Michael D'Arcy (Fine Gael) | Oireachtas source

I support the call for a debate on housing. My interest was tweaked when, at the weekend, I read on a full page spread in one of the Sunday publications the news that the former Clancy Barracks development of 420 units was being sold by an international auctioneering firm, which I assume is operating under the instruction of receivers, themselves operating under the instruction of NAMA. NAMA, an organ of this State that is obliged to accrue as much money for the State as possible, will effectively sell 420 dwelling units for a super value per unit, most likely to international equity investors.

As tens of thousands of young Irish people are struggling to get on the property ladder, this is a wonderful opportunity. Be it in the form of a local authority, the Department of the Environment, Culture and Local Government or other established bodies, the State could purchase the units at the prices NAMA or the receivers will achieve and sell them as affordable housing. The State has a magnificent history of providing affordable housing, mainly to young people starting their homes.

It is a scandal that we are going to give international investors the opportunity to double or quadruple their money. How much they will receive is unknown because NAMA is forcing the sale. At €1,000 per unit, the development could be sold for €420,000. At €10,000, it would be €4.2 million. At €20,000, it would be almost €9 million. We would not collapse any market by buying at €20,000 per unit and giving citizens an opportunity to buy an affordable dwelling.

We should debate housing, a matter that covers several Departments. We keep discussing the relevance of this Chamber. If the Seanad can shine a spotlight on this type of appalling practice and provide citizens an opportunity to purchase one of the units in question, we will have done them a good service.