, etc. …right now. But Berlin is definitely headed in that direction. Give it 10-15 years.
@@stanvanillo9831 Munich is right there, its the most expensive city in Germany and I'm living in Zürich now, which is the most expensive city in the world, but the rents and buying something is less expensive than in Munich
Lets say it this way: I was this summer in Munich for a short trip and brought back as a souvenir a flyer from a local housing agent with some rent- and buy offers, because the stuff on it was just insane. Think it should fly here arround somewhere and was a good reason to prevent anyone seeing it to never ever think of moving to Munich.
YOu can thank the CSU and söder for that one
I cannot begin to imagine just how much work went into building (pun intended, sorry) this video. Its quality is unquestionable. I have an interest in construction, but had I had access to this channel (many years ago, sadly) I’d have possibly pursued a career in construction, so engaging is the content.
Well done to all involved. And a big thank you to you all.
👍 Totally agree with everything you said!
Huge kudos to the B1M for this high quality content which is as technically accurate as it is politically relevant. One of my favorite channels on CZcams, by far!
Love the new direction B1M is showing in the last few months. In the past it has been a little bit too much "hype" and "everything is amazing/bigger is better", but now it shows a lot more well researched journalism, with shining light on more than one side of developments. Questioning if new and bigger is always better, and if there are generally better ways is the way to go for the building industry of the future. CZcams channels in this branche often have a tendency to be all about biggest, most expensive and so, without questioning the long term effects of the developments they are showing. With B1M starting to show more of the negative side effects and questioning the necessity of buildings and projects like this they are really adding a lot of value to the information shown.
As a Londoner, this video was incredibly moving, as people like me who grew up in here cannot afford to even buy a property here, despite being a working professional doing GIS in construction funnily enough. Sad that people as passionate about the city as me could never afford to live here comfortably, even on a relatively good salary!
Immigration is the issue.
@@TG-ts3xn BS our governments are the issue.... bringing more and more cheap labour into our countries, and selling it when they are in power. Its not the fault of the immigrants, if i have the chance to make 10 times more money in the neighboring country i do it too
just rent… not the end of the world
@@KaaAAABOOOOOM renting is like burning money
@@KaaAAABOOOOOM if you are homeless, just buy a house
the thing that I have learned, is that EVERYTHING that is "rebuilding an old iconic place into something new" will be ridiculously expensive to live at
I can tell you have never had to pay a repair bill, much less replacing your heating system. You wouldn't believe how expensive that is. Not that I don't have sympathies, but you must realise that building is expensive beyond belief. You just cannot make things "affordable". Won't happen. You should get some random quotes sometime from the trades, just as an experience. It'll turn you off ever owning or building real quick. You'll age 15 years and turn grey within months of buying or building. I would know.
@@mysterioanonymous3206 you’re small time compared to a city building homes and buildings. These cities most of the time don’t even pay for it the tax payers do. And they don’t pay taxes on it. Check out another video on this channel that explains. Billionaires row I think the video is called.
Some families are entirely white collar now, so they have to hire a trade for everything. It's normal in my country for blue collar people to have very nice houses (Australia)
@@LimitlessNarration Think what you want, but I just told you from first hand experience. You will never have cheap housing for a number of reasons.
The ONLY way I see truly is the city building on land they already own, so the price is perhaps half of what it would be on the free market (due to the land component, not tax). But how many cities own that much land? Exactly. Not gonna happen.
Edit: and why should you of all people get that tax subsidized/publicly owned housing? You deserve it more than someone else? Isn't that appropriation of public property, also? Not unlike those evil corporations that everyone likes to criticise.
@@kzkz1263 that's not what I hear about Australia. And most places have licensing requirements. So pick between electrical, plumbing, heating, hvac, you can do MAYBE one of those, but probably none. And that's not what's going to break the bank either. It takes a lot more than that, esp. to build new.
I use your videos for my GCSE and A-Level Geography lessons. They are incredibly well-researched and thorough, that they legitimately form a great resource for pupils to learn about a range of geographical topics, such as your Eko Atlantic video examining coastal reclamation and luxury urban development in Lagos.
This is exactly the kind of content I want to keep seeing from B1M. Thank you!
Seems like B1M is starting to address the urbanist concerns a lot of people had with their previous videos, glad to see a recognition of the real life effects of these projects.
BIM is Revit, support the outsourcing and evil skum!
This is not the way to build homes in London, you only please the mafia skum this way!
I found it interesting that the Battersea developer woman couldn't look at you directly when she was giving her spiel about how "affordable" their housing is. Even she knows she's taking the mick!
Great job with this piece, Fred and crew! More of this kind of nuanced content please!
And saying this decision may change in the future is rubbish, once you've made the decision not to have a certain amount of affordable housing it's hard to undo that decision.
