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The London 2012 Games may have ended over 10 months ago, but even without the 17,000 athletes that lived on the premises, the Olympic Village is still brimming with commotion. Construction has begun onsite to refurbish the still-nearly-new structures into a residential housing system, Get Living London, in a new neighborhood called East Village. The site’s new owners, the sovereign wealth fund Qatari Diar and British property developer Delancey paid $870 million for the Village and development land close by, according to The National.
Since the global financial recession in 2007 and exacerbated by a housing shortage, London residents have been struggling to adequately affordable and quality housing. Get Living London presents renting as a suitable option instead of buying a home.
The Olympic Delivery Authority is eliminating temporary structures to supply shared dining facilities. As part of the refurbished East Village housing complex, 2,818 new kitchens will be installed and the site will include an education campus, a health center, and restaurants. Local housing association, Triathlon Homes, will offer 1,379 apartments to house low-income Londoners, and the remaining flats will be rented out on the open market.