Seanad debates

Friday, 4 June 2021

Affordable Housing Bill 2021: Committee Stage (Resumed)

 

9:30 am

Photo of Rebecca MoynihanRebecca Moynihan (Labour)

I just want to address something. I think we have just had it explained to us that cost rental is based on cost, which is the cost of managing and maintaining the housing, and a sinking fund for it. However, you can also cross-subsidise according to income. If I am not mistaken, since the Government is not accepting the amendments on limited profits, cost rental is now being defined in the Bill as cost over 40 years plus profits. As I said previously, there is nothing to stop ethical investors coming in, building housing over a certain period and imposing on themselves limited profits, but this allows for limited profits probably on State land and probably reverting to them after a period on State land. I want to address the idea that this is not understanding what cost is and that cost is cost. It is not.The Government side has just confirmed, by not accepting the last set of amendments, that this is cost plus profit.

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