Kevin Humphreys (Labour) | Oireachtas source

I commend Senator Wilson on the work done by Youthreach. I had the pleasure of chairing several Youthreach projects in Dublin and seeing the work carried out across the country. It has made a significant difference to young people in allowing them to access a career. I commend Senator Wilson on his pilot which has worked extremely well all around the country. I thank Senator Wilson for raising that issue today. I move on to the equally important matter of housing, which is increasingly becoming an issue for many different sectors of our society. The Minister of State, Deputy Jim Daly, recently launched his discussion document on downsizing, or rightsizing as I call it. This issue comes back to spin. Many people, especially in Dublin, wish to rightsize. They wish to move from larger properties, such as a three or four-bedroom family home, into more suitable smaller residential units. Older people, such as myself, are seeking to move back into a one or two-bed residence. There are no bridging loans available, however. A person wishing to rightsize has no access to a financial package allowing him or her to do that.

I spoke on this issue here briefly previously. It has been highlighted in the Irish Independenttoday in respect of the trend to build to rent. There is less and less accommodation available for people who want to rightsize. In quarter 3 of 2018, 80% of all apartments that came to the market were bought by investment funds for build to rent. Older and younger people have no access to the property ladder. That is a direct result of the policy of this Government. In 2018, €1 billion went into the build to rent sector. Many of the residential investment companies in Dublin are stating that there is €5 billion available in 2019 for the build to rent sector. Practically 100% of all the apartments that are going to be built in the Dublin area are build to rent. There is no access, therefore, for a young couple to get on the property ladder and purchase accommodation. An older person trying to rightsize also has no chance to purchase. These real estate investment trusts, REITs, have preferential tax advantages. They only pay 20% tax on their income. A wider debate is needed on issue. I ask the Leader to facilitate that debate as soon as possible.