London Blitz, Redux

A combination of economic crises and a tax code based on square footage rather than rentals is encouraging a raft of demolitions that is leaving parts of London looking like it's been bombed again.
November 26, 2008, 1pm PST | Michael Dudley
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"To many observers, Britain's urban areas are beginning to resemble the years of the Blitz.

But this time, the empty lots are being caused not by bombs but by a freak combination of disasters in the financial system, the real-estate market and the tax code that have turned one of the world's largest real-estate booms into a recipe for derelict and abandoned properties.

As the condo market has disappeared and mortgage lending has shrunk 40 per cent, [developers] have lost their sources of financing, and there is a real possibility that huge stretches of downtown cores will be unbuilt and left as half-demolished stretches of wasteland."

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Published on Tuesday, November 25, 2008 in The Globe and Mail
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