Rent generation

Apparently, landlords are planning to kick out existing tenants in order to quadruple rent on properties during the Olympic period. This is an interesting dimension of the Olympic legacy. According to Seb Coe last year, the Olympic village will become 1379 affordable homes

when beds for athletes become essential new homes for Londoners after the Games, creating a vibrant new neighbourhood on the doorstep of the Olympic Park

People looking out from Westfield Shopping Centre

In economic terms, it is worth reflecting that research has shown there to be both winners and losers in previous Olympiads. As Preuss observes:

It is not surprising that many negative effects have the greatest impact on the poor

Preuss goes to observe that, despite indications to the contrary, there are some hidden impacts resulting from the redevelopment of urban areas during the Olympics. He says that in the past it has appeared that host cities have improved public space for everyone by installing pedestrian precincts or public parks

but the precincts contain shops for the affluent and the parks host fee-paying events.

You can think about all this as you admire the construction of the Olympic Park from the viewing gallery on the third floor of the sparkly new John Lewis store in Westfield Shopping Centre. But for the moment, it looks like the Olympics is all about rent generation rather than regeneration.


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