I enjoyed a chat with Frances on this, and commented as this:
If you build housing for social benefit without right to buy, this will boost areas, local economies, employment, and national benefits ensue. This is ideologically impossible if you believe assets for profits is the only valid model. Both can exist. As Frances points out the least damaging is a social housing expansion. The damage is even LESS if RTB is removed.
The equalisation of entry into home occupancy would be improved, as social homes would be available.
The remaining issue would be the concept of housing as an appreciating asset for disposal later at a vast profit. This has been the main housing and economic problem. Housing bubbles burst, mortgage markets fail, all sorts of cascades hit. This is what needs looking at in a brand new manner.
Hard to discount constructed reductions in house prices, but this , i agree would be slowed by a major investment in social housing.
I hope this makes sense.
Heres Frances Coppola on the subject and what we were talking about: