Can't think where you got your headline from. The Tories are saying they're "unlikely" to legislate to control HA bosses' pay. Even if it was accurate, why "threaten" rather than "promise". The number of people "threatened" by such a move is very small, whereas those who could potentially benefit from the funds not wasted in this way are very numerous.
John Smith and others appear to be commenting from the cloud-cuckoo land of housing associations grown far too big for their boots. They're only QUANGOs, as the courts have recently confirmed. Or, more accurately, there would be very little of them left if the QUANGO functions were removed. They are dinosaurs out of control, though the next government can be expected to postpone their extinction for as long as it can contrive to hold scandal and sheer disutility at bay.