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The govt could actually purchase the entire UK private rental market for £1.3 trillion (2018 data). In all seriousness, buying up housing stock as the market crashes to then let out is probably the simplest way to help private renters (ie de facto convert them to social renters)
I think there are issues with a furloughed workers style scheme for private renters; no system like PAYE to operate it through. Just feel it would make more sense to push for a big housing investment fund.
All politicians - esp Labour politicians - get lost in this "we'll build xyz number of houses" discourse. Building houses is important. It's good Sadiq Kahn has built 10k social houses in London. But the state can also buy the housing stock already built.
As my good friend @AnnPettifor argues here, the state needs to invest in assets to make up for the large liabilities that it will accumulate in the crisis. Housing stock is an obvious area where it can make a profitable investment and help renters https://www.anothereurope.org/episode-54-coronavirus-lockdown-capitalism-on-life-support-so-what-do-we-do-next/
The framing of "investment and return" for the state will be really important as we come out of the crisis in order to avoid a return of austerity. Labour should argue for the state to invest in profitable sectors to offset its large debts. Housing perfect opportunity.
For the avoidance of doubt, I’m not actually advocating £1.3tn investment (!!) Thought I made that implicit with the “in all seriousness” line... I’m sure you could make a hugely positive impact with quite modest levels of state investment in the existing rental housing stock.
@joebilsborough calls the above approach of the state buying up to let out, “the people’s rented sector”.
http://www.gmhousingaction.com/resetting-the-balance/
http://www.gmhousingaction.com/resetting-the-balance/
