Londoners Rethink Epic Luxury Housing Developments

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. Johnson's move may signal that the luxury boom in the city center is facing new limits, according to three brokers. London officials increasingly want developers to build the affordable homes themselves. The average monthly rent in London stood at L1,110 in April, up 7.6% year to year, according to rental agency LSL Property Services. Compare that with a paltry 0.8% year-to-year rise in average weekly earnings and it's easy to see why many working-class Londoners must move to the suburbs.