Humour me for a moment.
The £30b debt being serviced by ever increasing rents is the intended consequence of reforms in the way we fund social housing introduced in the late 1980s. Previously we as tax payers provided 100% (more or less) grant to meet our demand as citizens for an adequate and affordable supply of social housing, The result was cost rents, a relatively low burden to the benefit system and a reinforcement of the notion that a home for all should be a right not a privilege.
Then grant began to be replaced by private ‘investment’ from city financiers with profit serviced through increasing rent levels for tenants. Besides the inflating burden for the tax payer through the benefits system the consequence has been a growing shortfall in housing stock, greater than inflation increases to property values and a gradual convergence of rents in the private and public sectors.
Have I got this right?