It was an unedifying spectacle: the Urban Development Institute of Australia, Housing Industry Association and Property Council banding together to scream blue murder over the Victorian government’s proposal this year to introduce a social housing levy.

Private investment funds now have optimal conditions for entry into the new social housing market, with minimal capital expenditure, guaranteed market rent, a not-for-profit managing the tenancies and full control of the assets after 10 years. Governments have created a social housing market that delivers dividends to private capital, dressed up as a solution to the deepening housing crisis.