Dessie Ellis (Dublin North West, Sinn Fein) | Oireachtas source

The latest housing scandal involves the bulk purchase of 85% of houses in Belcamp Manor. This is just another example of what is both an unacceptable practice and a kick in the teeth to those struggling to buy their own homes. The most recent homelessness figures show a record level of homelessness, with 13,500 people having been made homeless, over 4,000 of them children. Renters are paying exorbitant rents each month for often inadequate accommodation. A 2022 study showed that nearly 1 million people are at risk of poverty when housing costs are taken into consideration. The report shows that renters are most at risk, with almost 45% at risk of poverty after housing payments. For those in receipt of rent subsidy, such as the housing assistance payment, the poverty rate increases from 22.7% before the payment of rent to 55.9% after rent.

In this housing crisis, the intervention of vulture funds is impacting the housing market. In my constituency, a vulture fund that had previously purchased an entire housing estate in Mullen Park, Maynooth, purchased 297 apartments in Northwood, Santry. In Hampton Wood, Ballymun, a vulture fund bought up 125 apartments. Another vulture fund has paid over €200 million to acquire 435 apartments at Royal Canal Park, Ashtown. The Government is facilitating this by giving vulture funds tax incentives and preferential tax rates which will only encourage them to further bulk-buy properties to the detriment of those struggling to get on the property ladder. These sweetheart deals need to end, and this can be done by increasing the stamp duty to at least 17% to act as a deterrent to bulk-buying by such funds. It is just not sustainable to have vulture funds with deep pockets buying up houses, sometimes for up to €80,000 over the asking price. Affordable housing is becoming impossible and a dream for many.

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