{"id":1482,"date":"2021-02-27T13:47:21","date_gmt":"2021-02-27T13:47:21","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/reits-should-be-banned-from-buying-up-homes\/"},"modified":"2021-02-27T13:47:21","modified_gmt":"2021-02-27T13:47:21","slug":"reits-should-be-banned-from-buying-up-homes","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/reits-should-be-banned-from-buying-up-homes\/","title":{"rendered":"REITs should be banned from buying up homes"},"content":{"rendered":"<p>Speaking at the Social Democrats\u2019 online National Conference today, Housing spokesperson Cian O\u2019Callaghan TD said:<\/p>\n<p>\u201cAccording to the ESRI, Central Bank mortgage lending rules have kept house prices 9% lower than they otherwise would have been. While there are prudent reasons for restrictions on mortgage lending, these are being undermined by a flood of investment into residential property by REITs and investment funds.<\/p>\n<p>\u201cNew build apartments are completely out of reach for people on average incomes. Entire apartment schemes are being bought up by international investors and REITs. Due to quantitative easing, investment money is flowing into property which is pushing up prices. This is why we are seeing home prices increase during a global pandemic, despite many people losing their jobs and incomes.<\/p>\n<p>\u201cAn entire generation are being locked out of home ownership and are then forced to pay rents to investment funds that are much higher than a mortgage. We cannot tolerate a situation where strict lending rules apply to households, while favourable tax treatment applies to investors and REITs.<\/p>\n<p>\u201cI\u2019m calling on the Government to ban REITs from investing in residential property. This has been done successfully in Germany and has resulted in much more affordable rents and much better housing affordability.\u201d<\/p>\n<p><strong>February 27, 2021<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Speaking at the Social Democrats\u2019 online National Conference today, Housing spokesperson Cian O\u2019Callaghan TD said: \u201cAccording to the ESRI, Central Bank mortgage lending rules have kept house prices 9% lower than they otherwise would have been. While there are prudent reasons for restrictions on mortgage lending, these are being undermined by a flood of investment [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[278,7],"tags":[],"class_list":["post-1482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cian-ocallaghan","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>REITs should be banned from buying up homes - Social Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.socialdemocrats.ie\/reits-should-be-banned-from-buying-up-homes\/\" \/>\n<meta property=\"og:locale\" content=\"ga_IE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"REITs should be banned from buying up homes - Social Democrats\" \/>\n<meta property=\"og:description\" content=\"Speaking at the Social Democrats\u2019 online National Conference today, Housing spokesperson Cian O\u2019Callaghan TD said: \u201cAccording to the ESRI, Central Bank mortgage lending rules have kept house prices 9% lower than they otherwise would have been. 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