Shock news! The Regulator of Social Housing actually notices there is a little problem in the housing association movement!
The Regulator of Social Housing is famous amongst residents for its inability and unwillingness to regulate social housing.
Its Chief Executive, Fiona MacGregor, has just noticed there is a little problem.
At the National Housing Conference on 26 September she stated that there is a “wall of money” from investors trying to get a good return which “has led to a change in behaviours and approach [from housing associations], and you see a bit of kind of reverse engineering – with at one end being clear about the return that they’re trying to get for the investors, and then working back from that to what kind of payment you might want, in terms of leases for example.”
Well, who would have thought?
The Regulator appears to have just discovered something that residents have known for years.
Over the past 10 or more years the housing association movement has become completely taken over by financial institutions and investors. It is run for their benefit – or in Ms MacGregor’s words for “the return that [housing associations] are trying to get for the investors”
Not for the benefit of tenants, shared owners or leaseholders. And the housing association movement is certainly not there to solve the housing crisis.
So welcome Ms MacGregor.
Now you have a very small idea of how HA residents feel about Housing Association boards and management that your organisation regularly fails to control or regulate.