Her justification for not doing so because they've paid for a new tube extension to their beloved project is incredulous. Nobody wants to live in an ivory tower stranded from the ability to get around easily, especially in London. If you want to attract professionals you have to put in infrastructure its that simple. Using it as a bargaining chip to lowers the amount of space used for ordinary families is a disgrace
Reading off a script
It is possible that it is due to it being what looks like a video conference - if you talk while looking at the face of the person you are talking to, since you are looking at the screen, you are looking below the camera. So from the cameras perspective you are basically looking down. Some implementations of video call software can use AI to correct this and make it appear they are looking right at you, but its not universally available everywhere.
Yep, she speaks exactly like a politician.
@@mypointofview1111 Agree that was nonsense about adding more 'affordable housing' in future. But like one of the speakers said, it shouldn't be the responsibility of developers to do the work of the state, whether it's social housing or infrastructure projects. What is often missed is that even the planning application for a project will bring in thousands to local govt - in this case no doubt Wandsworth will have got millions - before the application was actually approved!
And of course the future benefit is through council tax, whether the properties are lived in or not. What is wrong there is that the council tax system is out of date, and needs extra bands for such property.
I live in Los Angeles, and I teach for the city of Los Angeles for over 22 years. I still can' t buy a home. And my rent in Los Feliz area (Griffith Observatory) will soon force me out. Its sad...when I started teaching, back in '97 I was sure I would afford a home by the time I hit 40. Well, I am 52 now, and NO house. Thank you Channel B1M...atleast I feel like someone is telling this sad story in a very professional way. Where do we go from here>?
Seeing those power station chimneys, the dystopian film "Children Of Men" [2006] immediately comes back to mind. Coincidentally, in the film's future timeline, Battersea was converted into a luxury residence.
I'm a Londoner and it is painful to see how difficult it is to be able to live in the city I grew up in. No idea how, when or if this situation is ever going to change. Thank you for shedding light on the issue.
It will only get worse.
the situation will change, for the worse. Like it was said, zone 1 is a joke. But for the elite, because they're laughing at the peasants who are forced out of the centre. Think medieval castles, but on a financial and technocratic level.
Unless your government stops rest of world money laundered in this city, You won't see that going anytime soon. London is the where all tax saved money is flushed.
What was a 500 gbp pr month 20 years ago is now 5000 pr month or even 5.000.000 outright purchase
The benefits of “globalism.” The whole point is to undermine your wage income while lifting asset prices.
An absolutely wonderful mini documentary of regeneration on big cities and the associated problems of affordable housing that comes with it. Gentrification is a big problem and have to be adressed by governments aroud the world but also, specially, citie planners. Congrats to you Fred Mills and to the best AEC channel in the world.
Gentrification is, in itself, not a problem as long as the housing isn't flogged off to the international elite (and international criminals).
Being against gentrification is the opposite side of the coin from xenophobia and not wanting 'non indigenous' people in your neighbourhood.
London areas rise and fall all the time, but no one makes money from fighting against landlords and HMOs.
Define gentrification.
This isn't really even classical gentrification, that would apply more to an area like Notting Hill. This is just a waste of precious land in London, to use housing for global investors to park money and not live in (probably not even rent), that does nothing to help house the local population, middle or working class.
The root cause of this issue has nothing to do with Gentrification, prices rice when there is not enough supply, its basic economics. Overall more property has to build, but it can't because of housing regulations and zoning laws.
For example, london has a history of sever height restrictions designed to "protect Londons iconic skyline", well, if you limit 1/3 of dimensions to build in, no wonder property prices are going through the roof. It ain't rocket science.
Or the fact that you are trying to protect every single landmark, the amount of landmarks that sit in this country completely empty for decades is insane, Battersea Power Station got lucky, but only after being derelict for decades. Trying to save landmarks is nice, don't get me wrong, but don't be fooled into thinking it has no cost, people are paying for it, with higher housing costs. At some point you have to ask the question, is it worth the cost?
Zoning laws also have huge part to play in this, trying to centrally restrict city development will remove the flexibility needed to build new homes, this has been economically proven again and again, yet people still don't get the message.
The answer is really simple, open up the property market, and you will get a flood of new homes. BTW the Japanese ran this experiment, and it worked, they are not perfect, but they are a damn site better of then we are.
Fun fact: Battersea power station now owned by the Malaysian government
Thank you so much for the University City/People's Townhomes shoutout!! I really appreciate these critical perspectives on affordable housing & how you go beyond construction to the contextual, political factors that drive it. Cheers from Philly, Fred!
Superb documentary. The journalism, editing, narration - everything - was very well done.
Thank you so much 😀
This channel is on some kind of roll right now, my goodness -- what a treat these videos are. Each one is better than the last.
