Róisín Shortall (Dublin North West, Social Democrats) | Oireachtas source

The Government has become what can only be described as a circular firing squad. Fianna Fáil Deputies are blaming Fine Gael for the housing crisis and Fine Gael Deputies are blaming Fianna Fáil. I would like to settle the dispute between the coalition partners because both points of view are correct. Fianna Fáil crashed the housing market the first time around and Fine Gael then let vulture funds loose on the carcase for a decade with tax incentives and fast-track planning. Now both parties have joined forces in government and have been destroying the housing market.

Two weeks ago, my colleague, Deputy Cian O'Callaghan, stood in this House and told the Tánaiste that 435 apartments in Ashtown, Dublin 15, had been bought in bulk by an investment fund. He expressed concern than an entire generation was being locked out of home ownership and asked the Tánaiste to act immediately to stop funds bulk-buying homes. His response was to accuse the Deputy of being "ideological" and to say the Government had no plans to introduce legislation to rein in investment funds.

If we fast-forward two weeks, another global fund has gobbled up more homes. This time it is 135 homes in Maynooth. During Leaders' Questions yesterday, the Taoiseach professed surprise about this development. He said it was a new departure and that usually funds confine themselves to hoarding properties in cities, not suburban areas. Does the Taoiseach not think young people in Dublin and other cities deserve to own a home? Does he believe the mass acquisition of homes by funds is somehow okay as long as they restrain their purchases to every new build in Dublin and other urban areas? In any event, the Taoiseach was wrong. These funds have been block-buying estates and apartment blocks, and now second-hand homes, in urban areas and the commuter belt. They have been doing this for some time.

Since 2018, such funds have spent €4 billion on residential property in this country. Did anybody in government even notice? The Tánaiste might not understand the Social Democrats ideology but it is really simple. We believe ordinary workers on average salaries should be able to own their own home. We are not disaster capitalists. We do not want to see young people spend their entire lives paying extortionate rents to cuckoo funds that pay very little or almost zero tax on investments. That is the ideology of the Tánaiste and that of Fianna Fáil. Tax loopholes and sweetheart deals for developers and investment funds while ordinary workers and families are sacrificed on the altar of greed and profit is just not acceptable.

Two weeks ago, the Tánaiste was disinterested in funds hoovering up the country's limited housing supply.

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