Aengus Ó Snodaigh (Dublin South Central, Sinn Fein) | Oireachtas source

This is a reasonable amendment given the scale of the crisis for those who wish to buy a home. The housing crisis as a whole is a far bigger issue. Several constituents have come to my office in a panic because they cannot afford to rent or buy and are above the threshold for the local authority housing list. That is backed up by the housing figures for Dublin. On the open market, such people are competing against landlords who wish to avail of high rents, pension funds and even local authorities in Dublin city and beyond.

While very few single people can afford a house on their own in Dublin unless they are on quite a substantial wage, it is also very difficult for couples, particularly young couples, to afford a home. Houses in former council estates, which at the lowest ebb of the economy in 2010, 2011 or 2012 were selling for €100,000, are now selling for in excess of €200,000 or €250,000. Compared with the average Dublin house price of well over €300,000, €250,000 does not sound excessive. However, a couple would have to earn over €80,000 or €90,000 to qualify for a loan for that amount. That illustrates the scale of the problem. Affordable housing is not about a discount of €10,000 or €15,000. That is worth buttons in terms of the housing crisis in Dublin.

The amendment is reasonable because it seeks to ensure that HBFI may issue bonds, debentures and other securities bearing such rate of interest including lower interest rates and longer maturities as it sees fit. That is key in trying to create a climate of affordability.

There has been much recent discussion of affordable rents. I refer to the confusion caused when it was announced that the rents on St. Michael's estate would be 10% to 25% below market rent. However, the market rent in Dublin is double what it ought to be. Unless leases of indefinite term are provided, reducing market rents by 10% to 25% may not attract those who should be encouraged to avail of affordable rent. Similarly, we must ensure that those who should be able to afford to buy a house or apartment in Dublin can do so such that they are not competing for accommodation provided for those less fortunate, taking a place on a housing list or adding to overcrowding in family homes.

I urge the Minister of State to consider the amendment put forward by my colleagues, Deputies Ó Broin and Pearse Doherty. They have argued this case inside and outside the House for quite some time. The amendment is reasonable. Given the duration of the housing crisis, it does not go beyond what should be delivered under home building finance proposals that come before the House. Any other country in Europe dealing with a problem of this scale would be much further down the road of ensuring the delivery of a measure such as this which addresses one aspect of the housing crisis. No one is saying that it will address all of the problems but, added to other measures for which Sinn Féin, other parties and many of the housing groups in Dublin have advocated but which have not been delivered in the past ten years, it might go some way towards tackling the dire crisis which has been created by the lack of investment in social housing, the open nature of the rental market in Dublin for many decades and, in particular, the lack of Government action in recent years. In spite of some tinkering by the Government, rents have skyrocketed to a level such that it is almost impossible for a single person or a family to rent a property in this city.

A consequence of the crisis will be the re-emergence of urban sprawl, which may already be taking place. As houses are built further away from where jobs are located, people will have to commute huge distances at significant financial and social personal cost.

I hope the Minister of State will accept the amendment and does not force it to a vote because at this stage all parties need to come together to show unity on the issue and that we are serious about tackling the housing crisis.

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