
London plane tree is trendy not because it is all that excellent, but because it is so reliable. It is actually a rather trashy and messy tree that is susceptible to anthracnose and powdery mildew. Landscapers and gardeners like it so much only because the various maples, oaks and other better trees are more sensitive to soil saturation while they get established.
The truth is that most landscapers and gardeners do not want to put any effort into proper watering. While many of us let our lawns die to conserve a bit of water, they waste enough water on lawns and landscapes to sustain rice paddies! This keeps lawns and landscapes superficially green, but eventually causes problems.
Powdery mildew, anthracnose, molds, blights, rots and all sorts of diseases proliferate in damp conditions. Of course, gardeners are happy to apply fungicides and other chemicals to help control diseases; for a price. Also for a price, they are there to replace plants that succumb to any of the many diseases associated with excessive moisture.
Like London plane, several other trees and plants can survive excessive moisture, but only by adapting. If lower soil is regularly saturated, roots are confined to upper soil. This is not a problem for lily-of-the-Nile and many other perennials that can sneak their roots unnoticed into to the upper few inches of soil. However, trees can not get away with this habit for long; since their shallow and buttressing roots eventually expand to displace pavement, other plants and anything else that gets in their way.
Mature and old trees do not adapt. Their deep roots are already set in their ways, so will only rot if they get significantly more water than they are accustomed to. Oaks are particularly susceptible.
Unfortunately, there is no exact formula for determining how much water lawns and gardens should get. There are simply too many variables, such as soil type, drainage, exposure, weather and demand for moisture. Lawns need frequent watering without much volume. Trees prefer more generous watering, but less frequently.
Lawns and trees and everything else in between all need air within the root zone. Watering should therefore not keep soil constantly saturated, but instead allow for adequate drainage and aeration of the soil between watering, without complete desiccation. New plants will of course need more attention until they disperse their roots, but will be happier and healthier with proper watering.