Lynn Boylan (Sinn Fein) | Oireachtas source

I commend the USI and the Opposition in the Dáil for the improvements that they have made to this Bill. We in Sinn Féin support the Bill but it is disappointing that the Minister has not taken this opportunity to help renters even more. The problem with the protections that he is extending, through this legislation, is that many vulnerable tenants, including those affected by Covid, do not fit the criteria for the protections and will be excluded.

Now that level 5 restrictions on evictions, relating to the 5 km travel limit, have been lifted since 1 April, notices to quit will start working their way through the system. This could see a slow, steady and deeply unfortunate increase in the number of evictions but also of presentations to and entry into emergency accommodation. I urge the Minister to reconsider expanding these protections to ensure that anybody affected by Covid, irrespective of whether he or she gets a Covid-19 payment or has submitted a written declaration, will get Covid-19 protections from both rent increases and notices to quit, until at least the end of the year.

It is disappointing that the Bill does not deal with the 8% rent increase that was always possible under the original rent pressure zone legislation but are particularly relevant now because many landlords did not increase rent last year. Since the ban on evictions was lifted in April, tenants are now being hit with two years' worth of rent increases rolled into one. An increase of 4% is bad enough but 8% is unconscionable. I thought that this legislation would have been the time that the Minister could have addressed the issue. Again, I urge him to reconsider and support the Sinn Féin amendments that seek to address this issue.

The constituency of Dublin Bay South has some of the highest density of tenants and, unfortunately, thanks to the policies of this Government rental costs have gone through the roof. We need to find a way to reduce rents. Sinn Féin believes that the simplest and quickest way to do that is through a refundable tax credit worth up to one month's rent. The rents are so high that it is impossible for anyone to save for a house. House prices are up 5% in Dublin city and there has been a 99% increase in prices in Dublin since 2012. The latest figures published by the Central Statistics Office, CSO, for median house prices in Dublin Bay South show it costs around €1 million in Dublin 4, €415,000 in Dublin 6, €720,000 in Dublin 2, and almost €600,000 in Dublin 6W.We see more and more reports of houses going for way over the asking price. The chronic lack of supply means competition from prospective buyers - driving the price up by more than €530,000 in one case in Rathmines. The asking price for the home was €685,000 when it was put up for sale just one week ago but by Friday, bidding had pushed the price up to €950,000 and on Tuesday, two new offers saw it move past the €1 million mark. How are ordinary people supposed to compete in this housing market? Young people are literally putting their lives on hold and feel they will never have the opportunity to own their own home.

The Minister also needs to do much more in terms of the level of investment in genuinely affordable cost-rental accommodation. A few hundred units per year will not cut it. We need to see thousands of genuinely affordable cost-rental units delivered annually by local authorities, approved housing bodies and others starting from next year. While the cost-rental equity loan is welcome, it is far too small. The 390 units it will provide this year and next year are welcome but the scheme is too limited so we need much more ambition.