Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

One year ago, a wealthy cuckoo fund bought an entire estate of family homes in Maynooth. I am sure the Taoiseach remembers that. Instead of taking comprehensive action then, the Government introduced a token 10% stamp duty increase. It was warned at the time that this would not stop these funds and that these funds would easily absorb that increase by charging massive rents, on which they pay no tax. That is exactly what happened. Since the Government introduced its measure funds have bought 350 family homes, so these funds are still running rampant. Yesterday, the Minister for Finance, Deputy Donohoe, said that he would now review this approach. That will not cut it. To halt the gallop of these funds and to give ordinary home buyers a chance, the Government must ramp up stamp duty to deter these funds, as well as end the tax advantages they enjoy. Crucially, the Government needs to apply these measures to apartments as well as houses because apartments are family homes too.

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