Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

First of all, there is something new in what happened over the weekend. There is no point in saying there is not because there is. The Government will act on that in terms of the move by REITs into suburban housing estates. Supply is key in the market. We need a greater supply of houses and apartments. We do not have a sufficiency of supply right now. We certainly did not have six or eight years ago but the institutional investors buying up completed housing estates is not acceptable at all. It runs counter to Government policy which gives a strong priority to first-time buyers. We want first-time buyers to be able to afford to buy homes. It is the kernel of our affordability strategy. Likewise, we want to build thousands and thousands of new social homes which will, when they are built, take pressure off the housing assistance payment, HAP, system and off the private rental sector, creating more space for the private rental sector. The cornerstone of Government policy this year is therefore to provide 12,750 social homes, 9,500 of which will be direct builds under the aegis of approved housing bodies or local authorities. That is the key point to remember.

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