Manchester Council’s pension to fund ‘homes-to-buy’?

An article in today’s Manchester Evening News, mentions;

Council chiefs have unveiled radical plans to help the housing crisis by launching a ‘Manchester mortgage’ for first-time buyers – and £25m of pension cash is to be used to build new homes.

Read more at: http://menmedia.co.uk/manchestereveningnews/news/s/1481128_the-manchester-mortgage-250-new-homes-plus-loans-for-first-time-buyers-in-bid-to-tackle-housing-crisis

What is needed, is more social housing to be built not ‘homes-to-buy’.  We have high unemployment and those in employment, are struggling to pay their way.  There is also the issue, of house prices being over-inflated, and a major adjustment is overdue.  What will happen then, especially to the pension funds money?  This is more, ‘pie-in-the-sky’ thinking by this incompetent Labour council.

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