By Nick Bano

Even the Tories’ political education department had no real objection to the further reduction of the tiny private rented sector that existed in the 1970s. It wrote: “The accelerating decline of the privately rented sector is quite irreversible. The private landlord, as he exists now and has existed, will, within a generation, be almost as extinct as the dinosaur. There is nothing that can be done about this.” Conservatives in the 1970s merely sought to retain a handful of petty landlords, who ought to be entitled to a “fair return” if they let out a spare room or two, but they recognised that private renting tends to be an expensive, poor-quality and economically wasteful way of accommodating the population. The near-death of landlordism was one of the good news stories of the last century.

But the task that Thatcher and her successors set themselves was to undo that progress. The present system was designed, as the supreme court noted in a tenant’s 2016 human rights challenge, to ensure that “the letting of private property will again become an economic proposition”. It should have been obvious to everyone that a market that had achieved such positive effects by its collapse would produce equal and opposite consequences as it was reinflated.

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The yimby argument has always seemed flimsy. Its strange logic is that speculative developers would build homes in order to devalue them: that they would somehow act against their own interests by producing enough surplus homes to bring down the average price of land and housing. That would be surprisingly philanthropic behaviour.

When we complain, rightly, that cities such as Vienna are so much more livable than anywhere in Britain, we must acknowledge that landlordism is holding us back. Our insistence on pursuing policies that ensure that letting private property is an “economic proposition” not only drives up prices for would-be homeowners, but it stands in direct opposition to a programme of municipalising and decommodifying the homes that already exist. It also inflates land values, making new state-led building projects unfeasible. If we want a Viennese-style existence we can only achieve this, as we did 50 years ago, by driving the landlords out. Which is only fair: we have given them a very good innings.