I have to admit to being confused here:
Now ministers have gone too far even for developers, by scrapping payments that those converting empty buildings formerly had to make to finance affordable homes. The Westminster Property Group, whose members – including firms like Land Securities and Grosvenor Estates – stand to benefit by hundreds of millions of pounds, has condemned it for imperilling London’s social fabric.
Officials at Tory Westminster Borough Council, which expects to lose £1 billion for cheaper housing, call it “insane”. Don’t take it from us, Prime Minister. Listen to them.
So the aim is to increase the supply of houses that people can afford. We do this by making conversions into housing more expensive.
So, how does this work then?