Tag Archives: philanthropy transformed into global investment

Tory deregulated market now delivers Rachman-style revenge evictions

The New Era housing estate scandal in Dalston, east London, highlighted by Aditya Chakraborrtty, tells a poignant and tragic story about how Victorian philanthropic ideals has been transformed into commercial assets in play in the international market with not a shred of concern about the human consequences.   Arthur Barsht, the man who built this 93-flat estate, must be squirming in his grave.   It was preserved for more than 80 years by the Lever family who ran the estate as a place where low-income workers in teaching, health and construction could live near where they worked.   Now the grandson of the founder, who lives in a 5-bedroom detached house in Northwood, Middlesex, has announced the family is to sell up to an American private equity company which intends to quadruple the £600 a month rents for a 2-bed flat to £2,400.   The US company was assisted in the takeover of the estate by Richard Benyon, the Tory MP whose multimillion-pound family estate in extensive parkland near London was a partner to the deal.   None of the tenants will remotely be able to afford the new sky-high rents and they will all be evicted before Christmas.   Welcome to Cameronian capitalism.
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