Vulture funds still snapping up family homes – McDonald
By Cate McCurry, PA
“Vulture funds” are continuing to snap up family homes across Ireland, Mary Lou McDonald has told the Dáil.
Accusing the Government of failing to tackle the issue, the Sinn Féin leader said that investment funds are continuing to bulk-buy family homes.
It was reported last week that 46 of the 54 units at Belcamp Manor in Balgriffin were bought by an investment fund.
The Department of Finance revealed that up to March of last year, investment funds snapped up 630 homes in two years.
Ms McDonald said: “Despite your promises to the contrary, vulture funds continue to snap up family homes.
“Of course you didn’t touch the sweetheart financial arrangements afforded to these funds by Fine Gael and Fianna Fáil, which sees them pay no capital gains tax and not a single red cent on their obscene rental incomes.
“The truth is government policy enables and encourages these funds.
“So we are well past the point of government looking at how this happened.
“You already know how, and you know why, but we need now need is action to stop it.”
Ms McDonald said that homes for renters will pay more than €3,000 for properties in Belcamp Manor.
“It’s a real kick in the teeth for those who have scrimped and saved and sacrificed for years to buy a home,” she added.
Minister for Social Protection Heather Humphreys defended the Government’s efforts to clamp down on investment funds buying up properties.
Speaking during leaders’ questions, the Cavan and Monaghan TD said the issue represents around 1 per cent of new homes.
“Some 30,000 new homes built in the last year, the number of planning permissions is way up, the number of commencements is way up.
“Mortgage approvals are at a record high, 500 first time buyers are drawing down their mortgages every single week,” Ms Humphreys added.
“The policies of this Government are working, compared to your own policies.
“Like what does Sinn Féin want to do, you want to abolish the Help to Buy scheme and that actually helped over 28,000 first time buyers to get their keys last year, and you want to get rid of that.”
Speaking on the housing issue, Labour leader Ivana Bacik said the Government’s failure to resolve the housing crisis is affecting other policies.
She continued: “We have a chronic shortage of teachers in our schools.
“We have a chronic shortage of carers and educators in our childcare settings, a real difficulty in recruiting medical staff for our hospitals, and a reason in large part because so many people cannot afford to live anywhere near their workplace or anywhere within a reasonable distance.
“Of course, the abject failure in housing is also affecting other things, too.
“It’s affecting our response to the humanitarian challenge that we’re facing, because of the brutal war in Ukraine and because of the many wars and conflicts around the world, which are forcing so many people to flee to our shores seeking refuge.”
Ms Humphreys said that while the Government’s target is to build 33,450 new homes this year, there is a gap between the existing target and what is needed.