Social Mobility Fund (2)

Meeting: 
MQT on 2015-03-25
Session date: 
March 25, 2015
Reference: 
2015/0938
Question By: 
Tom Copley
Organisation: 
Labour Group
Asked Of: 
The Mayor
Category: 

Question

According to figures that you have provided in response to previous Mayor's Questions, the £84million recently announced for the 'Social Mobility Fund' could alternatively have been used to fund the construction of 762 additional social rented properties in London, which would have (a) expanded the supply of truly affordable housing, (b) generate a rental income, (c) reduced social security expenditure on expensive private rented accommodation, and (d) created a capital asset. Given these benefits and the opportunity costs associated with them, how is it justifiable to spend £84million of tax payers' money on this scheme?

Answer

Answer for Social Mobility Fund (2)

Answer for Social Mobility Fund (2)

Answered By: 
The Mayor

If every incentive payment from the fund was at the maximum level (£30,000), 2,800 social rented homes would be freed up for households in need, potentially reducing homelessness and high temporary accommodation costs.