Michael Collins (Cork South West, Independent) | Oireachtas source

Fianna Fáil and Fine Gael have blamed each other for the current housing crisis, which has seen thousands of homes end up in the hands of global investment funds. These funds are commonly referred to as either vulture funds, which tend to buy up distressed mortgages, or cuckoo funds, which are buying up new housing estates and apartments and of which every person in the country is now well aware. If this matter were not so serious, one might be forgiven for finding it rather amusing, or even childish. If Fianna Fáil and Fine Gael are looking for someone to blame, they should look inwards for they are both to blame for this issue. This crisis, which will likely worsen, is inextricably joined at the hip with the banking crisis of over a decade ago. Let us not forget what is happening in our local towns and villages, where Bank of Ireland branches are closing, including one in Bantry and another in Dunmanway in my constituency.

Much has been made over the past week of the fact that global investment funds are buying up entire housing estates and apartment blocks in Ireland. Such unethical activity is depriving families and young people of owning an affordable home and is driving up prices, on both the rental and purchase sides. In my constituency, there are people trying to rent, buy a property or build a home but it is impossible. Sadly, the same mistakes have been made every single day at Government level.

Who are these investment funds? Many US, EU and, increasingly, Chinese investment funds are investing in Ireland. While investment should generally be welcomed, when that investment becomes number one in the world for tax evasion purposes, it should be questioned. For instance, these funds have been given unique tax treatment. They pay no tax and are given an array of special incentives by the Government. It is like a loophole in the law.

There is another very serious issue on which the State has to step in. In Baltimore an individual is buying between 25 and 55 acres of rock on some hill, which is of no benefit to anybody, and then selling every acre on DoneDeal for €5,000. All sorts of unsociable people are purchasing a piece of rock for €5,000 and turning up in a beautiful place like Baltimore. I ask the State to intervene on that issue, which I will be taking up with the Minister. The crisis that has emerged in the last week is scandalous beyond belief.

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