Peter Fitzpatrick (Louth, Independent) | Oireachtas source

Ireland used to have one of the highest rates of home ownership in the EU. Yet, despite reaching nearly full employment and economic growth, just 66% of housing is owner-occupied. Home ownership has collapsed particularly among younger generations and lower-income groups. Housing is consistently the number one issue of concern for my constituents in Louth and East Meath. Last week, the Tánaiste, Deputy Micheál Martin, said that the Government had delivered more than 100,000 homes since 2020. Yet, the number of people living in emergency accommodation has continued to climb and according to the latest figures, more than 13,000 people are without a home. On top of that, the average rent has increased by 60% since 2015, despite a rent cap on existing tenancies, while house prices have risen by more than 3% in the past year.

This shift is home-ownership is hardly a surprise when you look at house prices, which are almost eight times the national average wage. Countless people are being locked out of buying a home because the issue is directly connected to the fact that most of the new-build housing supply is expensive, investor-funded build-to-rent, backed by the Government through tax breaks and incentives. The Housing for All plan is completely dependent on private markets and global vulture funds. Government policies have facilitated and incentivised the displacement of struggling home buyers by investment funds in the housing market. For example, the State agency set up in 2009 to take over bad property loans from the banks sold off a huge amount of land and large number of apartments at major discounts to global real-estate funds, and social housing schemes were developed for them. These vulture fund corporations are getting massive public funds, like the housing assistance payment, HAP, and the rental accommodation scheme, RAS, payments. This encapsulates the disaster of a for-profit market and the communities-driven approach to the housing crisis. This is why the crisis is getting worse day by day. The right to housing should come before the supposed right of vulture funds and others to maximise their profits. When it comes to corporate landlords we should take property into public ownership and turn it into public housing on the basis of affordable rent.

Proper resources and investment are required to deliver social and affordable houses to reduce the share of the rental market run on a for-profit basis. While I acknowledge that in recent years we have returned our public finances to surplus twice, resulting in the creation of the rainy day fund and the national reserve fund in budget 2024, attitudes of fiscal conservatism dominate which restrict investment in public housing even when the money is available.

Housing is our number one problem. We have a surplus. Yet, rather than investing in housing, we are paying down the national debt and pension funds. People are really struggling. Where is the justice? Ireland has huge numbers of vacant and derelict properties and available land. We have the wealth and finances to provide sufficient housing. We need councils to buy, build or acquire social and affordable houses. We need to fund the tenant in situscheme and the cost-rental scheme. We play a central role in ensuring there is enough housing and that social housing needs are met. We must keep looking at ways to accelerate house building, which relates to capacity within the housing industry.

All people want is a roof over their heads. It is the number one problem in the country. People come to my constituency office on Mondays and Fridays to discuss this. Money is not the problem. The Government needs to build more houses and look after the people who need housing most of all.

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