LONG TERM AFFORDABILITY
What do we mean by Long-Term Affordability?
White Rock Neighbourhood Ventures recognise that the White Rock area is likely to go through “gentrification”, where the good things about the area are finally recognised by outsiders which leads to increased investment, which raises prices for sale and rent of both residential and workspace, which in the end pushes people out and makes it a less diverse and interesting area.
The first bits of this cycle is to be welcomed but in the end, it ruins a place.
So how can we capture the benefits of gentrification and control the downsides?
We believe the best way is to secure community ownership of some key assets in order to lock in affordability of at least some places to live and places to work. That’s why we created a partnership with Meanwhile Space, Jericho Road Solutions and the White Rock Trust, and formed White Rock Neighbourhood Ventures Ltd which owns Rock House. We are committed to setting the rents at the affordable levels currently found in Hastings and then capping them so that they will only rise in line with inflation and costs, not sky-rocket as the gentrification process kicks in.
Through all our listening to local people and businesses, it’s clear that a strong sense of community is one of the things people love about the area. As a space for “cohabitation” (co-housing and co-working), Rock House can help to consolidate this for the long term.
White Rock Neighbourhood Ventures Ltd is made up of Jericho Road Solutions, Meanwhile Space CIC, and Heart of Hastings CLT. For more information please see www.wrnv.org.uk