Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

We all recognise - I said it already - that housing is the most significant social issue we face in this country. I am interested in coming up with solutions. I have heard precious little from the Deputy other than a good descriptive analysis of the current situation, but actually no solutions. Freezing rent is not a solution because it would cause a further exodus from the rental market which would reduce supply and would result in ever increasing rental prices. That is the reality.

Supply has to be the solution here. We have a range of schemes that we have developed to increase housing supply and we have brought in the tax credit to help people to alleviate the pressures of increasing rents. We have strengthened very significantly the powers of the RTB. It is not fair or accurate to say that nothing is being done in terms of regulation in respect of the rental situation.

The Deputy mentioned the rent pressure zones. Seventy-five per cent are now covered by rent pressure zones.

This RTB index does not capture compliance. It is not as simple as the Deputy articulated in terms of breaches of the 2% or not. However, there are sanctions and significant resources have been allocated to the RTB in respect of that issue. An ESRI study of the RPZs with the Department of Housing, Local Government and Heritage has said that if it was not for the RPZs and the zoning, the inflation in house rents would be notably higher. Therefore, they are impactful, notwithstanding the very high levels of rent across the country which is a function of supply.

In the last three years alone since this Government came in, about 100,000 new homes will have been delivered. We had Covid-19 which impacted initially, in the first year and a half of Government, in terms of house construction. We have also brought in the tenant in situscheme, with 2,500 sales now being progressed on that scheme alone. We have brought in cost rental, which has rents 25% below the market level. Quite a substantial number of cost-rental homes have been made available. That is a whole new form of tenure and we will drive that on in the months to come. There has been a very wide-ranging number of schemes to get housing supply up. Ultimately, that is key.

I would argue, by the way, that over the past three years much of the negativity around the rental market and proposals for freezing, etc., has had a negative impact on supply. That is an issue that we need to continue to focus on, namely how we get more houses into the market, in particular, the rental market, so that we can get supply, get the rents or at least their rate of increase down, and develop schemes, as we have, in terms of social housing and cost rental so that we can give options to people for much lower rents than currently is the case.

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