Catherine Murphy (Kildare North, Social Democrats) | Oireachtas source

They can be very different. It is the enhanced leasing figure I am looking for. I had a number last week that I was wrong about in respect of County Kildare. The number is 681 and I just wanted to correct that.

When I first raised the enhanced leasing scheme in the Dáil in 2021, the then Taoiseach, Mícheál Martin, told me that no local authority should be on both sides of this and it would be phased out. If anything, I am seeing it being scaled up rather than phased out in my own area. It is incredibly poor value for money. What investors say is that "a further benefit of the leasing option is the investment opportunities for international and domestic private investors". CBRE, which is one of the biggest real estate companies in the world, has recently reported that "investors are keen to acquire residential units and schemes let by local authorities on a long-term lease". Another group now sees social housing as a financial product under the long-term leasing scheme. It is incredibly bad value for money. New houses acquired have to be within a group of 30 or more. They are leased for in the region of 25 years, at up to 95% of the market rent with a four-yearly review. The average per annum figure, according to replies to parliamentary questions is €17,000 per unit, which works out at €425,000 over 25 years. It is then refurbished, returned to the investor and then the housing need has to be met all over again. Essentially, a mortgage is being paid without having an asset at the end of it. That is incredibly bad value for money. The committee is interested in value for money. We need a briefing note on the enhanced leasing scheme.