Robert Jenrick’s white paper will do little to solve the housing shortage
With the Town and Country Planning Act 1947, the Attlee government nationalised development rights. That is, whatever benefits that might come from developing land belong in principle to the public. When planning permission is granted, a portion of those rights is transferred to a landowner.
This gives government a lever that can be used for the public good. A vast quantity of latent wealth comes from the fact that planning consent can increase the value of land – according to one study, by a stupendous 275 times. The most realistic way of funding the genuinely affordable housing that this country needs is from sharing this windfall.
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