As a former economic developer, I'd like to offer a word of caution regarding a closely related issue, which is that big projects like this are often touted as job-creation schemes, but the way that touting is carried out is often disingenuous at best.
If, for example, a developer says that a gentrification project will "create 12,500 jobs for the area," beware of that word "for." It's a brilliant little sleight of hand because it suggests -- without saying -- that the job-holders will be people who already live in that community.
In reality this wouldn't even be legal, let alone practical: The jobs will be listed region-wide, and the people who get those jobs will, on average, only contribute to traffic congestion and even greater cost-of-living stress for the immediate vicinity of the project.
In exactly the same way that affordable housing at just 386 units, and £1600 a month, is NOT affordable housing to the 60 million people that live outside London. The problem is thinking that London should be any kind of example to the UK, when so many there simply take money out of the country to tax havens anyway.
South London delivery driver here. I deliver to most of these new builds. They generally come in two types. We have the really luxurious developments, out of the reach of all but the really wealthy, and the majority, which are mostly rabbit hutches, shiny looking on the outside and quite disappointing on the inside. Just about all of these developments are completely beyond the financial means of most Londoners. And yes, my rounds include both the Battersea Power Station developments, which is massive, and the neighbouring Patmore Estate, which feels far more like a lived in community. It feels more and more like the world of the Hunger Games is drawing closer as more ordinary Londoners are forced out of the city so the bourgeoisie can take complete control of our city.
bourgeoisie 😆commie names
Outstanding presentation of the global housing crisis. I always look forward to a new B1M video, but this one was so different. Please keep putting out well-researched and balanced vids.
Man Fred's been packing on some serious muscle lately
The UK classes housing as "affordable" if it's required that the buyer earns more than triple the average wage at £67k a year. An affordable house is only affordable for the top 15% of earners in the UK. Imagine what the other 55 million people can afford when 70% of the entire population of the UK earn £15k per year or less, when "affordable" housing requires them to earn more than 4x that amount.
Whilst I agree with the sentiment here, you make this seem a lot worse than it is. The median salary in the UK is £26k, meaning at least 50% of people earn this or more, making your figure of 70% on less than £15k wildly inaccurate. In London the Median salary is significantly higher at £40k. On the other hand to earn that £67k you have to be in the top 8% of earners nationwide, not 15%, which is actually worse than you suggested. However, this is still only 2.5x the national median salary and 1.7x the median London salary, not 4x. This is still really bad, given that this is required for shared ownership schemes, but its not nearly as bad as you suggest.
@surb I don't think you understood the point I was making. I wasn't disputing that it's ridiculously expensive compared to the rest of the country, I even state that in my comment. I was pointing out that the figures OP gave were very wrong and misleading and would lead someone to believe it is a lot worse than it actually is.
I work in statistics, and if there is one thing I that bugs me its people misrepresenting or changing stats to suit their narrative and making outlandish claims, whether intentionally or not. It doesn't help anyone make an informed assessment of the situation.
The situation is really bad. As bad as OP suggested? No and quite far from it.
On another note, student loans, whilst an important expense to consider for buyers/renters, are not something everyone has. Millions of people have not attended university. When talking of buying houses its common practice to calculate the ratio using income before Taxes and Expenses.
@@R0bbi3d Plus that's a household income, so it probably assumes two earners. Sorry single income families and individuals, these homes aren't for you.
Exactly what I saw in Southwest London about residential construction, and the pandemic emptied out commercial rental property very fast in the new buildings. I was driven through older areas of lower buildings commercial property, and they looked like post apocalyptic areas. I wondered if would ever make a come back. Architecturally undeniably beautiful and beautifully designed spaces between the new buildings, but can enough people afford it all? I often went walking around and by that power station. That's my oldest daughter's area. ( I'm worried about her investment there, because I observed everything and I see, unless she stays there for a lot of years). Also walked alot within and around the old council buildings areas, that here talked about. All rentals in the past, now being sold at unaffordable prices for the tenants. I don't even understand why, because if you're going to pay what those cost, go for the new ones instead. Probably because they are larger size, more bedrooms for families, and 100,000 pounds less. Otherwise, it's a very nice area to live, and lots of shops and very nice restaurants, and very good public transportation. Near the river Thames. It's definitely hipster, and barely see elderly people, because a lot of walking is always necessary. Definitely EVERYTHING about it, is set up, not for any kind of disabilities. Alot of stairs involved among the design of the areas. Some ramps, but not much. Very dynamic area. See plenty of the stand up scooters. Push with one leg to start or help stop, but they are somewhat electric or battery powered. The new is all very architecturally undeniably beautiful and catchy to the eye, but it's not going to age well. Older buildings in the area, but were contemporary ones in the past decades, can have serious underground septic system problems. That's definitely a had have to look into beforehand or mitigate before it happens extensively, of the age of everything underneath there. It's still Old London underneath it ALL. I don't want to keep giving bad news here, but exterior materials seem to be chosen more sturdy now, because that's another one that was having to be replaced on buildings of the previous contemporary ones. If not brick with a layover of whatever else want to do about the exterior look, which if painted stucco, (plenty older townhomes there do have), is longer lasting because have saltwater conditions nearby involved with the weather. Its always look at how ALL of the older withstood, before beginning with the new.
