Time for ban of investment funds bulk buying apartments
25 November 2021
Seanad Leader and spokesperson on Housing, Local Government and Heritage
Labour housing spokesperson Rebecca Moynihan said young people cannot continue to pay the price for government’s investor-led approach to housing. Commenting on the IBPF report published today, Senator Moynihan said it is time for a ban of investment funds bulk buying apartments.
Senator Moynihan said:
“The housing crisis is worse than ever before. We have thousands of homeless people, extortionate rents, increasing house prices, a lack of housing supply and a generation of young people locked out of home ownership. All the while, investment funds are gobbling up homes in bulk before they even come on the market.
“We need leadership and a change of tact when it comes to housing. It’s time to ban investment funds bulk buying apartments and review the standards of Build to Rent apartments so they can be used as housing stock for generations to come. This will take guts from government to take on the vested interests who have rigged the housing system in their favour.
“This report once again tells us that we need to do more to help renters and first-time buyers. The housing crisis is worse than ever before. We have thousands of homeless people, extortionate rents, increasing house prices, a lack of housing supply and a generation of young people locked out of home ownership. The reason we find ourselves in this situation is is directly as a result of the political and policy decisions made by both Fianna Fáil and Fine Gael.
“The reliance on the private housing market has failed yet the government want to continue that policy of carrots for investors. Government keep telling us that there is ‘no quick fix’. A permanent ban on investment funds bulk buying homes would be a step in the right direction with immediate impact.
“There needs to be ambition for all sections of society, not just for investors and developers.”