Bríd Smith (Dublin South Central, People Before Profit Alliance) | Oireachtas source

The Minister for Finance, Deputy Noonan, welcomed the changes proposed by the Central Bank and indicated they will make it easier for first-time buyers to obtain a loan that will suit their needs. Some people may be able to borrow enough to get a roof over their heads but it will be at a price set by developers and one at which they believe it will yield a decent profit margin. Various sources suggest the profit margin in the current market stands at roughly €30,000 per housing unit. Success will be measured by developers being able to get out of bed for a profit of €30,000 per each unit they build and a few ordinary people being able to borrow enough to put themselves in debt for more than 30 years, with their mortgage repayments consuming 40% or 50% of their total income. This will not and cannot work and will do nothing to alleviate the crisis.

Local authorities must invest in public housing to provide permanent social housing and end the crisis that has seen thousands of people evicted, placed in emergency accommodation or languishing in private rental properties paying inflated rents. The Government has failed to deal with the crisis and until it grasps the nettle, all it is doing is pushing up profits for landlords, developers, REITs and vulture funds.

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