The London councils should be obligated to provide NOT For PROFIT housing for single people and young families with an income around the living wage. Another scheme for essential workers. (teachers,nurses, ambulance) These forgotten folk are the lubricant for the amazing city of London. We need them.
Councils could borrow just like the rest of us in order to pay off the loan in, say, 20 years.
20 years soon passes but sound-bite short term politics might interfere.
London would work better if the profit just covers all costs.
After each mortgage is paid off the rent can be REDUCED substantially.
Councils should not be allowed to make a fast buck. Keep the housing budget for housing.
I'm a landlord that provides below market rate housing for families.
They could not afford to live and work in London at market rates but I still make a profit after doing anything they need to fulfill my part in their lives. They have state of the art tumble driers etc., and stay many years. It works. Win win.