Government TDs must support Sinn Féin motion to stop vulture funds, says Crowe

A Southside TD is calling for help to try and halt vulture funds from buying up property in his local area.

Sinn Féin TD for Dublin South West Seán Crowe says Government TDs in Dublin South West need to ‘stand up for the people and vote in favour of Sinn Féin’s motion to stop vulture funds from bulk-purchasing homes from under the feet of struggling home buyers.’

The debate on the motion will take place this evening, ahead of the vote on Wednesday evening.

“On Wednesday evening, the Dáil will vote on our motion to tackle the unacceptable practice of investment funds snapping up family homes,” Deputy Crowe said.

“I am calling on the three Government TDs locally to stand up for workers, families, and all aspiring homeowners in Dublin South West by voting to support Sinn Féin’s motion to end this scandalous practice.

“The purchase of 46 family homes at Belcamp Manor in Balgriffin, Dublin by an investment fund was yet another blow to struggling first time buyers.

“Additional figures released to Sinn Féin Finance spokesperson Pearse Doherty by the Department of Finance show that since the government’s half-baked measures were introduced, over 1,200 homes have been snapped up by these funds.

“These are more than 1,200 homes that should have been available to workers and families to buy.

“Last year alone, over 620 homes were bought from under struggling home buyers.”

Deputy Crowe went on to say that he believes that unless his party’s motion is passed it is going to become even more difficult for families to buy a home.

“Unless Sinn Féin’s proposals to stop this are introduced, funds will continue to snap up homes that should be available for workers and families to buy,” he said.

“TDs in Dublin South West have a serious decision to make here – either they can allow this to continue, or they can support Sinn Féin’s motion in the Dáil to stop it.

“For some time, Sinn Féin argued for new laws and a higher rate of stamp duty to be charged to stop this unfair and unacceptable practice.

“After public and political pressure, the government belatedly moved in May 2021 to introduce a 10 percent stamp duty on the bulk purchase of family homes by investment funds.

“At the time, Sinn Féin warned in the Dáil that this charge was too low to act as an effective deterrent and that has proved to be the case.

“It is now time for the local government TDs to support Sinn Féin’s proposals and support would-be homebuyers.”