Well, we all know about this in East Devon where one of the UK’s mega-rich developers – Bovis – say they are too poor to provide “affordable housing in Axminster:
“Property developers are dodging their commitment to building thousands of affordable homes each year due to a legal loophole, new research has revealed.
Figures obtained through Freedom of Information requests show developers have sidestepped local planning policy to avoid building 79 per cent of social homes they had initially committed to, due to a legal loophole called a “viability assessment”.
A sample of 11 local authorities across nine cities in England shows developers were able to first win planning permission by promising to build a required number of affordable homes, but later go back to the council to say they can no longer honour the pledge because it would reduce their profit margin. …”
… The research, carried out by the housing charity Shelter, reveals that viability is used most frequently on larger developments, which are generally managed by the country’s biggest developers.
It shows that the worst affected areas were Manchester, Birmingham and parts of London, where viability was used to reduce the affordable housing to less than 1 per cent of homes being built.” …