Holly Cairns (Cork South West, Social Democrats) | Oireachtas source

In January, an investment fund bought up 85% of the homes in a housing estate in Dublin. Back then, the housing Minister said that he would review the useless 10% stamp duty on the bulk purchasing of homes. Two months on, nothing has happened. The Government has not acted, and this week we have yet another report on the disastrous impact of vulture funds snapping up homes. According to the Central Bank, in 2021 alone vulture funds spent more than €1 billion buying up secondhand homes, which they then put up for rent at much higher rates than average. Investment funds should not be able to buy existing homes or apartments. Not only are they driving up house prices and rents but they are locking out first-time buyers. The Government recognised that the stamp duty needs to change. It has not yet. What was the result of the review and why is it taking so long?

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