Seanad debates

Wednesday, 20 November 2002

What was done at the weekend is something for which all politicians are blamed. I welcome the Labour Party's position on it. We have taken the balance away from the first-time buyer. The article in The Irish Times yesterday by Frank MacDonald was the truth and we all know it. Not only are we bringing investors into the market in terms of the Bacon report but the taxpayer, by forgoing tax revenue, is paying for many of the properties investors are buying to create a rental market. I have no objection to a rental market because it is needed, but the balance is wrong when one is buying against the other. When the investor gets a bigger break than the home owner the balance is wrong. It is wrong and unacceptable. Not only have we failed to give support to first-time buyers but we have failed to give a balance to the market, which is weighted in favour of the investor. It goes against the spirit of the Constitution and against the views of every person in this House including, I have no doubt, the Minister of State. There is a need for a hard look at this issue.

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