Joe O'Toole (Independent)

There is a real issue in regard to housing and I support what Senators McDowell and Higgins and the Minister have said. The market was managed. It drives me mad when I hear about housing being released to young couples looking to put a roof over their heads. Something is happening here. Over 50,000 houses and apartments are being built each year, a figure higher that is than the birth rate. Couples take about 30,000 units per year, leaving 20,000 extra houses or apartments coming on to the market. That figure does not take the death rate into consideration, but I will allow for immigration to account for it.

The Taoiseach at a recent meeting referred to "the big six" as those who owned most of the development land in the Dublin area. That is the language that has been used by Senator McDowell's party for some years and I fully agree with it. The problem is that when a certain level is reached – it is fast approaching – people will not live in some of the older apartments that built ten or 15 years ago and are of a lesser standard.

I watch rent prices continually and use one particular benchmark in that regard, namely, rents in the IFSC. The cost of monthly rental there more than one year ago was over £1,000 per month for a single bedroom apartment. There are four apartments advertised in today's newspapers for €900 to €930 per month. There is no doubt that the rental market is dropping and there is anecdotal evidence that some units are also empty.