John Cummins (Fine Gael) | Oireachtas source

Following on from Deputy Duffy's points, a return of 3% or 4% through ethical funds or special vehicles that will deliver cost rental in addition to the LDA is profit. That is profit. Deputy Ó Broin's proposal is an attempt at grandstanding by presenting for-profit housing by private developers as something that is not in existence in this country. We are looking to attract special vehicles where there is a low return of 3% or 4%. That is what builds houses across Europe. If we are going to get party political about it, as was the case in the first debate on the first motion and if Sinn Féin wants to tie one hand behind the State's back to make sure we can only provide cost rental accommodation through AHBs or local authorities, it will do that and make sure we cannot scale up the model. What matters with cost rental is the more units that are delivered over time, the more affordable those units become because they rise in line only with the consumer price index whereas the wider rental market is probably increasing at a higher rate if one looks at it over a ten, 20, 30 or 40-year period. These cost rental properties will become more affordable for the tenants over time and Deputy Ó Broin knows that. To tie the State's hands is not what we should be doing here. We should provide affordable homes and cost rental by any means possible. Senator Boyhan said that he did not mind who provided housing. I also do not mind who provides it once people who need it and who are facing high rental costs get it. That is what we are about on all sides of this committee and we should work together to that aim.