Micheál Martin (Cork South-Central, Fianna Fail)

Deputy Ó Broin will have a chance later. The fundamental objective is twofold: policy certainty and protection for renters and increased supply. I respect Deputy O'Callaghan's commitment and interest in this, but he and his party have been very weak on the supply side. All of its proposals over the past three years, cumulatively, would reduce supply and do nothing to increase it. We have a fundamental challenge as a society. We need 50,000 new houses per annum. We are at approximately 30,000. It might be higher this year; we do not know. It is 30,000 plus. Back in 2019, it was 20,000. State investment has largely brought it up to approximately 30,000 houses plus. We need significant private sector investment. The overall investment required is approximately €20 billion to get to 50,000. That will not be provided by the State alone. Institutional and pension funds have a role. The Deputy's party may say they do not. I do not see how else to get to 50,000 new units. He might call them vultures. That is part of the problem in the political narrative. It has undermined the entire debate on housing. Pension funds invest and the State invests and will invest more. We are investing at an unprecedented level, from a State point of view. If we look at the table, the majority of landlords or people who rent out are not institutional investors. In fact, over the past three or four years, there has been precious little institutional investment of the scale required. The vast majority are tenancies of four, three, two or one in the rental market. We need a more dynamic and sustainable rental market for the future. This package facilitates that and gives certainty to enable more investment in addition to keeping all those in the market at the moment. It cannot all be replaced by 100% State-constructed or State-rented housing. We do a lot on rent through the housing assistance payment, HAP, local authority rents and so on.

The Taoiseach: The fundamental objective is twofold - policy certainty for renters and protection and icnreased supply. I respect Deputy O'Callaghan's commitment and interest in this matter but hbis party has been are very weak on the supply side. All of its proposals over the past three yeras cumnulatively would reduce supply and do nothing to increase it. We have a fundamental challenge as a society. We need to get to 50,000 new houses per annum. We are at approximately 30,000. It might eb higher this year; we do not know. It is more than 30,000. Bacin in 2019, it was 20,000. Ths State investment has largely btrough it up to approximately 30,000 houses or more. We need signficant private sector investment. The voeral investment required is approximately €20 billion to get to 50,000. That wll not be provided by the State alone. Instituional and pension funds have a role. Your party may say it does not. I do see how you get to 50,000 new units. You might call them vultures - that is part of probelm in teh political narrative. It has undermined the entire debate on housing. There are pensions funds that invest,t he STeta invests and will invest more. We are inversting at a unprecented level. If one looks at the table, the majority of landlords or people who rent out are not instutional investors. Over past three or four years, there has been precious little instituional ivnestment of the scale required. That vast majority are four, three, two or single tenancies in teh renta. market. We need a more dynamic and sustainable rental market for the future. This package facilaites taht and gives certainty to enable more investment in addition to keeping all those in the market at the moment. All of it cannot be replaced by 100% State-constructed or State-rented housing. We do a lot on rent through teh HAP and local authoirty rents and so on.

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