London's housing shortage seen hurting tech industry

London

THE growth of London's technology industry, which has buoyed office landlords as banks cut staff, could be derailed by the city's housing shortage, a Crown Estate executive said.

"The dysfunctional housing supply in London is one of the biggest risks to its continued success because businesses can't find accommodation for employees and newcomers," Paul Clark, director of investment and asset management at the Crown Estate, said on Tuesday at the MIPIM property conference in Cannes. The shortage, along with high rents, is particularly difficult for the technology, media and communications industries, he said.