WEALTHY tenants are moving down market to find some relief from rent increases, and are making it harder for middle-class income earners to find affordable accommodation, says the head of the Institute of Directors.
George Humble said people were ''being pushed into a corner where rents were so high that no one could afford to live in their flats any more''.
He said when landlords raised their rents recently, they were profiteering and motivated by nothing more than greed.
Mr Humble has written to Governor Chris Patten, suggesting that the Government should reintroduce rent controls.
''There is no protection any longer for the tenant,'' he said. ''There is no cap on increases. There is no longer any form of rent control.'' More of the IOD's members had reported they were worried that current rents were hurting the ability of companies to function effectively and remain competitive.
People in a growing number of offices were thinking ''very seriously'' about relocating to China to escape ever increasing commercial rents, he said.
