Seanad debates

Monday, 17 May 2021

An tOrd Gnó - Order of Business

 

10:30 am

Photo of Rebecca MoynihanRebecca Moynihan (Labour) | Oireachtas source

I wish to raise the issue of people's outrage at investment funds buying up whole housing estates and that of investor-led housing, which I have raised previously, and investor-led planning. I am concerned, as I hear this issue being discussed, that no consideration is being given to city and apartment living and the right of people to be able to buy or live in affordable rental apartments. I will give two examples in my area of the impact that has had. A few years ago NAMA had within its grasp the Player Wills building and surrounding site in Dublin 8. It could have been used to provide affordable and cost rental homes but it was allowed to go to the developer, Hines. There was a height strategy for that site negotiated and agreed with the local community. The agreed heights went from six to eight to ten storeys. Hines came in and the two applications submitted were for 16 stories and 19 storeys. It was clearly stated at community consultations that was what it needed to do to be able to satisfy its investors and while it was looking at it from a planning perspective, it needed to be able to satisfy its investors. Of the up to 400 units that will be built on that site, including some co-living units, not one will be available for people in the local area to buy. The estimated rent for a studio there will be €1,350 per month. According to the definition of an affordable rent, one would need to earn €4,050 net per month to be able to afford to live in a studio in Dublin 8. Furthermore, one would need to earn €8,400 a month to able to afford a rent of above €2,000 per month for a three-bedroom unit in Dublin 8. We need to put an end to the investor-led planning approach but we also need to be cognisant of our cities, climate change and the need to create sustainable, affordable apartments for people to live in the city centre.

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