From the Evening Standard (8 July 2014, page 44):
Tony Travers is absolutely right (July 7) - London's land wealth could easily generate the revenue to fund all local services.
Rents are hugely in excess of building costs so councils could grant planning permission for built-to-let in exchange for [an] equity stake in each project, a common arrangement in parts of the EU.
Raising council tax to make London self-sufficient would also end the injustice of making the working poor in the rest of the UK subsidise Tube travel and (via housing benefit) rental receipts of the country's wealthiest landowners.
Joe Momberg, Young People's Party.