Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

The Minister shows an unwillingness to acknowledge the seriousness of the issue. It is not just about absolute levels of property prices or rents; it is about the dramatic increase in property prices over the past few months. Property prices in Dublin have risen by 23% in the past 12 months, by 12.9% in the past three months and since 2012, when the market bottomed out, prices have increased by 36%. I do not have figures for rent but the homelessness crisis, where six people declare themselves homeless every day, is indicative of the dramatic rise in rent taking place in Dublin. Two years ago, the Government told us this would not happen and said that cuts in rental allowance could lead to a reduction in rent. The Government has been spectacularly wrong in its approach to this sector and, unbelievably, it has introduced property-based tax incentives such as real estate investment trusts, REITS, and changes in capital gains tax that encourage a massive speculative surge from big vulture funds that have accelerated their investment in this area. It is causing a dangerous property bubble.

See this speech in context