Younger generation has been let down
Speaking at a Westminster Social Policy Forum Keynote Seminar held at Sixty One Whitehall, he added that the taxation of housing developments has made it harder to substantially increase levels of housebuilding.
Crompton said: “We can’t keep hurting the younger generation because that puts rents up for our kids.
“My generation – we decided that we can’t build anything anywhere. Our kids are really suffering.
“As a generation we are obliged to give our kids somewhere to live.”
Knightsbridge Student Housing invests and rents out accommodation for students across the UK.
But Crompton added: “It’s really difficult to get anything done.
“There are some people in this room who work for councils who I’ve been in negotiation with for over a year.
“I’ve got billions of pounds to invest in housing, every fund I know has billions of pounds to fund housing but they just can’t get it out of the door.
“I’ve never seen a market where there’s so much cheap money out there; massive amounts of capital.
“We’ve got loads of land. Why are we not doing it? There is literally billions to invest in PRS.”
Crompton reckons that housing associations are favoured over the private rental sector when applying for planning permission.
Such restrictions include section 106 agreements, commonly used on new build properties, which restrict ownership.
Crompton said: “The more taxes we put on development the more rents will go up and the more unaffordable it will be for our kids.
“Let’s think about the future and let’s stop taxing development.”