Johnny Mythen (Wexford, Sinn Fein) | Oireachtas source

I commend once again my colleague, an Teachta Eoin Ó Broin, on bringing forward this Bill. Should this Bill be passed, it will ban rent increases for all existing renters and new renters for up to three years, with a rent review to be considered by the Minister on an annual basis. This concept is not new and has operated in many countries around the world.

The cost of renting has spiralled in every county, with average rent now standing at €1,256. My county of Wexford, according to daft.ie, has seen a year-on-year increase of 8.9%. Young working people and college students are financially strapped by the huge cost of renting and the ever-increasing house prices. Have we learned nothing from the bubble markets and the so-called Celtic Tiger era? Young working people today are as ambitious as any generation before them. They want to be able to settle down in their own home and they want to rent at reasonable prices. However, this is not the case. Homes have become the new cash cow, the new trading commodity, no different than shares or a gold, and, I daresay, encouraged and protected by the laws passed in favour of big developers and big landlords by successive Governments. Landlords know they have a product that gives them market power and they exploit that market power by pricing above the marginal costs.

This legislation is one of the components needed to protect renters, who are mostly young and starting off their own independent lives. We all have a responsibility not to default on the upcoming generation. The history of our country with landlordism was not good.

This is not a battleground that we want to relive. It is important that we recognise the difficulties and consequences that high rents have for our young citizens and the consequences for society as a whole. The Bill, which bans increases for three years, is a moderate ask and will help in some ways to create a temporary breathing space for families and individual citizens who are being exploited to the last cent. I hope that all Deputies will see fit to support this Bill but I see that the Government has done its usual delaying tactics and added another year. Perhaps the Minister and Government should adopt Johnny Logan's song, "What's Another Year?", as their theme song for 2021.

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