Northside TD says renting remains “unaffordable as cuckoo funds push out first-time buyers”

Dublin Bay North TD Cian O’Callaghan is calling for renting to be made more affordable through a range of measures, including banning international investors and REITs from buying up new apartments.

Deputy O Callaghan, who is the Social Democrats Housing spokesperson, said Ireland should be following the lead of other European countries who have banned REITs from investing in residential property.

“Private investor funds remain a major force in the housing market, as highlighted by the Quarter 4 Report from the Banking and Payments Federation Ireland (BFPI),” Deputy O’Callaghan said.

“New build apartments are completely out of reach for people on average incomes.

“Entire apartment schemes are being bought up by international investors and REITs.

“The Government has encouraged investment money flowing into property, which is pushing up prices.

“This is why we are seeing the cost of housing increase during a global pandemic, despite many people losing their jobs and incomes.

“The BPFI Report shows that as the country moves through Covid-19 in 2021 we are going to see an increased squeeze on supply as demand remains strong.

“Pitting first-time buyers against international cuckoo funds is a recipe for disaster.

“European countries such as Germany have banned REITs from investing in residential property. This has worked successfully and resulted in more affordable rents and more affordable housing and I’m calling on the Government to do the same here.”