Betting the house on the Athletes' Village
The £1 billion project for 2,800 apartments was supposed to be completely privately-funded. Now the Government has announced that the village has been nationalised because it has been impossible to raise the cash from the private sector.
Does this matter?
Well, it means that taxpayers will end up holding the baby if the apartments can't be sold for a decent price after the Games. The Government is confident it will get the cash back but there are no guarantees in the current economic climate. Who knows what will happen to the housing market in the next three years?
But what worries some people in east London is that the promises about delivering affordable housing may not be met in the rush to get back the cash.
A £100 million Government grant from the Homes and Communities Agency means that the developers building half of the homes have a commitment to social housing.
But I was talking to a group which represents London citizens the other day and they were concerned about whether the percentages of social housing will be high enough.
Vancouver, the organisers of next year's Winter Olympics, has been forced to bail out the athletes' village there because of the credit crunch. It has annoyed many locals because they don't see how the community will benefit from what are largerly expensive flats.
London has to watch this problem closely too.
Stratford is being regenerated for the Games and it will be a better place for east Londoners to live in. But the challenge will be to make sure that the locals aren't priced out of the housing market and residents feel they have a place in the future of the new world.
I've reported before on people living in the Carpenters housing estate next to the Olympic Park who feel their community is being "wound-down" by the Olympics and worry about the future of their homes. They are worried the tower blocks where they live will be knocked down after the Games and the land will be sold to private developers.
In this way, what has happened with the village could have implications beyond taxpayers carrying the financial risk. Olympic developers will be under pressure to deliver on the affordable housing promises.