In early autumn 2020, the UK central government was alerted about local authorities excessive spending on buying investment property. Prior to this, local councils in aggregate spent nearly 7bn investing in property. Over the past three years local authorities have sources nearly 6.6bn from the central government in low-cost loans to invest in property. The coronavirus turmoil exposes the housing market to a considerable level of risk. (source anonymized). Discuss the problem faced by the central government above and suggest solutions.