A “generation of Londoners” risk being priced out of the capital unless the government prioritises affordable housing in the city, Sir Sadiq Khan has said.
The mayor issued the stark warning to the Chancellor ahead of her unveiling her Spending Review on Wednesday.
It comes amid speculation that Rachel Reeves is set to snub London in her spending plans in favour of allocating cash to other parts of Britain.
Sir Sadiq said house building will not go up in the capital without government support.
“I have been lobbying the government, as have mayors across the country, for significant investments in the affordable housing program,” he told the BBC.
“We know in the last nine years we've broken records for the most homes completed anytime since the 1930s, the most council homes completed since the 1970s.
“But there's a perfect storm, and without the government support, I'm afraid housing numbers will not go up, and the numbers need to go up or you have a generation of Londoners priced out of our city. That can't be right for London, or the country.”
Ms Reeves is expected to include £39bn for social housing over the next decade in her Spending Review as the Government aims to meet its target of building 1.5 million new homes this parliament.
The Treasury said this would see annual investment in affordable housing rise to £4bn by 2029/30, almost double the average of £2.bn between 2021 and 2026.
It has been welcomed by homelessness charities, with Crisis calling it "a determined political signal that housing really matters" and Shelter describing the move as "a watershed moment in tackling the housing emergency".
But there is speculation that the bulk of the money will be allocated outside of the capital, which is facing the highest homelessness pressures in the UK.
One in 21 children in London is effectively homeless and demand for affordable housing is far outstripping supply.
Local authorities have warned that the cost of providing temporary accommodation for homeless families is driving some to the brink of bankruptcy.
The capital has a target to build 80,000 homes a year, but in 2024/25 just 4,708 new affordable property builds were started.
Ms Reeves will say: "The priorities in this Spending Review are the priorities of working people.
"To invest in our country's security, health and economy so working people all over our country are better off."