Well I'm so impressed with this documentary you've made I don't know your name but I can see you've done lots of research. The editing and graphics are fantastic and your unbiassed views looking at both sides of the argument I can see you've put a lot of work into it .
I've been following your channel for quite a while now this is my first comment. The quality of this production should be on mainstream television.
I'm looking forward to more quality content 👌 Thank you sir 🙏
Loving these detailed documentaries. Being a Londoner, I've seen everything being talked about here, the "social cleansing" and ridiculous home prices driven up by prestige with little or no thought paid to local working people who need to live in an area.
That statement beginning with, "Our vision - and the vision of our shareholders..." has so many red flags you could make bunting out of it
what's the point of getting rich if you live around the poor? - affordable houses should be in ghetto, not in fancy expensive areas. 😂😂
That was a fantastic documentary B1M 👏! I went to Nine Elms and Battersea Power Station last week to check out the new developments, and yes they're very impressive, but it's the stark contrast of putting multi-million pound modern apartments next to 60s council estates that still gets me, and its visible all across the area. I agree that Battersea development has brought economic growth and provided excellent public spaces, but it's not fair on the people of the area, as well as London that rental prices have to be astronomical that it drives people who need homes the most away. Yes, it's not the 'job' of private developers to build social housing, but there are such things as 'non-financial objectives', and if these companies could see those beside the profit, then I think they could really make a difference. Anyway, fantastic analysis!! 👏
This is pretty much the end game for unchecked capitalism. The dollar is the only thing that matters, everything else be damned.
@@karenwang313 Wrong way around. The problem is that all of the good jobs are now in London not spread around the UK. House prices there just follow from this. When we suggest sharing out the wealth to rest of the country the moaning and complaining from Londoners begins. Also the reason why those outside London voted for Brexit.
But how public are those spaces? You access those areas at the discretion of the private property owner
and if they don't want you there you have to leave. And there is no point going to an area to simply hang around.
@@michaelrmurphy2734 That specific case does appear to be genuinely public. But in most cases the "public space" usually gets gates added and restricted to residents and "public seating" becomes "restaurant guest seating".
Only governments have "Non-financial objectives" This is not a government funded project. You don't make money selling things to people who cannot afford them.
I’ve watched many of your videos and this is one of your best pieces of work. Amazing
as someone slowly getting priced out of the area I've always been at, I can relate to this phenomenon. Great video B1M
Great in-depth and high quality explainer. I know this is a global issue, but I learned a lot in this video that also sheds light on how the housing crisis is playing out in London specifically and adds context to Crossrail, Grenfell Tower, etc.
Have to say, the quality of the content on this channel has improved significantly in recent months. Well done!
Absolutely amazing and interesting video. This problem is worldwide, including my hometown Prague, Czech Republic. Problem is that higher percents of new built apartments are empty as they were sold as speculative investment to rich people, mostly from another country (mainly from Russia). Another problem is the revitalisation of former brownfileds and making some districts more "hipster" - like in my district. I was lucky to buy an apartment there and 2 years later the same flat in the street is being sold for 25% higher price. It's crazy and is it matter of time when this real estate bubble will blow.
In turkey our homes doubled its price In Turkish Liras because of TL's inflation.
Same problem in many Swiss cities too. They build ridiculously expensive apartments that wealthy people and companies will buy as investments. And many apartments for sale at a reasonable price are snatched up by those same people, just to rent them for an unreasonably high profit. As a result renting an apartment is expensive and it's getting even more expensive each year. Now if you want to rent a studio it will cost you at least $1000 per month, but usually much more. A room in a shared apartment is around $750, but I've seen some being rented for $1200...
And its not only the big and famouse citys. I live on a specific part of the german baltic coste line. On one side is Hamburg, allready expensive and rising in prices, on the other side is said coast line. Prices are allready insane, because everyone wants to have holiday homes and hotels there, but now the rich babyboomer generation will go into retirement in a massive scale. Which means prices and the demand for hotels and stuff will go up and also in the land behind it, because people who work there but cant afford to live there (anymore), will need to find housing further into the land. Its like a wave, crashing back from the expensive coast line and putting up more pressure on the allready steaming house market. The thing goes this wild, first communitys are putting stops on everything related to holidays, because rising prices on the one side and empty ghost towns in the winter when the weather gets tough.
Its either the value of housing is going up or its that our shit frankfurt bank is collapsing the value of our currency and our labour.
