Housing developers in the UK could gain hundreds of
millions of pounds in windfall profits under a new policy that lets them reduce
contributions to building affordable housing or even avoid paying altogether.
Since December, the government has exempted anyone who turns an empty building
into private housing from paying for further affordable units, even if they
could do so and still make healthy profits. A senior official at Westminster
city council, a Conservative-led borough, has described the government’s new
vacant building credit as insane and estimated it could lose as much as £1bn in
housing payments, deepening the accommodation crisis afflicting the poorest
people. Read more on the Guardian website.
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