"Affordable housing" is a phrase which needs to go on the banned list. What does it even mean? Something to do with affordability, and something to do with social (subsidised) housing. Mira Bar-Hillel of the Evening Standard notes the wikipedia definition - affordable for someone on median income - coming to a back-of-an-envelope value of around £100,000 (assuming a mortgage of 4 times a £25,000 salary).
She then seems to go off the rails a bit discussing the application of this concept to an actual development - the new central London Mt Pleasant development.
"of the 700-odd flats proposed, fewer than 50 may be for social renting. It also means that, based on current prices in the area, the private flats could easily fetch a total of over £4bn. And be mainly sold to foreign investors.
So based on those numbers (£4bn for 700 flats), each of these flats could sell for more than £5 million each. And the Evening Standard's Property and Planning correspondent thinks Britain should be selling off £5 million pieces of real estate for £100,000? Is it just me or does that sound totally insane to anyone else?
Why does housing policy inspire such epic logic fails from otherwise seemingly intelligent people?