Cian O'Callaghan (Dublin Bay North, Social Democrats) | Oireachtas source

Time and again, the National Competitiveness and Productivity Council has warned that the lack of affordable housing is a key risk to the economy. It is absolutely infuriating for individuals and families who work hard to save up to buy homes to see vulture funds swooping in to snatch them up. In Belcamp Manor in Balgriffin, 85% of the housing estate has been bought by the investment arm of Deutsche Bank, an €800 billion fund. Mouthwatering rents of €3,175 are now being sought for these homes. The Minister with responsibility for housing, Deputy Darragh O'Brien, has conceded that the 10% stamp duty on bulk purchases is not working and is going to be reviewed. Why is the Government not supporting the proposal from the Social Democrats for a 100% rate of stamp duty on bulk purchases in order to effectively ban investment funds from buying up homes? What level is the Government going to set stamp duty on bulk purchases at?

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