No, because it won't be the government which pays for council housing. Local authorities pay for it by borrowing, which is actually a sensible thing to do at the moment, because interest rates are so low. As soon as the houses are built, the councils start to receive rent and can pay back their loans. Asset holders are queuing up to lend their money, especially to reliable borrowers, such as councils.
The debts will appear on local authority balance sheets, not the government's. The biggest problem is probably NIMBYism, which is why planning laws need to be changed. Once farmers stop receiving EU funding, they will also form a queue - to sell their land for development.
I expect Conservatives have been told not to admit to any spending, because it tarnishes their image. 