{"id":1553,"date":"2021-04-23T12:55:46","date_gmt":"2021-04-23T11:55:46","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/evictions-highlight-the-need-to-ban-vulture-funds\/"},"modified":"2021-04-23T12:55:46","modified_gmt":"2021-04-23T11:55:46","slug":"evictions-highlight-the-need-to-ban-vulture-funds","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/evictions-highlight-the-need-to-ban-vulture-funds\/","title":{"rendered":"Evictions highlight the need to ban vulture funds"},"content":{"rendered":"

Cuckoo funds are swooping in and block buying new estates<\/em><\/strong><\/p>\n

The threatened eviction of children with special needs from an apartment complex in Dublin is a\u00a0shameful indictment of the government’s failed\u00a0housing policy, according to Social Democrats TD Cian O\u2019Callaghan.<\/p>\n

\u201cThe government lifted the ban on evictions today knowing the chaos it would cause. Currently, there are seven households in St Helen\u2019s Court, Dun Laoghaire \u2013 including children with special needs and adults with serious illnesses \u2013 who don\u2019t know where they will be sleeping tonight.<\/p>\n

\u201cTheir corporate landlord is determined to evict them despite the fact the country is still operating under Level 5 restrictions \u2013 and the government is happy to stand idly by while it happens.<\/p>\n

\u201cREITs, Cuckoo Funds and other large institutional investors have caused immense damage to the housing sector in Ireland and should be banned from swooping in and block-buying entire estates.<\/p>\n

\u201cAccording to the Construction Industry Federation, in 2019, 95% of new apartments were sold to institutions, leaving just 5% for everyone else. Meanwhile, this week it was revealed that 435 apartments, currently under construction in Ashtown Dublin 15, have been sold to a foreign investment company.<\/p>\n

\u201cThis distortion of the market is actively encouraged by the government, who have offered these funds favourable tax treatment.<\/p>\n

\u201cFirst-time buyers simply cannot compete with these multimillion-euro funds.\u00a0An entire generation is being locked out of homeownership and forced to pay extortionate rents to investment funds which are much higher than a mortgage.
\n\u201cIn Germany Residential Investment Funds or REITs are banned from buying up residential property and driving up the price of homes and apartments \u2013 we should follow suit.<\/p>\n

\u201cBanning vulture funds from the housing sector will increase the supply available to first-time buyers who want to own their own home and take some pressure off the spiralling cost of housing. At a very minimum, their tax breaks should be scrapped.<\/p>\n

\u201cIn the meantime, the eviction ban should be reinstated as a matter of urgency until the covid crisis has receded.”<\/p>\n

23 April, 2021<\/p>\n

Ends<\/p>\n","protected":false},"excerpt":{"rendered":"

Cuckoo funds are swooping in and block buying new estates The threatened eviction of children with special needs from an apartment complex in Dublin is a\u00a0shameful indictment of the government’s failed\u00a0housing policy, according to Social Democrats TD Cian O\u2019Callaghan. \u201cThe government lifted the ban on evictions today knowing the chaos it would cause. Currently, there […]<\/p>\n","protected":false},"author":2,"featured_media":1499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[278,10,7],"tags":[],"class_list":["post-1553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cian-ocallaghan","category-housing-crisis","category-press-release"],"acf":[],"yoast_head":"\nEvictions highlight the need to ban vulture funds - 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\/evictions-highlight-the-need-to-ban-vulture-funds\/\" \/>\n<meta property=\"og:locale\" content=\"ga_IE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Evictions highlight the need to ban vulture funds - Social Democrats\" \/>\n<meta property=\"og:description\" content=\"Cuckoo funds are swooping in and block buying new estates The threatened eviction of children with special needs from an apartment complex in Dublin is a\u00a0shameful indictment of the government’s failed\u00a0housing policy, according to Social Democrats TD Cian O\u2019Callaghan. \u201cThe government lifted the ban on evictions today knowing the chaos it would cause. 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