TfL last week published proposals to build across 640 acres by a new subsidiary called Transport Trading Limited Properties. A number of scenarios are being considered with up to 46,350 homes to be built over the next 25 years. Property insiders estimated that the sites would be worth around £10bn.
OK, in London, the vast majority of that £10 billion will be site value. On land already owned. The uplift in value coming from the stroke of a bureaucrat’s pen.
Mr Khan, TfL’s chairman, is now in talks with ministers over a £2.1bn taxpayer grant to finance the housebuilding project.
Why does anyone need a grant in those circumstances?