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Not even closing the door after the horse has bolted May 18, 2021

Posted by irishelectionliterature in Uncategorized.
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Tonights half hearted measures to prevent Investment funds bulk buying housing looks to me as a useless move for the next few years anyway.
10% Stamp Duty won’t exactly scare the Vultures away. In the mean time , with the new rules applying only to new planning permissions, it’s a free for all for the investment funds for the next few years.

Then of course there’s Apartments and they’re just staying the same. It’s looking more and more that the present Government are laying a clear path for Sinn Féin to get into Government. The fact that they only seemed to cop on in the past few weeks that Housing was an emergency doesn’t bode well. I found it interesting too that tonight on Prime Time, Mary Fitzpatrick was put up by FF against Eoin Ó Broin…. was the MInister unavailable?

The 10% stamp duty for investment funds appears only to be on houses rather than Apartments. So the whole thing is incredibly half hearted. I do wonder what the reaction of especially the Green and FF grassroots will be on this, it’s not exactly something they will be boasting about.

Comments»

1. CL - May 19, 2021

” When faced with the clearest of choices between taking measures that would benefit Generation Rent or continuing to support the cuckoo funds and Real Estate Investment Trusts, they backed the investors and the markets. The investor fund measures are meaningless….
the stock market share values of Irish Residential Properties REIT, Ireland’s largest landlord, rose significantly on the opening of business today….
The Government measures have sent the signal to the markets – Ireland’s homes remain a highly lucrative asset for your investments. Vulture and cuckoo Real Estate funds remain central to the Government’s housing and economic policy…..
Professor Lorcan Sirr, outlined that these real estate investment funds are only here to maximise their return on investment, and these measures will not deter them as they look at their investment over the long term, and the rental yield is key. He explained that countries like Germany have banned these funds….
But they don’t want to disrupt the market. They just want a trickle of affordable homes delivered – so they don’t upset the markets and investment funds.
They are throwing around the accusation at myself and others of being ‘ideological’. But they have a clear ideology too. Their ideology is the market. Their ideology is pro investor and pro the private property market –…
They do not want people to see they are deeply ideological in their housing policy – wedded to the private speculative market model of investor funds, banks, big developers, and large landlords.”
https://www.thejournal.ie/readme/government-cuckoo-funds-ires-reit-5441281-May2021/

Liked by 1 person

2. Jim Monaghan - May 19, 2021

The leftwing opposition should just promise to nationalise the vulture fund properties, and state they will amend the constitution if necessary. Add in a massively increased tax rate on rental income over a certain amount.

Liked by 2 people


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