Dáil debates

Thursday, 11 November 2021

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions

Real Estate Investment Trusts

9:00 am

Photo of Eoin Ó BroinEoin Ó Broin (Dublin Mid West, Sinn Fein) | Oireachtas source

It is clear the Minister has absolutely changed his position now that he is in office compared with when he was in opposition. When he was in opposition, he rightly highlighted the distorting impact of certain categories of investors, which he called cuckoo funds, on people's ability to buy homes. The mealy-mouthed measure the Minister introduced earlier this year, of a mere 8% increase in stamp duty, will do nothing to stop this category of investor bulk-buying at inflated prices homes that should be bought either by working people and families or by approved housing bodies and local authorities for social and affordable homes.

Again, the origin of this story is a memo from the Department of Finance at the request of officials from the Minister's Department to set up a roadshow to reassure these same investors. That he cannot just honestly admit there was a proposal to do that, and that he is now saying he will not attend such events because he is fearful of the political backlash, shows he is not serious about tackling an issue he claims he was serious about in opposition. It is time to stop these funds buying up homes from working families, something he promised but has failed to do.

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