The concept of brownfields is useful. The idea of an industrial landscape that has outlived its usefulness deserves a name. Brownfields, with its suggestion of rusting metal fills the bill. And the dangers associated with old-fashioned technology — “poisoned” land for one — mean that brownfields go begging.
Whether it be soil contaminated by lead, or petrochemicals, or any other reasons, a brownfield has become an environment too unhealthy for community use unless unknown quantities of money are spent upon remediation.
Potential developers may shy away from Brownfields in the face of danger and lost profits. That’s why, over the last few years, the United Kingdom has offered non-monetary incentives to developers willing to tackle the task of cleaning up the last bad act. For example, brownfield developers are excused from development approval processes and building codes.
How far can the concept of remediation be stretched? Why not consider rusting money?
Lloyds Bank, only partially to its benefit, is offering to build sorely-need social housing. Or perhaps it is best to use the more vague term ‘affordable housing.’
Rusting money? Not quite. But Lloyds has a stock of no-longer useful commercial and data centres, which might be considered suitable fodder for remediation, rejuvenation, and perhaps even reimagination as suitable housing. As yet, proposals are vague. They intersect with Lloyds Bank’s other plans to get more involved in social housing beyond the £18.5 billion (that’s US$23.8 billion) of money that it is investing in the social housing field)1.
This still very sketchy proposal begs a question: can buildings designed for commercial use have a new life as ‘quality’ homes? Not all buildings are suitable for ‘quality’ habitation2.
We’d hate to think of the UK government agreeing to allow buildings designed for a commercial purpose to be renovated thanks to bylaw holidays, which would allow ‘poor quality’ housing to be foisted off on those with the greatest need.
Read more about Lloyds Bank’s housing plans, at Lloyds Bank: Lloyds Banking Group to convert old data and office sites into new social housing
Footnotes
- Lloyds is not alone. In Canada, Scotiabank is pushing for more social housing, although with fewer details than in the Lloyds announcement. Try: Canadian Bank Speaks Up In Favour Of Social Housing
- Try: While Waiting For Econ 101 Solutions, Welcome To The 1890 Slums
