About 2 years ago, I was making jokes and designed a tote bag when the government announced its Tech City program. I didn’t imagine that what would actually happen was that we would start to see the type of confused political interest that has led to proposed changes in planning laws.
Maybe it’s because during the Olympics politicians were invited to an area of town they wouldn’t have been caught dead in previously. Maybe on those trips to Old Street they realised it’s full of nice post-industrial buildings that would make for the types of fantastic loft spaces they experience in New York. Maybe it’s because they compare Shoreditch to the City and think that housing would help liven it up during weekends. Maybe if they’d lived in Hackney, they’d understand why they should just leave it be and stick to the initial plan to support startups and a tech community not give bankers a chance to live 10 minutes away from work.
One of the many reasons why Shoreditch works for startups is precisely its crap, badly heated, badly connected post-industrial buildings that don’t cost a fortune. That’s why there was an industry there in the first place right? And also everyone’s here, for now. (I’m already starting to hear of friends and colleagues relocating south of the river or even more east, where prices aren’t crazy.)
Clean Shoreditch up and you end up with the cultural desert that Old Spitalfields Market suffered after it was renovated in 2005. Building for the sake of building is all very well for the rich, middle eastern investors or bankers, but really for startups, your lowest overhead should be rent, otherwise, well you’re not a startup.
I won’t even mention other tenants of Shoreditch in the arts, design, fashion houses, fashion schools, illustrators, galleries. I thought we’d established that fashion alone accounts for 1.7% of GDP and creates 800K jobs. Do these political men and women think fashion happens in residential areas? Didn’t think so. I wish Sam Cameron would pipe up on this issue if anyone should as a supporter of fashion and creative industries. Anyway, I digress.
That the area is getting international interest is great, for that to affect real estate was always going to happen, but really in these proposed planning changes, the only people that will suffer are precisely the companies the government wanted to support.
Thanks Dave & Eric.