Londoners Rethink Epic Luxury Housing Developments
Mayor Boris Johnson says no to a Mayfair project
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London Mayor Boris Johnson is widely viewed as a friend of developers who have ambitious plans for the central area of the city. Johnson has often “called-in”—that is, vetoed—decisions by local London councils to reject a development. Construction of luxury housing has flourished in the fancier neighborhoods of Mayfair and Knightsbridge.
On May 14, though, the Greater London Authority (GLA), which reports to Johnson, blocked the development of 25 luxury apartments in Mayfair. The reason: They were too big. Johnson’s move may signal that the luxury boom in the city center is facing new limits, according to three brokers who don’t want to be identified talking down the market.