Another uncosted Green Housing policy?

[Tim Lund]

Our local Green candidate,and Green Party Housing spokesperson, is tweeting a letter he has got into the Standard



It's an interesting idea - giving someone struggling with their mortgage the right to sell their house to the Council, become a secure Council tenant at a lower rate than their mortgage repayments - with the Council, as landlords, presumably with some responsibilities to keep the property in a decent condition - but retain the right to buy back whenever they are able.

Can we have the costings, please - to be forwarded to the Council of Mortgage Lenders and the Local Government Association?

Can anyone spot the flaw?

[Tim Lund]

Tom tells me

it's costed in our manifesto at £3.9bn over the next five years in govt costs

although I don't find the costing in the manifesto on line

HO412 The Green Party would implement a 'Right to Rent' policy. Home owners who are unable to meet their mortgage payments and are under threat of repossession would have a right to transfer ownership to the council, at less than market value, in exchange for the right to remain in the home and pay rent as council tenants. There would be limits on the size and value of house covered by this policy and it would only apply to a sole house owned and occupied by a family or individual. The cost to the council would be covered by government grants or public loans.

[stuart]

Isn't it worse than an uncosted policy? I read it as proposing to bail out sub-prime lenders with public money when their risky lendings come home to roost?

Even worse is it not propping up an already inflated property market with money that could have been spent building, you know what? new homes! In this case family cannot pay mortgage, local authority rehouses them in new home with this money. Mortgage company re-possesses house has to sell it adding to supply thus depressing prices making it easier for first time buyers to get on the ladder? Is that a win-win or have I yet again failed to recognise Ms Bennett's brilliance?

Stuart

[Tim Lund]

You beat me to it Stuart - just what I was about to write!

[Tim Lund]

For more information, I'm referred to @jjcaspell, profiled here

James Caspell - Rising Star finalist 2014

3. What is your favourite building and why?

In the UK, it would have to be Pellicci’s - a Grade-II listed greasy spoon on Bethnal Green Road, with a wood panelled art deco interior. There’s nothing quite like a full English washed down with a mug of proper tea, after an estate inspection on a freezing December morning.

In the world, it would be the Umayyed Mosque in Damascus, Syria. It’s not only one of the most beautiful buildings I’ve seen, but also the most tranquil - with a courtyard of cream coloured stone below a rectangle of perfect blue sky. You couldn’t get much more of a contrast to the hub-bub and turmoil of a city in civil war.

But he must be alright, because he is

1. Describe yourself in 3 words

Passionate, principled, persistent.

[Tim Lund]

I'm editing this post, which was really just ad hominem stuff, because on reflection I don't think it much helps my serious point. For the record, it was a link to this on Linked In on the person I'm referred to for more details on this Green Party housing policy.

There's a more general issue of whose policy expertise can be relied on, but maybe that's for another thread.

[stuart]

"banks would get a guaranteed return on their capital, with interest and early release charges payable as per the terms of the original loan by the local authority - James Caspell
Wow, even George Osborne would have problems swinging that past cabinet. It's really comedy hour on the hustings. I doubt even Mr Farage can compete at this level. And the Greens want to be taken seriously?

Stuart

[_HB]

The Greens are well aware they are not going to be taken seriously so they're swinging for the fences. If the Greens hold any kind of influence after the election you know what you're going to get and this policy isn't it.

I'd be far more concerned about the uncosted giveaways and incoherent policies of the two largest parties some of which has a chance of becoming Government policy.

[Tim Lund]

James Caspell has tweeted me a link to where these policies are costed

Campaign plan - Right to Rent

I have other calls on my time today, but may come back to this ...