This is a very political matter, and we may now partly be seeing the results of decisions where the deciders just didn't care enough. I know the guy who runs London Federation of Housing Co-ops, which includes TMOs (Tenant Management Orgs). For those who don't know, a TMO is similar to a co-op in that it is a democratic structure, but a housing co-op owns its own properties, while a TMO just has a management arrangement. He told me a couple of years ago that everyone who is a fan of co-ops and TMOs thought (and tried to tell) K&C that they were fucking up by putting ALL their properties into the same TMO. A simple democratic structure like that would be appropriate for one block or maybe a few next to each other. The idea you can maintain genuine democratic control when you put all the borough's property in one TMO is absurd. You could try to create some federated structure I suppose, but they didn't. So they ended up with something that was meant to be democratically controlled by couldn't be, thereby losing both the full council oversight and the democratic advantage of TMOs. Basically the democratic element was tokenism - the borough didn't care that it wouldn't work.