“The current housing crisis will grow exponentially if those currently in rental accommodation continue to be priced out of their homes. Other cities across the world manage to have vibrant rental sectors where people live securely and with rent certainty – there is no reason why we can’t do the same.”

Anne-Marie McNally, the Social Democrats Local Election candidate for Lucan has called on Government to tackle the emergence of so-called ‘cuckoo funds’ and to introduce measures to create a vibrant and sustainable rental sector in Ireland. Ms McNally said that the recent Savills report showing that large corporate investors purchased over 11% of all housing sold in Ireland in 2018 is a statistic that should cause significant concern.

Ms McNally said:
“We already have a situation where rental costs are out of control and people renting have very little, if any, security of tenure. People are trying to live their lives, raise families and put down roots but have no way of knowing if they’ll be in the same place next year. It is not only stressful for those in the situation, it is damaging for wider society as it prevents people connecting with their community and making big life decisions such as family formation or even school or job choices.”

“The Savills report goes on to predict that rental prices will increase by more than 17% in Dublin over the next three years. This is simply not sustainable. The current housing crisis will grow exponentially if those currently in rental accommodation continue to be priced out of their homes. Other cities across the world manage to have vibrant rental sectors where people live securely and with rent certainty – there is no reason why we can’t do the same. Policies such as the Vienna cost-rental housing model have been proven to work and it is long past time that we started looking to these proven strategies rather than deferring to these large corporate landlords who have no regard for sustainable communities or the local infrastructure that creates a healthy society and whose only concern is their profit margin.”

ENDS

8th April 2019