It's hard to know how to feel about this. Action needs to be taken to address dangerous cladding, and it is also clearly unfair for residents to foot the whole bill.
However, build-to-rent developers have successfully convinced the Government that the cladding tax won't work on them because any notional profit does not exist straightaway, given that landlords retain the assets to rent.
Whilst it would surely be possible to tax profit further down the line, it appears that the Government is being very careful not to dissuade build-to-rent developers from entering the market.
Build-to-rent developers and investors have won a reprieve from a £2bn developer tax, following extensive engagement with the housing minister, Department of Levelling Up, Housing and Communities, and the Treasury.