Maurice Quinlivan (Limerick City, Sinn Fein) | Oireachtas source

Sometimes less is more. During the term of this Dáil, the Minister has brought forward several housing and property proposals that have failed the test of delivering meaningful supply to the property market. His earlier contribution was cynical, even though he used that word a number of times in the course of it. I heard him use the word "hysteria" in a recent media interview and thought it was just a once-off but he used the word six or seven times in this morning's contribution. He is obviously rattled.

The Minister spoke about €75 million. The concern about that amount of investment is that it opens the door to his friends in a modern version of the Galway tent. The Minister will be having Zoom and Microsoft Teams meetings with his property developer friends.

The latest demand-led proposal is the shared equity scheme. It will do nothing to increase the supply for those who desperately need housing. It will do nothing to reduce costs. The scheme will increase property prices and profits for developers. It seems that it is back to business for Fianna Fáil. I clearly remember the crash. Friends of mine do not live in the country anymore because of the crash and we certainly do not want to go back to that again. The general election, over a year ago, was fought on the issue of housing and the need to deliver social and really affordable housing for people and this scheme does not address that matter.

If the Minister was serious about it, he would put money into local authorities and let them lead the building of housing that we need.

At every turn the Minister is quick to dismiss the Opposition. He most recently described the Opposition's objection to this scheme as borderline hysterical. Are the concerns raised by the ESRI, the Institute of Professional Auctioneers and Valuers and those of the Central Bank also hysterical ravings? Are the concerns raised by the nine Dublin-based councillors of the Minister's coalition partners, Fine Gael, who suggested it was a return to the politics of the Celtic tiger, hysterical musings? No, they are not. It is sensible objection to poor policy in the public service. Ignoring the advice of experts and ploughing on with a failed policy is a better example of a response derived from uncontrolled emotion.

The scheme is supported by property developers and those who would like to see demand increased. This was not in the Fianna Fáil election manifesto. Such a scheme was floated, however, by Irish Institutional Property and Property Industry Ireland, IBEC's property arm. The property industry wants an equity scheme because it will increase prices and it seems that Fianna Fáil is again beholden to that industry's desire.

The UK charity, Shelter, for instance, showed that the UK version of the scheme pushed up prices. Without an adequacy of supply, a scheme such as the Minister has proposed will drive up demand and increase prices. He cannot be oblivious to that. The scheme he has proposed will increase house prices and benefit those who already have sufficient funding for a mortgage, leaving the State prone to loss should there be a downturn in the property market. I mentioned at the outset that less is more. The Minister should slow down, stop this bad idea, listen to the experts and the Opposition and not be guided by developers. He should do what he was put in a position to do, that is, build council houses.

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