Thursday, 11 April 2019
Ceisteanna ó Cheannairí - Leaders' Questions
I agree that we need to increase supply but these funds come in and take 3,000 off the plans before people get a chance to see it. The Tánaiste spoke about competition but that is not fair competition. The Government is equipping and incentivising these funds through our tax laws to offer completely unfair competition. The Government is giving them huge power in comparison to the first-time buyer, the person looking for that start. These funds are given advantages that the individual buyer does not get and the Government is consigning people to high rents, that will increase by 17%, to saving for a deposit for a property they may never get. Yes, it needs to increase supply but it will have to put restrictions on what happens to that supply. Is it in the Tánaiste's mind fair that a fund can come in with very few profit taxation requirements and acquire an entire development of houses, even where people have paid booking deposits? Is that fair and good competition? Is the Tánaiste happy to consign people to a lifetime of rent, of scrimping and saving or to a commute from hell?