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"Major long term improvements" to be made to the capital's town centres and high streets.
The new regeneration fund will invest in large scale proposals - with the end result that places will be better than before to live, work and invest in.
Contracts will go to as many local businesses, and employ as many local people as possible.
Apprenticeships for unemployed people in the affected areas will also be created to give them skills to move into work.
The Mayor said:
“We have always recognised the importance of improving London's town centres and clearly after the destruction caused by the recent events across the city this is a bigger challenge than ever. That is why I am allocating £50 million to ensure that these areas are regenerated quickly and transformed into safe, attractive, vibrant and economically successful places to live, work and invest in.”