I know which narrative I believe. Do you?
In my country Turkey I don't think we lived trough hard price changes compared with dollar or euro but by Turkish lira. And most people in Turkey make money by Turkish lira so we're in trouble. We don't have petroleum and we need oil to fuel cars, tractors etc. Our economy is nearly fully dependent on imports of oil. The migrating Syrian refugees also don't help. Some very well known countries are invading syria and Turkey is the one who gets trouble side.
took a break from this channel for a while and man the content has really been upgraded since the last time I watched god job!
Really great video, very important to show this side of things - thank you for making this and putting it out
Its because the house markets in big cities are controlled by big housing companies and banks with the power to set the prices higher.
its not its migrants lmao you have more migrants a year than houses are being built
also land prices are sky high and costs 10's of millions to get a project accepted by city council. they won't make their money back on low or mid level developments unless its subsidized
Fun Fact: the term gentrification was first used in 1964 to describe the influx of middle-class people displacing lower-class worker residents in the London borough of Islington. Great video. I think Battersea Park is a bit of an edge case because at least the developers "seem" to have invested in the community
Cool to know, I'm an Arsenal fan, so it's interesting to know for me.
As a newer resident of Islington this depresses me ☹️
Wow, what a great video summing up the current situation in London, well done💯
Proud of my country, Malaysia🇲🇾
For what
As someone from Dublin, Ireland this video drives me mad because it happens in our city as much as anywhere. We need to stand up and go after these developers and any politicians who enable them.
We need to stop developers building housing. The less housing we build, the cheaper housing and the better of we will be.
The root is planning.
It’s far too restrictive to actually expand cities and add density to built areas, that whenever land like this comes up, developers are forced to effectively gentrify an area just to make some money off the cost of construction.
Make it easier for our cities to get taller, and make it easier for them to expand. The two results will be reduced land costs and lower barriers to entry, so that building affordable housing at scale actually becomes feasible - rather than a govt mandated afterthought as it is now.
Urban expansion leads to other problems. It leads to the requirement to have massive infrastructure projects such as Crossrail and look at how much that cost (not saying Crossrail is bad whatsoever but the need for it has been driven by urban expansion). As for getting taller, NYC does this but still has the same inherent issues as London when it comes to affordability. Caveat, I don't actually have an answer. Maybe better interconnectivity between urban areas given the whole shift to hybrid working?
@@pavm7566 New York and UK cities specifically don’t quite have the same issues.
New York has always been limited because of its Geography, they had to go tall out of necessity.
Right now the only thing holding back cities from growing organically is choice - 6%(ish) of all UK land is urban use - so shops, offices, houses, gardens, parks etc. 12% of all UK land is designated green belt land that you practically can’t build on.
We could easily allow our cities to grow, and invest in new infrastructure at the same time - at a time when most other forms of economic development are slowing or have outright stopped. We just have to choose to stop protecting some empty fields that most people don’t actually care about.
Nobody is saying we should be paving over every bit of land, or even most of it - and not at all in areas like our natural parks. But we simply cannot carry on being almost totally unable to build the infrastructure and housing we need to tackle the two biggest crises of the next 50 years - housing and the environment.
and i think the root is private property, all housing should be public
@@bendixon800 For the NY piece, they have 5 boroughs. They did not have to build up solely in Manhattan. They're currently in the era of urban sprawl into said (massive) boroughs and yet still one of the world's least affordable cities.
I'm fully in agreement with you that we need to build housing and infrastructure above many other things BUT what we see in nearly every urban environment is that people gravitate towards high economic opportunity areas (ie central london/manhattan etc). So unless, as we expand outwards, there are pockets of said areas (ie Canary wharf etc) then it will always be the case that investment pours into areas within close reach of these areas. As opposed to sprawling out because who wants a 2 hour commute to central london from Zone 100 when they can by in St Albans and get commuter trains?
That greenbelt you speak of surrounds London. And if we're talking environment, the more we eat into that the more polluted London air gets (beyond the shit it already is) and not to mention the biodiversity piece.
@@UnnTHPS Even *if* it were the case that all housing was publicly owned, and even *if* local authorities currently had the means to build lots of new homes - planning laws prevent, hinder, or at the very least add significant cost to their ability to do so.
It’s the same reason the UK has all but failed to build new infrastructure for 30 years except in London - planning laws make it next to impossible to do so.
They’ve tried to build a new a new reservoir for Oxfordshire for 30 years - continually blocked by NIMBYs exploiting planning laws and local rights to object, and now Oxford faces a water shortage.
It’s a farce.
Oh my goodness. Fred Mills is now ... a global star. He has to be. This video is as good as anything our leading UK broadcasters offer. I am reminded of the heyday of quality BBC and Channel 4 documentary production. In addition to the detail about amazing buildings and civil engineering projects, we also now get some very well-informed political critique. And of course the superbly photogenic Mr Mills.
