John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

The Minister is working out a formula regarding rent increases, which was referred to committee, but the real issue is that this formula will allow rents to increase, yet a sufficient level of building is not taking place in the marketplace to ensure the market is controlled. We can see that in that 120,000 people on the housing waiting lists are still waiting. That is as relevant to Committee Stage stage and the debate on this Stage as any other matter, as is the case regarding the formula. How effective would the formula be if those vacant houses in Dublin were bought by the local authorities and allocated to those on the waiting lists?

The rents would come down because one would be putting into the market the necessary housing units, while activating the structures in local authorities and the banks to ensure these houses are made available.

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