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"The Government's decision to impose 1 per cent annual rent reductions in the social rented sector for four years from April 2016 will directly reduce social landlords' rental income, and therefore their financing for, and returns to, investing in new housebuilding," the OBR said.
The rent reductions it has proposed are significant.
It demanded $36 million in immediate rent reductions.
Tens of thousands of renters citywide stand to win rent reductions and possibly rebates.
Local authorities and housing associations will have to make efficiency savings to fund the rent reductions.
Councils will be able to negotiate rent reductions for tenants receiving housing benefit.
Similar(16)
They requested a rent reduction.
Am I entitled to a rent reduction?
"We give something in exchange for rent reduction.
A rent reduction simply wasn't the best way forward".
St. Mark's Bookshop won their desired rent reduction, and is throwing a party to celebrate.
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