Darragh O'Brien (Dublin Fingal, Fianna Fail) | Oireachtas source

The Deputy has rightly highlighted the ongoing issue of the exiting of many mom-and-pop landlords from the housing market. It is not a recent event but has continued for the past number of years. As he will know, the property rights of owners are protected under the Constitution and landlords need to be in a position to manage their property to suit their financial needs as they change with their particular life circumstances. Covid-19 has badly affected some landlords, and financial pressures may have forced them to sell a rental property. Some of the evidence we have indicates that this is the case, particularly with the rising values of house prices.

The exiting of landlords from the private rental sector is a consequence of multiple factors. A changing regulatory environment, which has been necessary to ensure a fair and effective residential rental sector that balances tenants' rights and landlords' responsibilities, has resulted in a challenging compliance framework for some. Covid-related protections were also necessary but they may have contributed to the decision of some to leave the sector. In other cases, the recent rise in house prices has enabled some landlords to take the opportunity to exit negative equity. As a consequence, many have taken the opportunity to unwind their investment.

The most effective way to assist renters in the medium to long term is to increase supply and accelerate delivery of housing for the private and social rental sectors. Our housing plan, Housing for All, sets out the Government's plan to increase supply and to deliver an average of 33,000 homes per year over the next decade. As the Deputy will know, the plan also brought forward the introduction of a new cost-rental sector, which we intend to expand this year and into the next and beyond, the legislative framework for which was set out in the Affordable Housing Act. I will address a couple of other issues in a supplementary response.

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