If public debt concerns you more than private debt, then by all means set up an arms length body or private bank underwritten by the gov’t to keep the debt ‘private’

The UK gov’t has borrowed £800bn in the last decade and issued £1,700bn in QE. Private debt has also surged. And yet interest rates have fallen so low, that they are now negative in real terms.

At any rate, assuming 100% transfer of housing stock is merely a hypothetical exercise. I’m not suggesting it will ever happen.

Even if it’s only 20%, that’s 1 million more homes available for social rent and around £8bn savings for renters. The point is valid for any level of transfer from private to public/community housing