Fintan Warfield (Sinn Fein) | Oireachtas source

I move amendment No. 3:

In page 8, to delete line 4.

This amendment relates to the reference in this section to the open market. I addressed this aspect in my earlier contribution, when I spoke about how this proposed affordable housing scheme could be used to help people purchase houses at massively inflated prices. I identified a case earlier involving friends that I spoke to yesterday, who are no longer involved in a bidding process whereby the price of a house rose from €315,000 to €415,000. This is a couple, who had been accepted for a mortgage, with good jobs and no kids, and who want to live in the city. They want to live close to town, but they cannot do so. It is not possible for them to buy a house to do up because a mortgage will not allow for that. These people have a right to live in their city, but the reference in this legislation to an open market dwelling means that the resulting affordable housing scheme could be used to help people purchase houses at massively inflated prices. We will soon find out who is bidding, if it is a real estate investment trust, REIT, and how the price of a house can be driven up by €100,000 in the space of two weeks.