Thomas Gould (Cork North Central, Sinn Fein) | Oireachtas source

The Taoiseach, who is a Cork man like myself, has repeatedly tried to play down the damage that is being done by international investment funds in this State by claiming it is only a Dublin issue. It is not only a Dublin issue. My constituents and those of the Taoiseach in Cork are having their hopes and dreams of owning their own homes dashed by these funds coming in and buying up properties. Central Statistics Office, CSO, figures released in October show that one in five homes in Cork city are being purchased by non-owner-occupiers.

Given the state of the housing market and out-of-control rents, with an average rent in Cork at present of more than €1,500 per month, ordinary families or working people do not stand a chance of ever owning their own homes while this Government is in power. TheIrish Examiner reported in 2020 that in the previous five years, institutional investment funds spent more than €1 billion in Cork alone, the largest of these being the Elysian building in the centre of Cork city, which cost €90 million. To rent a three-bedroom apartment in the Elysian, a person must pay an eye-watering €3,448 per month. If a person was to stay within the recommended limit of paying 30% of his or her income towards rent, he or she would want to earn €250,000. That is the type of housing policy this Government has that has led us to this point. We talk about cuckoo funds but the only thing cuckoo here is the Government's policy; it must be in cuckoo land if it believes this will deliver more housing and cheaper rents.

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