Open letter to Genesis

Dear Genesis,

On 17 November, you spoke to Inside Housing magazine about our housewarming party at your Stratford Halo development.

We’re sorry not to have heard from you directly, but are pleased to hear that our concerns are misplaced.

Did you mean that we’re mistaken about the two bedroom flats being let for a minimum of £1,700 per month, meaning that they’re only affordable to families with an income of £76,000 or more per year? That would be good news, because the average income in Newham is £26,681.

Or perhaps you mean that you will be withdrawing your application to the government’s Build to Rent scheme instead of cashing in on subsidised finance for the privately rented flats you’re planning in Colindale, Ealing and Upton Park, at an estimated cost of a couple of million quid to the public purse*? That’d be great too!

Apologies for not contacting you beforehand – but we weren’t sure whether you’d be up for a party. But now we’re in dialogue, we look forward to you confirming how our original comments were inaccurate.

Yours sincerely,

Let Down Renters

* We estimate that the Build to Rent programme will cost the taxpayer at least £90m. 45 developers have been shortlisted for the main tranche of funding, with Genesis applying for finance for three different developments.

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