FF and FG Creating a Tenant Class Not seen since Landlord Times
Speaking in the Dáil today on the Motion on the crisis in the private rental sector, Aontú Leader & Meath West TD called out FF and FG for backing Goliath in Housing Market distortion, whilst Irish people are unable to own their own home in their own country.
An Teachta Tóibín:
“Housing is a basic human need. Without housing many aspects of a citizen’s life break down. Physical and mental health starts to deteriorate. A family’s ability to provide healthy nutrition falls apart. Education and work life are next to impossible without a home. Ireland is suffering from a prolonged National Housing disaster. Up to 1 million people are in housing crisis either through mortgage distress, homelessness, spending years on housing waiting lists or grossly unaffordable and unfair rents and mortgages. This crisis has been going on so long that many within the media and the political establishment have become desensitised to it. Fine Gael think of themselves on being the party of the Free Market. But in truth FG are the party of market distortion. Much of the dysfunction of the housing market is directly as a result of the actions taken by FG in power. At the bottom of the housing slump Fine Gael rolled out the red carpet to International Residential Investors and vulture funds in an effort to put a floor under the market and to improve the balance sheets of the Irish banks. They achieved this through extremely generous taxation policy and light touch regulation. As a result International investors have piled into the market, made massive profits, have pushed prices and rents through the roof, and pushed first time buyers out of the housing market.”
“FG and now Fianna Fail are creating a tenant class the likes that has been not been seen it Ireland since landlord times. The FF/FG housing market is pitting REITs against families on a daily basis in a David versus Goliath battle where they can only be one winner. The solution to this is not rocket science. If International Investors are hoovering up housing units die to a massive competitive advantage, even up the odds. Reduce their advantage and increase the buyer power of young families. Builders will tell you that they can finance projects far easier if International Investors guarantee purchase. It can take 6 months from the first viewing of a house for a young couple to get the necessary finance, if indeed they can get the finance at all. On the supply side. Building costs are sky-rocketing. Skilled trades men and women are nearly impossible to get. Supply of land is being controlled as vast tracts of land are sat upon in order to harvest speculation driven price increases. All of this is pushing houses outside the reach of families. On the demand side REITs don’t pay capital gains tax, they are not paying stamp duty and they pay tiny corporation tax. They achieve international interest rates well below what families in Ireland have to pay. They are turbo boosted in their battle against families.”
“Aontú would level the playing field between REITS and families. We would strip REITS of their advantages. We would ensure that REITs were no longer sheltered from proper taxation. We would build a Public Banking System to reform that other distorted market, the banking market and to ensure families could get access to fair interest rates and mortgages. Aontú would increase the supply of land with a vacant land tax that would really my making hording cost. We would increase the training and apprenticeships to increase the pool of skilled workers. We would radically increase the supply of social housing. Aontú would back David, not Goliath because when state most play a role when the market is broken.”