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@moth
The localness of both the judgement of what's expensive, and the reinvestment sound like they should guard against the flaws, but i fear the devil will be in the details of how 'local' is defined. At the very least there need to be some seriously strong safeguards around how properties 'become' vacant...
While there are obvious practical arguments for this, it feels to me like capitalists green with envy that social solidarity should have built something good and determined to drag that back into the market for short term profit and long term reinforcement of the ideology that financial success is the only route to a good life.
Social cleansing is coming by many other routes. The national benefits cap combined with the escalators towards local market prices built into the centrally imposed formulae for setting council rents is one. The trend of redevelopment replacing council housing with 'social' housing that's closer to the market is another.