Government putting vulture funds over would-be homeowners, says Hearne

Fianna Fáil and Fine Gael are continuing to put the interests of vulture funds ahead of the needs of the younger generation desperately trying to find a home of their own, according to Social Democrats housing spokesperson Rory Hearne.

Hearne made his comments after it emerged that German investor MEAG has bought up 140 apartments in Sutton, north Dublin.

The purchase of Seafield Strand is the fourth Dublin investment by this company in just over six months.

The Dublin North-West TD said, “the bulk purchase of apartments by private investors is happening right across the capital.”

“In my own constituency of Dublin North-West, it is highly likely that a significant portion of the new Hartfield development being built on the Swords Road will be snapped up by a vulture fund landlord.”

“These should be homes for ordinary people to buy, not assets for generating massive rental profits for investors. But it’s a trend that’s likely to continue under this government,” he said.

Hearne said, “what we are building under FF/FG will not provide sustainable communities and homes.”

He noted, “just this week in the Dáil, they rammed through new apartment guidelines.”

“A significant concern is that this is about cramming as many units as possible into a site for two reasons. The first is viability – which simply means profitability. The second is to allow the Government to say it is delivering additional housing units – but are they actually homes or just investment vehicles for vulture funds?”

“The proliferation of build-to-rent apartments is deeply problematic. Despite submitting several questions to the Department of Housing, I have been completely stonewalled and still don’t know how many are being developed or who is developing them.

“Added to recent rent regulation changes – which have been a disaster for tenants – it is clear this Government is happier to do the bidding for investor funds than it is to provide affordable homes for our locked-out generation.”