Haringey Council paves way for controversial £2 billion regeneration plan

Haringey Advertiser writes

Haringey Council has paved the way for its highly controversial £2 billion regeneration plan to transfer land and thousands of council homes to a private company, which it will half-own with a developer.

The Labour-run local authority’s scheme to establish the Haringey Development Vehicle has faced a storm of protest from councillors on both sides of the town hall chamber as well as housing activists , having been deferred to allow more time to run the rule over it.

Opponents say the scheme- aimed at delivering 5,000 new homes as well as a new town centre in Wood Green over 20 years-is too risky because of it sheer scale and that the council wouldn’t have the financial reserves to bail it out if it failed.

And there is concern thousands of tenants from estates earmarked for demolition won’t be rehoused on their former estates and that many of the additional new homes won’t be ’affordable.’