Ruth Coppinger (Dublin West, Solidarity) | Oireachtas source

I am sharing time with Deputy Boyd Barrett. I will start with a quote about the financialisation of housing: "Housing and commercial real estate have become the 'commodity of choice' for corporate finance, a 'safety deposit box' for the wealthy ... with profound consequences for those in need of adequate housing." This quote is not from the Socialist Party or any left wing outlet but from the UN Special Rapporteur. It definitely applies to Ireland and the measures taken in yesterday's budget added further incentive for that process to happen.

The Minister will be familiar with IRIS REIT. It was encouraged to come into this country under the previous Fine Gael and Labour Party Government. It is remarkable that the previous speaker was in government until two and a half years ago. IRIS REIT bought ten sites in Dublin in 2013. At one of those sites, Lansdowne Gate in Drimnagh, it has increased rents by 40% since 2014. In Priors Gate in Tallaght, it has put up the rent by 31%. We heard at the weekend that it had similar plans for other residents, and I salute the residents of that building for taking their protest directly to IRIS REIT and forcing it back. IRIS REIT got a huge boost from the Minister yesterday. It has been exempted from capital gains tax to the tune of €30 million, which would build 200 houses. We have heard a great deal about granny flats and granny grants from the Independent Alliance. Granny flats and granny grants can be availed of by the likes of IRIS REIT and the large corporate funds that are swooping in to buy property in Ireland.

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