NO affordable homes will be offered as part of a new scheme for 22 flats and six houses in Cutteslowe.
The developers claim in order to make the project viable it would need to sell the homes at full market value despite nearly quadrupling the value of the land.
Shanly Homes has lodged plans with Oxford City Council to tear down four properties in Elsfield Way to make way for the new three-storey block.
It claims obeying guidelines to make 50 per cent of the proposal affordable would leave it £1m in the red.
However, if it were to offer the homes full price it would make enough money to contribute £71,384 to Oxford City Council as mitigation.
It said the current existing value of the site was £3million, but could be worth £11.5m by the time the project ends.
Colin Cook, the city council’s board member for development, said he would listen to arguments by any developer not able to provide social housing.
But he added: “We take a very dim view of developers who think they can get away with it. We will take it to appeal and we usually win.
“There are rigorous checks and we will scrutinise the numbers closely.”
The mix of homes would feature 18 two-bedroom flats, four one-bedroom flats and six semi-detached houses.