Who is popular today?

DAMIEN MCDAID I really cant see how this will solve anything in the short/medium term. The fact that apartments and sites who already have planning permission are exempt for the changes means that any potential benefit will most likely not be felt in the next 2-3 years. Reit stock prices increased today, so investors don’t seem concerned by the news either. Feels like not a lot is actually being done, and that the status quo suits the politics of both government parties.
E MURPHY Galway City This is just another example of successive governments’ obsession with the traditional family. Single people are not being provided for. These properties being safeguarded by the increase in stamp duty are only available to people on two salaries. I have had a good job with a multinational for many years and I am a good saver, but 3.5 times my salary will still never be enough to buy any of the properties that this affects. There is no acknowledgment of the lived reality for many people in these proposals. We are expected to rent forever.
ROBERT FARRELL I can’t help but feel the recent hysteria and subsequent “crackdown” on cuckoo funds buying up new housing estates is something of a red herring. There’s no doubt that it is a part of a wider problem in the housing market, but with all the attention it is receiving you’d swear it was the fundamental issue. It strikes me as an easy win for government, but ultimately will not address the issue. My partner and I are both working professionals with several degrees to boot.
Traditionally, we would have been a shoe-in for a mortgage and would have been able to purchase a decent home in a nice area. However, the reality is that we are currently priced out of the market in Dublin, where we both work. These government measures won’t help us at all as we are keen to by an existing house, as opposed to a new build. We are not alone here, with a majority of first-time buyers in the market for existing homes, not new builds. I believe that almost every government incentive or support for first time buyers targets those seeking new builds (such as the Help to Buy scheme). Considering the consistently slow delivery of new builds, it strikes me as foolish to continue to incentivise their purchase.
Not only that, but it is government and the NPF strategy to support “compact growth’’ to stop urban sprawl. New builds predominantly occur on greenfield sites at the edge of towns and cities, so to incentivise their development and purchase not only ignores prospective home owners like me, but also flies in the face of government policy for compact growth and better planning/development.
DARREN GRAY Dundalk Dear Sir/Madam, I am grateful that you are allowing your readers to have a say on the government’s housing policy. It is my firm view that the Government’s proposals do not go far enough, especially in terms of apartments. By way of background, I am 34-years-old and I’m a trainee solicitor working in Dublin. I am completely locked out of the rental/ property market and I’m currently living with my parents. This has had a significant impact on my confidence and mental health. I qualify as a solicitor in November and will be living with my parents for the foreseeable future. I have been saving for a mortgage since I started my training contract but I fear that this will be unattainable for many years. As a single person my pursuit is hampered even further, as there has been little regard for people in my situation. In terms of the most recent policies introduced, I see more of the same. Successive governments have let my generation down by allowing the market to dictate housing policy.
When I first learned about the Reits (which happened long before the media took an interest), it conjured memories of the Land League and absentee landlords. I thought to myself, how could a Republic that honours the memory of Parnell and Davitt allow this to happen? In terms of the tax treatment that these investment funds avail of, the government’s proposals do not go far enough. I have heard the Tánaiste, Minster for Finance and a columnist in this paper state that they are subject to a withholding tax. The fact is that there are a number of exemptions to this tax which have not been mentioned, are are too numerous to outline in this forum. There are complex tax arrangements in place but it doesn’t suit the government to draw attention to this regime. The government, in my view, has failed to tackle this problem in any meaningful way.
I watched the press conference yesterday and saw Pascal Donohoe justify the tax treatment that these funds receive by saying that they are providing supply in the rental market. Unfortunately, the rental units that they provide have inflated the market. The units available are out of the price range for most people, especially if they also want to feed themselves. There have been reports that the Reits have been inflating the market during the Covid-19 pandemic, by leaving apartments vacant or offering a rent break. They have been doing this so that they can raise the rent again next year without being subject to the rent pressure zone restrictions.
The Government needs to recognise that large foreign investment funds have no regard to the public interest. Their masters are share holders, who expect a dividend. The Government should be the guardians of the public good and need to recognise that we as citizens are sovereign. The government’s master is the citizens, but unfortunately this has been forgotten. Thankfully, this will not be forgotten by my generation at the ballot box.
Yours faithfully, Darren Gray
Aoife Hegarty Cork It’s laughable that the government believes the anger and despair will be relieved by these half measures. Their response is both predictable and grim. I’m 29, partner is 33...after finally getting a deposit together we have been trying to buy for the past year. Not because we are mad to own a home but because we simply cannot afford to rent. Houses are going for tens of thousands over the asking price and this is rural cork, not new builds in Dublin. The entire market is gone crazy and it’s by design. The government likes to focus on “first time buyers” or “young people” but the situation is hopeless for everyone who does not already have secure accommodation and isn’t a millionaire. This is a social catastrophe and Fine Gael and Fianna Fáil are solely to blame.
Reits, vultures, Nama etc are only doing what they are being encouraged to do by government policy. They can try and spin all they want and blame everyone else but if you are someone affected by this crisis it’s real life. It’s not a political argument, it defines your quality of life. The government have failed us and to add insult to injury they drone on about ideology when it is their rigid and unwavering support for market ideology that has robbed so many people of a secure future. Shame on them.