Dr. Michael Byrne:

The taxation issues are not part of my area of expertise so I would be reluctant to comment on them. Certainly, the affordability concerns in the sector make their own case for support of that nature for tenants.

With regard to HAP, one of the most important and immediate changes that needs to take place is to allow HAP tenants to apply for cost rental housing. Currently, tenants who are in receipt of HAP cannot apply for cost rental housing, which means one of their major avenues out of the private rental sector is cut off. This is something that can be easily addressed and should be addressed immediately.

Although the regulatory situation has been challenging and piecemeal, it is also true that there has been an enormous increase in investment in the private rental sector over the last three years. Investment in the private rental sector now makes up more than 40% of all commercial real estate investment in Dublin, so it is important we do not lose sight of the extraordinarily favourable market conditions that have driven a very rapid rise, although that has been in the institutional sector.