I used to be on the management committee for the Shepherd's Bush Housing Association, a pretty dire landlord operating in my borough and also neighbouring boroughs. At one of the meetings there was a proud declaration that we owned a house worth £4 million in Kensington Square. Those who lived there must have an incredibly subsidised rent - like winning the lottery. "Lucky family," a fellow committee member exclaimed. But in terms of asset management the policy of retaining such properties as some point of principle, even when they become vacant, is bonkers. With their scarce resources the charitable role of housing associations should be about providing decent housing to the many - not extravagant housing to the few.