Cian O'Callaghan (Dublin Bay North, Social Democrats) | Oireachtas source

The Government has committed to spending at least €1 billion to lease 2,400 homes from investment funds. It would be much more cost-effective to build new homes. This would also create new supply that would mean the State would not be competing with first-time buyers and pushing up prices by doing these deals with investment funds. The Institute of Professional Auctioneers and Valuers has said the State should seek 50% discounts off full market rents when agreeing long-term leases of houses. Instead, the State seeks discounts of only 10% and sometimes as little as 5%. We know that in some cases an independent valuation of market rents has not actually taken place. Why is the Government handing over to investment funds almost double the amount recommended by industry sources? When will these sweetheart deals with investment funds be ended?

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