A senior London politician has given his support to a group who want to redevelop a Latin-American market and has accused the council of trying to commit “mindless vandalism”.

Andrew Boff, a Conservative member of the Greater London Assembly, has backed the Wards Corner Coaltion over their plans to save the Seven Sisters institution. Currently two plans have planning permission to rebuild the market – that of the coalition, and the Haringey Council-backed venture by developers Grainger to build new flats and shops on the site.

The council said it would bring £100million of investment to the area and had the backing of Transport for London, which owns the land where the market sits – right above Seven Sisters underground station.

However, Mr Boff accused the council of taking a “very negative view” of the coaltion, and said their plans would be much more beneficial to the community.

He said: “I am not sure they quite understand what a jewel in the crown they have here. They have been too driven by the demands of developers, and not enough by the demands of the local community. Unfortunately I find this quite typical – residents are really in favour of Wards Corner staying as it is. It is a wonderful institution.

“In Hackney we faced similar opposition to markets. The council sees small businesses as just as irritation, when actually small businesses are the lifeblood of the local economy. When you look at the jobs created over the last five years, most are made by small businesses such as the kind you find at Wards Corner.

“It is mindless vandalism for the local authority to ignore people and get into bed with developers. TfL are also not behaving well with regards to this – effectively they are the owners, and they cannot always just chase the money. The opportunities here are enormous.

“I don’t care if it makes more financial sense. What they have at the Wards Corner Coalition is a real plan as to how they can make things viable. You can always make more money, but you could make a lot of money from building on Hyde Park. People won’t let you as they kind of think it is important, and that’s the same here.”

A Haringey Council spokesman said: “Our landmark regeneration plans for Wards Corner will transform Seven Sisters into the gateway to Tottenham, bringing more than £100million of investment and hundreds of new homes, shops and jobs.

“These plans have been strongly supported by the Mayor of London and Transport for London.

“We know how important it is that existing market traders benefit from these improvements, which is why developer Grainger has said it will offer them all the option of a new permanent space, at a discounted rent, as part of their plans for neighbouring Apex House – as well as dedicated help and support.

 “Through our proposals to cut business rates and offer financial support to fledgling and expanding local firms, we’ve shown how we’re determined to continue supporting the fantastic small businesses in our borough.”

TfL have been contacted for comment.