It is perfectly possible for the state to procure and provide affordable housing that is developed and subsequently financed with private capital. The incentives for private capital can come from tax credits or state subsidy, linked to long-term guarantees, or requirements that the stock be let at below-market rates. One thing is very clear, the reversion of the affordable stock to full market rent at the end of a period, or indeed, its sale to private owners, is a powerful incentive for ultra-long- term investors. With the emergence of the global savings glut in recent years, there are many more potential long-term investors than there used to be.