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Two wrongs don’t make a right – throwing good money after bad

From Landlord Today (!)

Labour councils in London have backed the initiative from Mayor Sadiq Khan to buy back ex-council houses now in the private rental sector.

Since 1980 more than 300,000 London council homes have been sold. While the number of Right to Buy sales has been declining in recent years, Khan claims the policy continues to have a negative impact on the overall number of council homes in London.

Therefore he plans to buy some back from small landlords exiting the sector because of tougher tax and legal restrictions.

Having bought votes, and shored up the Home-Owner-ist voting bloc, by selling off public assets for a song, they now want to double up by buying them back for their current inflated prices. Given the amount of publicly owned land in and around London, it would be far better value to start again and just build new council housing.

It looks like those donations were worth every penny, doesn’t it?