The Mayor announced on Tuesday (August 23) he will also be leading a new "Homes for Londoners" board to oversee homebuilding in the capital, to begin the process of bolstering development in the city.
Made up of all the city's boroughs, the board will begin to develop new housing policies for the capital.
Mr Khan said: "Homeownership has been slipping increasingly out of reach for more and more Londoners, and rents have been getting harder and harder to afford.
"I want to be honest with Londoners from the start that it will take time to turn things around - we're starting from a position where last year the previous Mayor built the lowest number of affordable homes since records began."
The Labour Mayor added: "I am determined that Londoners get the same opportunities this great city gave me. That is why I am setting up my Homes for Londoners team to speed up homebuilding and to move towards 50% of new homes in London being genuinely affordable to rent and buy."
Planning process to speed up
A review of capacity and skills across the GLA will now get underway, with the aim being to ensure the Homes for Londoners' board, which will meet quarterly, can speed up the planning process.
David Montague, chair of the g15 - a partnership of London's 15 largest housing associations, said: "The Mayor of London has made housing a priority from day one, and we have been working with James Murray on a new strategic housing partnership.
"Homes for Londoners will bring together the GLA, housing associations, local authorities and housebuilders to tackle the capital's housing crisis.
"The priority now must be to build a long-term pipeline of clean serviced and consented land.
"With this we can guarantee apprenticeships, jobs, economic growth, thriving communities and affordable homes.
"Without it, London will lose out in the competition for investment and growth."
Steve Bullock, Executive member for housing, London Councils added: "I welcome this strategic initiative that will help all key agencies work closer together towards building the thousands of extra homes London urgently needs."
A new team of specialists have also been recruited to assist with what has been deemed a spiralling housing crisis:
What will the team do?
The new experts will scrutitinse the financial details that lie behind how much affordable housing new developments actually include.
Their role will include making planning decisions faster and more consistent, as well as making sure new housing is "affordable".
Who is the team made up of?
The experts will be drawn from finance surveyors and property consultant experts based at City Hall and across the Greater London Authority.