At the Conservative Party conference there was a big announcement that there are to be 5,000 to 8,000 new social houses built per year when we need 250,000 per year. Others talk of allowing Councils to borrow money.As this country is in desperate need of social housing why are the Government not making this happen with the stroke of a pen?
There are billions sat in Local Authority Pension Funds in the UK. I sit on the ERYC Pension Committee. Part of the role of all Committee members is to ensure that those investing in the fund receive maximum return. To this aim property is seen as a great investment as it provides both a regular return and growth in the investment.
The only reason that the East Riding Pension Fund cannot invest in social housing in the East Riding is that legislation does not permit it.
Why can no one in our National Government see that by the stroke of a pen the social housing crisis is solved?
Change the legislation.