Film critic Roger Ebert, who in the 80's had written a guide book to London, wrote in his 2011 memoir, Life Itself, of London changing, or rather being replaced. I didn't care much for the city myself, perhaps because it had already changed. Reading Mr. Ebert's memoirs and his chapters on London, the places he loved, about "his" hotel I really felt a sting of loss...
"IN 2009 I learned that they tore down 22 Jermyn Street in London. The whole block went. Bates’s hat shop, Trumper the barber, Getti the Italian restaurant, the Jermyn Street Theatre, Sergios café, the lot. Jermyn Street was my street in London. My neighborhood. There, on a corner near the Lower Regent Street end, I found a time capsule where the eccentricity and charm of an earlier time was preserved. It was called the Eyrie Mansion. When I stayed there I considered myself to be living there. I always wanted to live in London, and that was the closest I ever got."
"If we want our urban areas to thrive we're going to have to start building that caters to everybody." Exactly. But what does that look like in practice? When shareholders exclusively hold the reins of basically any venture, what chance does anyone else have? The core of the model must fundamentally change.
Need to get people to prioritize the concept of stakeholder instead of shareholder. There is no reason someone with tons of money invested should have complete priority over everyone else who is affected by whatever is being done. But the elites somehow managed to convince enough voters that shareholder profits are more important. And the sad thing is that philosophy has been embedded into our laws.
The thing unless th core of property developer to extract money is solely from home selling then housing price all around the world will increased until global war happened and bring all of the house speculation price to zero. unless there is a property developer that extract money from solely the service they do and carefully choosed the money flow in the area
I would have liked to hear discussion of how zoning laws, purposefully onerous permitting roadblocks, and NIMBYism cause housing prices to increase through designed under supply
Yes! This is one of the biggest reasons housing prices are so high. If there is one house and ten people trying to buy it, who is going to get it? Whoever has the highest budget! We cannot expect housing to be affordable for anyone if there are no houses for people to live in in the first place. Scarcity drives costs, not some mystical forces beyond our control. We need more houses now.
We don't have zoning laws in the UK. The idea it's regulations that cause this is infantile
@@ronancorrigan3467 first the video talks about cities around the world struggling with this issue and second the nimbyism of excessive zoning can take form in harsh permitting structures. For example, the borough of Kensington and Chelsea need to approve more housing. I am pro regulation I just don’t like it when regulation is purposefully used as a tool to segregate and push new housing further away from jobs ect
@@Paulsyfi yes please - but that’s the whole point - the attempt to building more housing in your own back yard is often illegal or denied by local government
Don't forget the role of rent control in limiting housing supply.
29:22 always cool to see my home make the cut in a B1M video :)
I honestly can't deal with the cost of living anymore.. my family has ran a local small business for 42 years. An art gallery and framing studio. We're having to move and find a new location for the first time ever because the historical building we're in was sold and new owners have new ideas for the entire building. It's really okay, I support them. BUT. We are screwed, finding a new place to move to, AND we just got news our home we rent, is being sold because the owner sadly passed away and his son's want to sell the house. So my family is screwed. Literally idk what we are going to do... My father had a stroke and I had ACL reconstruction surgery a bit ago and so I've been having to be there for helping my family and not doing my construction job. I honestly don't know how we are going to find a place to live. We need a maricle to happen because to put it bluntly. I'm greatful for so many things in my Life but We don't have enough money to EXIST in this current world.... I'm honestly having a really hard time. Having to move your local business and your home at the same time.. is the scariest thing ever in this current climate. Especially when you are not rich... At all.. I just want my family to have a place to sleep. We can work from home and sell our art collections online until we find a new shop location to move into. Idk... I'm so stressed out.
I’m so sorry this has happened to you, hope it all worked out for your family
Growing up in central London, I've seen the gentrification of massive areas around the city, especially with the demolition of council housing due to poor maintenance of the local council. I'd say that local councils have a need to maintain their existing housing estates to prevent them from deteriorating. Alongside the increase in height of the new buildings in the outer London area that are still cheap to build on.
Gentrification is horrible we like being an all white neighborhoods it’s safer and cleaner Diversity sucks
Maintaining local council housing isn't quite as simple when council funding from central government has been cut by up to 80% in come areas, which hits poorer, working class areas a lot harder in terms of the council's budget.
With what money? The tories are too busy being "conservative" with the governments money. Only spending to benefit the rich
Curious though why aren't new council housing getting built since the 1980s (no thanks to Thatcher)?
@@NedTesco curious why the Conservatives are still popular despite them gutting budgets for things such as council housing.
This is a REALLY good documentary.
sure, the best on market
Lol u look like Fred If he had a beard 😂
Generally, they all are.
He deserves every like he gets.
