Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The supply numbers are real numbers. Since 2020, more than 100,000 new homes have been built. More homes were delivered in four years than in the previous nine years combined, and that is the reality. Almost 33,000 homes were built in 2023.

The RTB has the statutory powers it needs in the enforcement of the rent pressure zone rules. It has the powers of investigation and has been given additional resources by the Government to carry out that work. It is active in ensuring compliance with the RPZ legislation. The report itself is very clear that it is not a measure of compliance with the RPZ rules. That is referenced multiple times in the report published this morning, which I read.

We are increasing the supply of all types of homes. At the end of quarter 3 last year, almost 4,000 affordable homes had been delivered, supported by the affordable housing fund, the cost-rental equity loan, project Tosaigh and the first home scheme. We directly supported renters in the budget by increasing the rent tax credit by 50% to €750 per renter this year, and for a couple the credit is twice that amount. We have made significant changes to the housing assistance payment which will secure and expand more tenancies. We have increased the discretionary rate from 20% to 35%, and single applicants will get the couples rate. We acquired about 1,700 properties last year, the vast majority of them tenants in situ. Again, this scheme is designed to support tenants who are at risk of being evicted.

I go back to the fundamental point, which is that rents are rising because demand is outstripping supply. We have a population that is growing. We also have a young population and we are continuing to attract international labour. People are coming here because of the employment opportunities and the quality of life in Ireland. As a Government we are doing the single most important thing that will make a difference, which is increasing the supply of homes.

Just last week I attended the annual conference of Home Building Finance Ireland, which was set up back in 2019. It has exceeded all of its targets and has provided funding approval of around €1.25 billion, supporting the construction of around 8,500 homes in 22 counties across Ireland. That is the kind of practical initiative that will actually make a difference, because for many builders and developers, access to funding is a key constraint. We will continue to work with them to increase the supply of homes. The State is now the principal actor in the housing market through all of the interventions we have made, including the LDA, Croí Cónaithe, and the various grants. We will continue to do more in that regard because we recognise the responsibility we have to increase supply and we are making progress.

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