Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

The Minister states that the Bill will bridge the affordability gap for first-time buyers and contends that it will help the squeezed middle, but the whole thing has become something of a squeezed muddle. "Affordability" has become a word that, in many instances, no longer means "affordable". In Galway, there have been no affordable builds for many years. People will hear the word "affordable", believe it is positive and look forward to perhaps being able to buy their own homes. Many people constantly get in contact with me and say that they cannot afford a house. With just 90 affordable homes available for purchase in 2021, though, this will not be a major cause for celebration. That number amounts to fewer than four homes per county. What will it mean for Galway?

What about the cost-rental aspect of the Bill? We badly need homes that are available for cost rental. In my home county of Galway, rents are now 6.1% higher than they were in the first quarter of last year. In Galway city, the price of renting is up 16%. Despite that, just €35 million is being given to this scheme whereas the shared equity scheme will get €75 million. It is clear where the priority lies. The shared equity scheme, which will only be open to new builds, is a disaster waiting to happen. It is a recipe for more price inflation, which is why the developers wanted it. If anyone wants evidence to support the claim that it will be inflationary, the good news is that he or she will not have to look too far to get it. Research has shown that, in Britain, the average new build premium is a 29% markup as a result of the Tory party's shared equity scheme. In other words, it pushed up prices by almost 30%.

We have had well over a decade of housing being in crisis. Rents and prices have reached unaffordable levels. Cuckoo funds are buying up large amounts of the new stock that is coming online, causing further price inflation. Now we have this so-called Affordable Housing Bill. For many people, it will not make a difference in their lives. Is é an rud a theastaíonn uainn ar fad ná go mbeadh daoine in ann teach a fháil ar phraghas réasúnta, agus teach a cheannach a bhfuil siad in ann a bheith ina gcónaí ann in áit a bhfuil siad in ann a dteaghlach a thógáil agus saol deas a bheith acu. Is í an fhírinne, áfach, go bhfuil Fine Gael sa Rialtas le hos cionn deich mbliana anuas, agus san am sin bhí sé bliana ann nár tógadh teach amháin i nGaillimh. Ní dóigh liom go n-éireoidh leis seo déileáil leis an ngéarchéim ina bhfuilimid.

See this speech in context