It far surpasses any and all expecations you could have before watching it. Great scriptwriting!
It lacks solutions, and it's not they are not well understood. The problem with solutions is that those are uncomfortable to hear:
1. Build more housing. This is a problem with many lefties who talk about "speculation", and they didn't understand what happened in 08. In many cities, population is growing faster than the housing units. You don't have to be that smart to know what's the net effect. Many argue that population is decreasing in the west, but don't understand that a general trend may not apply to this or that city because internal migration is also a thing.
2. Much more public housing. IMO about 1/3 at least. The video points to Vienna, and there's a lot to learn about them (particularly, how to build and the demographics they apply) but the Vienna program needs more funding, they just don't want to spend money in it because they inherited the system and their politicians don't really understand the spill-over effects in the economy affordable housing has. It looks like some of them thing it's good because it's "social", so it's kinda shallow understanding of the problem.
It's important for public housing to be only for rent, not like in Spain where they build public housing and sell under market value, which is the most stupid policy ever as you lost control of rent prices and you're basically subsidizing people against modal income ones.
3. Expropiation of properties. Yeah, yeah, you heard it right. You can't manufacture land, there's a limit supply of it, so in many cities the only way to have affordable housing in reasonable distances from the city center (where a lot of low-skilled labor is needed), is to expropiate. So take public money, pay (some - under market value) money, and transform it into public housing, with lower housing AND business rents (yeah, for business too).
You don't like expropiation? Well, work with you feelings because there's a fixed supply of land, and if all lower and modal income people lives far away then you're just transforming the problem from housing to transportation.
4. Some form of Land Value Tax. Land is ridiculously expensive in many cities and there's no good reason for it. This is another whole topic, but also important. While the public sector can, in many places make use of expropiation, the private sector can't, but you also need em developing stuff, so you have to set up the incentives correctly. Hoarding land is detrimental for the rest of the economy.
The housing problem is not just another problem. It has deep effects in the economy and everyone should worry about this.
If anyone wants to know more about this, this is a good starting point: www.worksinprogress.co/issue/the-housing-theory-of-everything/
Well done, guys. Great pace and arc and also quite thorough journalism. 👍
Just saying thanks for your CZcams channel and punchy, rapid approach to presenting the facts. Your conclusions are logical, not speculative.
Great work.
Really incisive and important video, I studied this at university and now work in development with the ambition to help respond to these issues. Also, the frustrating experience of being a young person looking to rent in London at the moment makes this video really hit home (pardon the pun). Great work!
I hope you earn a LOT of money. You will need to.
It is terrible at this moment. Hope you all the best to your rental search
Wow, another masterpiece in journalism and a respectful take on both the positive, negative, foreseen and somewhat neglected impacts and consequences of such developments in a global urban area. I think one of the most profound and impactful statements made in the video was toward middle where it is stated that major metropolitan areas have to create opportunity for all society rather than just for high income society. Definitely not an easy task, but a necessary one in a world where scarcity will continue to be driven by humankind's inability to see the earth's resources as finite except when speaking in monetary terms to divide access.
These presentations are really good quality, thank you
Best video from this channel yet. Loved the nuanced look at the whole development.
This was a brilliant video! I watched it with my family and, as Londoners living relatively near, we agree that there has been too much focus on building high price property for investors, with the purpose of just increasing in value. Thank you for highlighting this issue.
Interesting that London is allowing "poor doors" a few years back this was a huge debate in new York city
Good lord this mans videos keep getting better and better they are like an actual event. the production value is akin or higher than many of the sci channel similar type features of the day. And lets be honest hes not bad on the eyes at all.
I work in the architecture field and I can’t stand developers to be honest. I feel like they get too much power. They get so much say over what we design and they are the reason units are so tiny now a days. The worst part is we can’t even do anything about it. We have to design to what they say because in the end they’re the ones paying. So next time you see a building going up that looks like a copy paste of another building or a building with tiny little units just know the architect probably gave like 10 different design ideas and the developer just chose the cheapest option and the smallest units possible. The cherry on top is then those tiny units are incredibly expensive. It’s actually quite depressing, I design condos for a living yet I can’t afford one
One of [if not] the best clips that the BM1 has created and posted. Housing here in Australia is just the same as in every city, of every country in our world. The developers are just out to make money, whilst the local councils are just wanting to help "first home buyers" to make their dream come true of owning their first home. It's such a shame that they both cannot work together to help people that need housing and could give it to those who need it. Everyone these days only thinks about "what's in it for ME?"; when it comes to helping our communities. This is unfair for those affected and its attitude does nothing at all for moral in the suburbs, which then leads to crime. Enough said. DM.
OMG it DOES look like an upside down table 😂
Yep. We can't un-see it after that comment!
