JOHN JONES is to be commended for pointing out that City of York Council’s affordable housing policy has set the value of Bootham Crescent at a fraction of the millions once quoted for its freehold interest (The Press, February 20).
Your website commentator Zetkin claims Bootham Crescent is worth what a developer is prepared to pay for it and not some arbitrary figure suggested by the council. Not any more, Zetkin. The council is interfering in the free market to achieve its aims and the unforeseen consequences of its policy have come home to roost at Bootham Crescent.
The council figures may be arbitrary but they are not a suggestion. They are a specific requirement of its planning regulations and are imposed to force builders to hand over a set percentage of their product at a financial loss to a registered social landlord. This is the main reason why house-building has stopped. Property owners are not going to sell their assets at knock-down prices.
House-building firms are not going to undertake projects where, after meeting all the increased regulatory demands, they will be lucky to break even.
There will be no recovery in house-building until punitive and unworkable policies are abolished.
Matthew Laverack, Lord Mayor’s Walk, York.
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