{"id":1636,"date":"2021-07-06T15:40:08","date_gmt":"2021-07-06T14:40:08","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/government-u-turn-on-cuckoo-funds-brazen-and-dishonest\/"},"modified":"2021-07-06T15:40:08","modified_gmt":"2021-07-06T14:40:08","slug":"government-u-turn-on-cuckoo-funds-brazen-and-dishonest","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/government-u-turn-on-cuckoo-funds-brazen-and-dishonest\/","title":{"rendered":"Government U-Turn on Cuckoo Funds Brazen And Dishonest"},"content":{"rendered":"<p><em><strong>Fundamentally, this government cannot be trusted<\/strong><\/em><\/p>\n<p>The government\u2019s u-turn on cuckoo funds is brazen and downright dishonest, according to Social Democrats co-leader R\u00f3is\u00edn Shortall.<\/p>\n<p>\u201cWe are in the midst of a housing crisis that is causing untold misery all over this country. The Taoiseach has acknowledged this. He said housing is the \u201cnumber 1 crisis facing the people, young people in particular\u201d\u00a0 and said \u201canything we can do in terms of housing, we are going to do\u201d.<\/p>\n<p>\u201cOne of the things the Taoiseach promised to do was deal with cuckoo funds buying up family homes. The government eventually introduced a 10pc stamp duty for the bulk purchase of ten or more homes.<\/p>\n<p>\u201cFinance Minister Paschal Donohoe described it as a \u201cstrong deterrent\u201d and said funds that tried to \u201cget around\u201d the measures \u201cwill be caught\u201d and prevented from doing so. That was what the Minister said. But now we learn that what the government is doing is quite different.<\/p>\n<p>\u201cInstead of catching out cuckoo funds trying to evade this measure, the government is aiding and abetting them. Cuckoo funds that lease homes back to local authorities will be exempt from the stamp duty increase.<\/p>\n<p>\u201cThis government is renowned for saying one thing and doing something else, but this u-turn can only be described as brazen and downright dishonest.<\/p>\n<p>\u201cBack in May, the Taoiseach said he didn\u2019t agree with local authorities entering long-term leasing deals. He said, \u201cno local authority should be on the other side of this, engaging in a long-lease with these institutional investors\u201d.<\/p>\n<p>\u201cLater that month, the Taoiseach was clear that \u201clong-term leasing is bad value\u201d and said \u201cthat is my view and I continue to make that clear\u201d.<\/p>\n<p>\u201cDespite this, Housing Minister Darragh O\u2019Brien has quietly submitted an amendment to a Finance Bill, which comes before the D\u00e1il tomorrow. The amendment will actually incentivise cuckoo funds to swoop in, purchase homes from underneath the noses of first time buyers and then lease them back to the State.<\/p>\n<p>\u201cThe measures introduced by the Government, to limit the activity of cuckoo funds in the residential property market, were the bare minimum required. It didn\u2019t even bother to include apartments, preferring to let cuckoo funds feast on them.<\/p>\n<p>\u201cNow we learn that even the bare minimum has been diluted. That the promises made to the people, to do something about the activity of these funds, are worthless.<\/p>\n<p>\u201cWhen I raised this issue in the D\u00e1il today, the Taoiseach refused to withdraw the amendment. In fact, he barely acknowledged it \u2013 preferring to obfuscate and dodge any questions.<\/p>\n<p>\u201cFundamentally, this government cannot be trusted. Instead of helping young people trying to buy a home, it prefers to help the vultures seeking to profiteer on their misery.\u201d<\/p>\n<p>6 July, 2021<\/p>\n<p>Ends<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fundamentally, this government cannot be trusted The government\u2019s u-turn on cuckoo funds is brazen and downright dishonest, according to Social Democrats co-leader R\u00f3is\u00edn Shortall. \u201cWe are in the midst of a housing crisis that is causing untold misery all over this country. The Taoiseach has acknowledged this. He said housing is the \u201cnumber 1 crisis [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,7,264],"tags":[],"class_list":["post-1636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-crisis","category-press-release","category-roisin-shortall"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Government U-Turn on Cuckoo Funds Brazen And Dishonest - 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\/government-u-turn-on-cuckoo-funds-brazen-and-dishonest\/\" \/>\n<meta property=\"og:locale\" content=\"ga_IE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government U-Turn on Cuckoo Funds Brazen And Dishonest - Social Democrats\" \/>\n<meta property=\"og:description\" content=\"Fundamentally, this government cannot be trusted The government\u2019s u-turn on cuckoo funds is brazen and downright dishonest, according to Social Democrats co-leader R\u00f3is\u00edn Shortall. \u201cWe are in the midst of a housing crisis that is causing untold misery all over this country. 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