I did a architecture project on kings cross, and I fully agree. You can create and immersive yourself into a dream land place, full of mid high rise buildings luxury restaurants shop, business ect, and then forgot that right beyond all of that are just dozens of sounding council estates.
This is where you earn respect points as a channel. Taking a firm stand in the socioeconomic aspect of the build world, and not simply “look at shiny building, innit”
I knew Dublin would be in that list of cities at the beginning, the market has gone insane here for a capital city of a small country. Many can’t think of buying and rent has gone through the roof too. There is a drastic shortage of available property also
I am so happy I moved out of Ireland. A depressing embarassment of a country.
This makes me 😢. I live in LA. I ran the Dublin Marathon. What a lovely 🥰 city!!
An important poing was that tax revenues are down in almost all divisions of London. This is because the same interests that are buying these outrageous homes hardly ever pay taxes. It is important to mention that the root cause of the economic inequality comes from the facts that the very wealthy shelter their wealth in offshore accounts and then repatriate the wealth by purchasing such luxury real estate that affords them additional tax benefits. The reasons these projects are so expensive is that the megarich have so much money to launder! The problem is not that the ultrarich are undertaxed. It is that they don't pay taxes at all!
I agree with everyone else. This channel does get better and better. More importantly, it is getting more relevant.
maybe its time to introduce land value tax for properties over a certain value. taxes which cannot by law be offset for any reasons.
the tax system needs a major reform.
Yes Indeed.
We need to tax the signs of wealth, like houses and such.
The real problem is that normal people don't want to live near poor people. Poor people overwhelmingly have made, and continue to make, terrible decisions in their lives... the people that have more than three brain cells to rub together aren't interested in living next door to Meth-Head Mary.
This is one of the greatest videos I have ever watched on CZcams, thank you B1M.
No easy answers for sure, Fred, but many thanks to you and B1M for taking a look at this complex issue! Congratulations to you and all at B1M for having one of the most high-quality channels around.
A fan in Colorado.
The big problem is that there is WAY too much red tape for construction projects, and so low-cost just makes no sense.
This was just an excellent presentation, Fred. Congratulations to you and your team.
Love the B-roll shots of Pittsburgh, Pa at the 18:40 mark!
This piece speaks to me. Housing is so out of reach for me and I work full time and well above minimum wage. Yet, I still can’t find anything affordable and safe to live at.
It’s fascinating to think that as a Malaysian civil servant I have a stake in this regeneration project through Malaysia’s pension fund EPF and through PNB from my investment in ASB (PNB is also the owner of PNB Merdeka 118 megatall).
Yes absolutely... I still remember how Malaysian criticism this investment as a waste of money cause it use people's money KWSP as an investment.. but it's turn out as a profitable investment.
Correct me if I am wrong
@@nawfas_mg2019 Those whom criticize are those 'Lalangs' and sheep mentality, too lazy and dumb to even research but loved spoon fed 'politics' propaganda.
Govt and banks keep cities expensive, home are investments not places to live, hence it's expected to rise in value and keep getting expensive
not govt necessarily, NIMBY's lobbying local councils
Intelligent, and insightful content set exactly the right tone and absolutely everything backed up with facts 10/10 Well done 👍🏿
Thank you for addressing this issue from both sides of the fence. Thank you for addressing the homeless issue. I worked with the homeless both in the United Kingdom and the United States. Homelessness is a growing issue globally. Thank you again for your thoughtfulness.
Loving these longer videos!
I really appreciate that a channel geared around construction doesn't just take the common route of wowing over fancy new architecture and everything it brings but actually brings a critical view to how it will shape the world around it as well. I think far too often projects like these are just rubber stamped in the media while the actual issues remain largely unadressed.
great comment!
Loved the video as usual and inspired me to check it out, during our visit to London last week.
I live on the patmore estate, thanks for highlighting this overdue subject. 👍🏻
I absolutely love how this channel builds a following with engineering marvels to then throw some curve balls and make 30min long documentaries questioning the construction sector, spacial planning and our society as a whole!
It does show that the issue is with Councils allowing Private Developers to build for monetary purposes to improve the look of their council but not care for the people already living there. There needs to be more scrutiny.
Great video. We need more of this
Thanks for making this video, it's really needed
Thank you for using your reach to tackle an important issue and raise awareness. More videos like this please!
Mainstream media is now an extension of corporate marketing. A safe place where criticism is not allowed and critical challenge is absent.
I have wondered about the housing crisis and this video explained every part of it in detail and now I understand it much better. Thank you B1M for the 30 minute documentaries that give insight into topics like these!
Thats scary for those in London and its happening up here in Warwickshire as well.
In the early 1950s my poor old mum wept as no matter how many times she dusted a day, all the horizontal surfaces would quickly get covered in black dust or soot. She was also told if she wanted her 4 yo son to thrive, she had better move far away from those chimneys.