Central government bans local authorities from borrowing money to do this (build social housing) - neither Labour or the tories are willing to change this. And it's one of the central issues. Ask yourself "why?" and I think you have all the answers you need.
Councils used to have quite a lot of financial autonomy way back when.
In 1920 the LCC issued Housing Bonds. Seems there is a clip on the BFI site, but I have forgotten my membership details (if I ever signed up).
The pre-amble is here:
David Lloyd George, the Prime Minister, had promised "homes fit for heroes" to alleviate the acute housing shortage after World War I. Much of the funding for public housing came from local authorities or state subsidy, and the London County Council (LCC) introduced housing bonds. The public were encouraged to buy the bonds and the money raised would be used to build new public housing.
To promote the scheme, the LCC launched a publicity campaign and this short film makes witty use of animation, combining words and drawings to enliven a topic with little immediately apparent cinematic potential. Little is known about the animator, D.E. Braham, and this may be the only surviving example of his animation.
The film appeals to its audience's sense of both duty and thrift. Potential investors will be doing their duty to their less fortunate neighbours suffering from the housing shortage, while also being guaranteed a 6% return on their outlay. £5 was a significant investment, being more than the average male weekly wage; nevertheless, Londoners raised just under £4 million by purchasing the bonds.
In case such practical encouragements are insufficient, the film culminates with an early example of celebrity endorsement. Hollywood stars Douglas Fairbanks and Mary Pickford add a touch of glamour to the film - despite not actually appearing in it - with their letter of support for the scheme from the Ritz Hotel.
Ros Cranston
http://www.screenonline.org.uk/film/id/1168388/
