Emer Higgins (Dublin Mid West, Fine Gael) | Oireachtas source

Housing in Ireland has become unaffordable and unobtainable for many people and that is simply a fact. Young people in particular feel locked out of the housing market. They feel the dream of one day owning their own homes is a far-off idea at best and at worst, just a pipe dream. I want to live in a city and a country where home ownership is possible, if not the norm, for people my age. That is why I am so glad we are introducing the first ever Bill that will focus solely on affordable housing. It works in tandem with the Land Development Agency Bill to put affordability at the heart of our housing system. It will do this in four different ways: first, through the direct, local authority-led building of affordable homes for the first time in more than a decade - that means councils delivering affordable housing; second, through the first ever national cost rental scheme that will deliver long-term, over secure and affordable leases for those who wish to rent longer term; third, through a national shared equity scheme for new-build homes that will see the State taking an average equity of approximately 20% in the cost of a home, with a mortgage to be taken out on the remainder if people opt for that initiative and want that assistance; and, fourth, it means an expansion of the Part V clause to provide 10% affordable purchase and, crucially,10% social housing, as well as affordable housing in all new developments.

The two biggest issues facing the housing market are affordability and supply. A combination of short-term measures will help turn approved planning applications into homes. Measures such as the shared equity scheme and the cost-rental model, combined with long-term changes like expanding Part V and the direct building of affordable homes by councils, will help us ensure supply and affordability are delivered for people as part of a comprehensive and well thought-out housing policy. All of this work is underpinned by the largest ever housing budget and the most ambitious targets on record.

We have heard criticism of parts of the Bill, particularly the shared equity scheme. Sinn Féin does not want it to be available in the Republic of Ireland, despite overseeing it in Northern Ireland. We have heard comparisons with the UK scheme and Opposition politicians are right that it was not perfect. That is why we have learned from it and why we are targeting our measures at people who need support and at the places that need homes built in them. We have learned from their experience and we are building on that. That is how policy should work. It should be developed by building on policies from other countries, by improving on them and by bringing in our own initiatives such as the Rebuilding Ireland home loan.

We have also heard talk of investor funds and of their being no place for them in Ireland. That is simply fairy-tale economics because without foreign investment, we cannot build the homes we need or fund apartment blocks. We need to produce in excess of 35,000 homes over the next ten years at a cost of €10 billion per year. How do we fund that without external help? The fact is that our ambitious targets require the direct focus and support of measures such as this Bill. They sure could do with the support of all Members of this House because if we worked together towards a shared goal of creating housing for everyone, then things would happen a lot faster. Our aim must be to solve the housing crisis and get people into homes. Our collective efforts must do that. This Bill will deliver homes, help make housing affordable and help young people realise their dreams of owning a home.

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