The Government is continuing to facilitate the bulk purchase of homes by investment funds – and failing to protect first time buyers, according to Social Democrats Housing Spokesman Cian O\u2019Callaghan.<\/p>\n
Commenting on a report in the Business Post of an investment fund buying 46 of 54 homes in a Dublin housing estate, the TD for Dublin Bay North said:<\/p>\n
\u201cThe latest incidence of an investment fund bulk-buying most of a housing estate represents another slap in the face for the thousands of people desperate to get a place of their own.<\/p>\n
\u201cIt has now been two and a half years since an investment fund attempted to buy an entire housing estate of 135 homes in Maynooth. In response to the ensuing justifiable public outrage, the Government introduced a piecemeal measure of increased stamp duty on funds which purchase 10 or more homes in a given year.<\/p>\n
\u201cIt is abundantly clear that this tokenism has not scared off investment funds, which are cashing in on the highest rents in this country in the history of the state.<\/p>\n
\u201cThese homes in Balgriffin, Dublin 17, are being advertised at rents of \u20ac3,175 per month. That\u2019s \u20ac38,100 a year in rental income from one of these homes – a staggering \u20ac1,752,600 a year for the 46 homes they purchased.<\/p>\n
\u201cIn a rental sector as lucrative as Dublin\u2019s, the 10% stamp duty can easily be offset by profits.<\/p>\n
\u201cThere is no reason investment funds should be allowed to buy up housing estates. It benefits nobody but their own shareholders.<\/p>\n
\u201cWe need homes that people can afford \u2013 not investment opportunities for speculators.<\/p>\n
\u201cThe Government\u2019s litany of failed housing policies and half measures is locking a generation out of homeownership. We need a total ban on investment funds bulk buying homes.\u201d<\/p>\n
9 January, 2024<\/p>\n","protected":false},"excerpt":{"rendered":"
The Government is continuing to facilitate the bulk purchase of homes by investment funds – and failing to protect first time buyers, according to Social Democrats Housing Spokesman Cian O\u2019Callaghan. Commenting on a report in the Business Post of an investment fund buying 46 of 54 homes in a Dublin housing estate, the TD for […]<\/p>\n","protected":false},"author":3,"featured_media":2065,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[278,10,7],"tags":[],"class_list":["post-3605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cian-ocallaghan","category-housing-crisis","category-press-release"],"acf":[],"yoast_head":"\n