‘After the Olympics: Urbanabolic steroids’ | The Economist

‘After the Olympics: Urbanabolic steroids’ | The Economist

“The council here just wants to get in more yuppies”, complains a man in a nearby housing estate. Indeed it does. Around 10,000 homes will eventually appear on the Olympic Park site. Residents will move into the first 2,818 units—the “East Village” development, which housed the athletes during the games—in September. Construction workers rush about, installing kitchens and wardrobes: a few national flags still hang in the windows where athletes left them. Around half of the flats in the East Village are owned by a Qatari sovereign-wealth fund, which intends to rent them out on long leases instead of selling them. They want to attract families as well as footloose professionals, says Tony O’Reilly, the property manager. To help lure parents, a bright new school and a hangar-like health clinic will open at the same time. Some 870 low-rise family homes will follow in 2014 and even more in the years after that.

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