Gerald Nash (Louth, Labour) | Oireachtas source

The Labour Party cannot support this amendment either. We would be minded, like other parties, to support the thrust of the legislation extending the Covid-19 supports that are of such benefit to working people and businesses that are struggling across the country. If it is the case, however, that this amendment survives and is inserted into the legislation, we will not support this legislation.

Already, funds are buying up homes across this country. These homes could be typically bought by first-time buyers. These issues have been well ventilated in this House and elsewhere. As we know, these funds are leasing back these properties to local authorities at very attractive rates. Frankly, it is the deal of the century for these funds. They win every single time. They just cannot lose under this current regime and they certainly will not lose under this new system. They have a cast-iron 25-year deal with a local authority which will pay them top dollar every single month. At the end of 25 years, the funds still own the property, which will, of course, have appreciated in value over that period of time. The proposal before us tonight, as others have said, is straight out of the “You could not make it up” category. It is as simple as that. Given what we know and our experience, we really should know better.

This morning, the Taoiseach tried to explain away the situation, as he did yesterday. His rationale was absolutely pathetic. It was a form of emotional blackmail. He said that there were deals in place for the signing of arrangements for 2,400 properties, that these were in the pipeline and that if we did not vote to support this, we would essentially ensure that 2,400 individuals or families would be put out on the side of the road without housing or a roof over their heads. That is astonishing. These really are hare-brained arrangements which do not make economic sense. They may have made sense in an emergency for a short period of time but they do not make economic sense now and do not make for good public policy.

The State is leasing thousands of homes through arrangements of this nature at this time. We are doing that because we have had five wasted years during which sufficient numbers of affordable homes were not built and sufficient numbers of public homes were not built on public lands and made available for those who need them.

The Taoiseach, in his defence of this proposition yesterday and today, defended long-term leasing arrangements. What he was defending, however, was a failed policy. It was essentially an admission of failure on his part and the part of the Government more generally. It was an admission that there had been a failure to build the social and affordable homes we need. That does not sit well with me and is a serious black mark against this and the previous Government.

Under pressure, the Taoiseach said that this was not a perfect regime and was something that he wants to see changed. What he wants to see changed are the arrangements for owning the property once the 25-year leasing period is up. He told this House today and yesterday that this is what he wants to see changed. The housing for all policy the Government plans to produce over the next few weeks will, the Taoiseach says, include a provision to ensure the State or local authority will own the property after a period of time. I will believe that when I see it. I ask the Minister to reconsider this amendment. It is wrong-headed, ill-advised, does not make economic sense and we cannot support it.

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