In 1862, American banker and philanthropist George Peabody, who worked in London, established a trust with the aim of improving the living conditions of London’s poor. The trustees decided to focus on the realization of good and affordable housing for the poorest members of the working class. Victorian
England was very aware of the huge shortage of adequate housing for the poor, but the prevailing view was that the market had to resolve the matter. In support of the trustees’ proposal, Peabody eventually donated the – by the standards of the time – huge sum of £ 500.000 . . .