Jack Chambers (Dublin West, Fianna Fail) | Oireachtas source

I thank the Deputy. We are all encountering many constituents in Dublin and across the country who are facing difficulties with rent rises and accessing affordable homes. That is why housing policy is the single biggest issue for the Government and why we want to take further action in the area of housing. I assure the House that the Government is absolutely committed to delivering more homes for people, either to rent or own, quickly. We are advancing further policy options on how we can do just that.

I want to be clear that the Taoiseach stated he is open to the possibility of developing an alternative system to RPZs, which will protect renters but which will also allow people to have a clear, stable environment in which to invest. This is not about increasing rents for tenants; it is about increasing supply, which will ultimately reduce rents. It is incumbent on all of us in this House to be willing to examine all policy options and look at different approaches and models, because it is clear that we need to build more homes and increase the pace at which we build them.

We fully recognise the need to protect and support renters. That is why we advanced further progress for renters with the renter's tax credit in the most recent budget. It is also why we legislated for tenancies of unlimited duration and restricted the level of upfront payments required from tenants. The Deputy will be aware that RPZs were introduced in 2016. They will be in place until the end of this year. That is why the Department of housing reviewed RPZs last year. The Department of housing has also asked the Housing Agency to undertake a review of the operation of RPZs. It is expected that this analysis will conclude in quarter 1 of this year in advance of the legislative timeframe I have set out. Any potential future policy options or amendments that arise from the review will be brought to the Government and considered carefully under the co-ordination of the Minister for housing.

Let me be clear. There is no predetermined outcome to this review. A well-functioning private rental market is a necessity and must work for tenants and landlords. As the Housing Commission's noted in its report last year, the available evidence indicates that the impact of RPZs has been mixed. Eight years on, we need to ensure that the system is fit for purpose and protects tenants but that it does not deter landlords. Without landlords and investors, there is no private rental market.

Changes to any aspect of housing policy must be looked at in the round. We need a system that increases and encourages development activity and supply, reduces costs for homeowners and renters and provides for stability and certainty for all concerned. That is why we have a record level of capital investment in housing. As Minister for public expenditure, I will undertake a review of the national development plan. In the context of the latter, the role of the State will be strengthened under this Government when it comes to provision of social and affordable homes across our economy.

We also have to be honest. Analysis carried out by the Department of Finance analysis shows that in order to build 50,000 homes per year, €20 billion in investment capital will be required each year. I expect the State's role in that to grow, but we have to secure the investment environment in order to ensure that we have more homes for people to rent, that we can strengthen affordability for future homeowners and that both of these will be part of the overall picture when it comes to housing policy.

We have to undertake a review in advance of the legislative timeframe relating to the end of this year. The Minister for housing will co-ordinate matters. The central focus of what we are doing is to protect renters but also to increase the number of rental properties across our country, particularly as we know there is a real shortage of supply.

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