Micheál Martin (Cork South-Central, Fianna Fail)

If we do not tie it to CPI and freeze it as the Deputy is saying, why would anyone invest in any new apartment block? Why would anyone build a new house or a new apartment for rent if effectively they would begin to lose money within a couple of years? No one is going to make an investment decision on the basis, as the Deputy is proposing, that we have a rent freeze for three years or longer. No one is going to invest in a market where essentially they invest knowing they will be losing money fairly quickly. The package is about getting a balance to incentivise investment into the rental market, while protecting existing tenants who will not see an increase in their rent. No matter how much the Deputy shouts that, they will not have an increase in their rent above the 2%, which is part of the RPZ and has been for quite a number of years.

That is the position. I think these are balanced measures. No doubt the Deputy thought he would be fighting a different sort of proposal. He announced ages ago that we were getting rid of the RPZ. We are not getting rid of the RPZ.

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