{"id":1583,"date":"2021-05-18T19:36:13","date_gmt":"2021-05-18T18:36:13","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/housing-measures-are-too-weak-and-wont-work\/"},"modified":"2021-05-18T19:36:13","modified_gmt":"2021-05-18T18:36:13","slug":"housing-measures-are-too-weak-and-wont-work","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/housing-measures-are-too-weak-and-wont-work\/","title":{"rendered":"Housing measures are too weak and won&#8217;t work"},"content":{"rendered":"<p><em><strong>The Government is happy to condemn those, who live in urban centres, to a lifetime of rent<\/strong><\/em><\/p>\n<p>The proposals brought to cabinet to deal with cuckoo funds bulk-buying homes are weak and will prove ineffective. The proposed planning rules won\u2019t take effect for a number of years while the stamp duty changes do not go far enough to disincentivise investment funds.<\/p>\n<p>Social Democrats Housing Spokesperson Cian O\u2019Callaghan said:<\/p>\n<p>\u201cThe measures announced by the Government this evening are weak and won\u2019t work. Once again, the Government is putting the interests of investment funds ahead of those who want to own their own home.<\/p>\n<p>\u201cThe Government\u2019s proposed changes to planning laws will take a number of years to kick in. In the meantime, the vulture funds will feast on the homes already approved and the cuckoo funds will continue to knock first-time buyers from their nest. This is unacceptable.<\/p>\n<p>\u201cPeople want immediate action. Not another can kicked down the road. People also want action on all types of homes \u2013 not just suburban estates. Those who wish to buy an apartment shouldn\u2019t have to compete with a billion-euro investment fund. Under the Government\u2019s plans, they will.<\/p>\n<p>\u201cThe majority of planning permissions last year were for apartments. The Government has now given vulture funds a green light to continue buying them in bulk. What kind of homes does the Government want those who live in cities to buy? Or is it happy to condemn those, who live in urban centres, to a lifetime of rent?<\/p>\n<p>\u201cThe stamp duty changes announced today do not go far enough to make a real difference. To be effective, stamp duty changes would have to be high enough to put the investment funds off. A 10pc increase in stamp duty, for purchases of ten homes or more, means nothing to a big fund that is willing to spend hundreds of millions of euro buying up homes.<\/p>\n<p>\u201cAt the moment, cuckoo funds are outbidding other buyers to the tune of \u20ac80,000 per unit. They are doing this because the rental market is so lucrative \u2013 particularly when the State is on the other side of eventual deals, entering long-term lease agreements with funds, at exorbitant rents, for terms of up to 30 years.<\/p>\n<p>&#8220;Rents have doubled in a decade. This has served to encourage investment funds to\u00a0buy up homes. As rents continue their inexorable increase across the country, funds will continue to swoop in and snatch up homes.<\/p>\n<p>\u201cIf the Government is serious about tackling investment funds, then it must tackle the rental crisis. Currently, there is no rental cap on new builds or new rental units. Measures should be introduced to set rents on new-build homes at a much lower level\u00a0\u2013 this would reduce the potential returns for investment funds and create a level playing field with first-time buyers.<\/p>\n<p>&#8220;Measures to tackle vacancy, which is being cynically used by funds at the moment to keep rents artificially high, must also be urgently introduced.<\/p>\n<p>&#8220;According to the Minister, he is content to wait until the autumn to make any changes to the rental regime.\u00a0This inertia is characteristic of the government\u2019s approach to housing. They say there is a crisis, but there is no sense of urgency. No radical reforms or innovative solutions.&#8221;<\/p>\n<p>18 May, 2021<\/p>\n<p>Ends<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government is happy to condemn those, who live in urban centres, to a lifetime of rent The proposals brought to cabinet to deal with cuckoo funds bulk-buying homes are weak and will prove ineffective. The proposed planning rules won\u2019t take effect for a number of years while the stamp duty changes do not go [&hellip;]<\/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-1583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cian-ocallaghan","category-housing-crisis","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>Housing measures are too weak and won&#039;t work - 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\/housing-measures-are-too-weak-and-wont-work\/\" \/>\n<meta property=\"og:locale\" content=\"ga_IE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing measures are too weak and won&#039;t work - Social Democrats\" \/>\n<meta property=\"og:description\" content=\"The Government is happy to condemn those, who live in urban centres, to a lifetime of rent The proposals brought to cabinet to deal with cuckoo funds bulk-buying homes are weak and will prove ineffective. The proposed planning rules won\u2019t take effect for a number of years while the stamp duty changes do not go [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.socialdemocrats.ie\/housing-measures-are-too-weak-and-wont-work\/\" \/>\n<meta property=\"og:site_name\" content=\"Social Democrats\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/socialdemocratsireland\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-18T18:36:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.socialdemocrats.ie\/wp-content\/uploads\/2023\/09\/4475-366-scaled-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"ZOO Admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@SocDems\" \/>\n<meta name=\"twitter:site\" content=\"@SocDems\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ZOO Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.socialdemocrats.ie\/housing-measures-are-too-weak-and-wont-work\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.socialdemocrats.ie\/housing-measures-are-too-weak-and-wont-work\/\"},\"author\":{\"name\":\"ZOO Admin\",\"@id\":\"https:\/\/www.socialdemocrats.ie\/#\/schema\/person\/4aa25e1b0ecfe5e51a2ceab9a9006960\"},\"headline\":\"Housing measures are too weak and won&#8217;t work\",\"datePublished\":\"2021-05-18T18:36:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.socialdemocrats.ie\/housing-measures-are-too-weak-and-wont-work\/\"},\"wordCount\":559,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.socialdemocrats.ie\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.socialdemocrats.ie\/housing-measures-are-too-weak-and-wont-work\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.socialdemocrats.ie\/wp-content\/uploads\/2023\/09\/4475-366-scaled-1.jpg\",\"articleSection\":[\"Cian O'Callaghan\",\"Housing Crisis\",\"Press Release\"],\"inLanguage\":\"ga-IE\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.socialdemocrats.ie\/housing-measures-are-too-weak-and-wont-work\/\",\"url\":\"https:\/\/www.socialdemocrats.ie\/housing-measures-are-too-weak-and-wont-work\/\",\"name\":\"Housing measures are too weak and won't work - 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