One Housing Group has refused to reveal how much it has spent on its controversial Project Stone document.
The 54-page leaked report outlined how the Barkantine, Kingsbridge, St Johns and Samuda estates on the Isle of Dogs – comprising around 2,000 social homes – could be demolished and replaced with nearly 9,000 properties, mainly for private purchase.
One Housing Group maintains the plans are still at an early stage. It has reassured residents that the social housing component and the terms of their tenancies would be maintained.
The report says the company, which receives much of its money from the public purse, carried out comprehensive market research, a sales rates and rental yields study and looked at similar projects throughout London but said it would not disclose how much it had spent on the report.
A spokesman said: “The money came from our private development budget using money we generate through commercial activity.”
He said the company was still speaking to residents on the Isle of Dogs to get their thoughts and no decision had been taken on whether to replace the estates.
“This is not a masterplan,” he said. “It is proof-of-concept work and is not something we can execute.
“We have some making good to do with talking to people about this but we are are still committed to looking at this.”
Cllr Peter Golds (Con, Island Gardens) said that much of OHG’s income ultimately comes from housing benefit, and as such the public has a right to know how it is being spent, adding it was “extraordinary” that OHG would not let on how much was spent on the report.
“It is outrageous that they are keeping this quiet,” he said.
“They live off the taxpayer so they should be telling us what they are spending money on. It is absolutely extraordinary.
“What are they doing? I just despair at it at times.”