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

The Deputy is wrong in his assessment of last night's measures because they will have an impact, both on the planning side and in respect of stamp duty.

The stamp duty will have an impact, much broader than just the funds. The stamp duty disincentivises multiple buying of houses or duplexes and gives the advantage back to first-time buyers and owner occupiers. It is a much broader measure than the Deputy, Sinn Féin or anyone else on the far left anticipated.

The Deputy's response is the expected one. As I have said, the Government has allocated about €3.3 billion to housing this year. That is State money, separate altogether from the Ireland Strategic Investment Fund, ISIF, or anything like that. That €3.3 billion includes a very significant allocation to social housing, with significant initiatives on affordable housing and a national cost-rental scheme which would provide houses to rent at 25% below market rate. The Deputy ignores all that every time he gets up to speak about housing. He narrows it down to one area and implies that is the broader picture of housing in this country, which it is not.

The fundamental issue with housing is supply. We are simply not building enough houses or apartments in this country. On the apartment front, there is an affordability and viability issue that needs to be dealt with. Hence the funds are in the marketplace particularly for apartments, as the Deputy just said. Many of those apartments would not have been built if it were not for the presence of funds, given that the banks are essentially out of housing to large intents and purposes, and are not funding at the level that they would have been in previous times. The State is now the big provider of social and affordable housing through the variety of initiatives we have taken, including the affordable legislation the Minister is bringing in, which will provide directly State-supported affordable homes that the State will be active in providing as well as social houses for people.

The Deputy knows the Government does not get involved in any of the decision-making of ISIF. Its objective is to try to leverage to get projects off the ground. Fundamentally, the ultimate solution is to increase supply. The State needs to play its part with very large social housing provision and very strong support as well as providing affordable homes and affordable rental projects. There will also be a need for the private sector. I know the Deputy does not agree with that. I think his view is that every house, perhaps, should be built by the State. That seems to be his position. I do not believe that is doable or feasible in the coming years.

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