Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

RollingNews.ie

Taoiseach won't confirm whether government is planning events to lure cuckoo funds to Ireland

It was reported at the weekend that two ministers may attend housing ‘roadshows’.

THE TAOISEACH HAS refused to confirm whether a government department is planning a number of roadshows to attract more “cuckoo funds” to Ireland.

It was reported at the weekend that two senior ministers may appear at international events in a bid to “reassure” investors over Government legislation to clamp down on bulk-buying of homes.

Minister for Finance Paschal Donohoe and Minister for Housing Darragh O’Brien could be in line to give presentations for institutional investors in London, according to the Irish Daily Mail.

Sinn Féin president Mary Lou McDonald raised the matter in the Dáil, and asked Micheál Martin to clarify whether he approved of the roadshow.

The Government has faced pressure to bring in measures to prevent the bulk buying of houses by cuckoo funds after many individuals and families were prevented from buying homes in new developments.

“Your support for cuckoo funds pushes ordinary people out of the housing market, as they gobble up family homes in bulk and rent these homes back to families at extortionate rents,” McDonald said.

“Instead of taking real action to clip the wings of these funds, your response was very limp.

“Your stamp duty increase of 10% is easily absorbed by wealthy funds who continue to pay zero tax on the hundreds of millions they make from the outrageous rents that they charge.

“You of course excluded apartments from the stamp duty increase which means it’s still open season for cuckoo funds on more more than half of the homes that are built in this city.

“You literally hung the flag of surrender over Dublin for these investors.

“On Sunday we learn that your ministers Darragh O’Brien and Paschal Donohoe are looking to dust off the red carpet again and roll it out for these funds.

“As house prices continued to soar beyond the reach of ordinary workers, as extortionate rents spin out of control, your minister set out on a mission to attract in more of the very funds that wrecked the housing market and rob people have an affordable roof over their heads.

“Your treatment of cuckoo funds and putting their needs over those of ordinary citizens has literally made an international laughing stock of Ireland.”

McDonald asked who the ministers plan to meet and whether the Taoiseach approved of the arrangement.

However, Martin did not answer the questions put to him during leaders’ questions.

He instead accused Sinn Féin of mounting a “propaganda spin”.

“(It is) designed to portray government housing policy has being exclusively about one thing and one thing only, which of course is far from the truth,” the Tasoieach added.

“This government is very committed to really enhancing public housing supply and also in terms of affordable housing in a very substantive way for the first time ever.

“In relation to institutional investment and in relation to the private houses, there has to be a private sector dimension to all of this as well.”

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

View 47 comments
Close
47 Comments
This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
Leave a Comment
    Install the app to use these features.
    Mute Mac Muinteoir
    Favourite Mac Muinteoir
    Report
    Nov 12th 2021, 5:34 PM

    The day is coming when Ireland joins countries like Canada, Uruguay, Mexico, South Africa, and 18 US states in legalising cannabis for recreational use, simply because it is becoming ever more obvious that prohibition is a failed and harmful model.

    126
    Install the app to use these features.
    Mute Alan Byrne
    Favourite Alan Byrne
    Report
    Nov 12th 2021, 6:47 PM

    @Mac Muinteoir: Hopefully so Mac, I wish it would happen sooner.

    59
    Install the app to use these features.
    Mute Supes Kz
    Favourite Supes Kz
    Report
    Nov 12th 2021, 9:45 PM

    @Mac Muinteoir: It’s now decriminalised for recreational use in the Spain (EU) with some qualifications.
    Spain allows its citizens to purchase cultivation equipment and allows the cultivation of a limited number of plants for personal use.

    30
    See 1 more reply ▾
    Install the app to use these features.
    Mute Daniel Curtin
    Favourite Daniel Curtin
    Report
    Nov 13th 2021, 9:58 AM

    @Mac Muinteoir: looks like Germany will be making it fully legal for recreational use soon, which will be a big game changer for Europe

    12
    Install the app to use these features.
    Mute Mary Ryan
    Favourite Mary Ryan
    Report
    Nov 12th 2021, 4:41 PM

    Would love a cup of herbal tea right now….

    70
    Install the app to use these features.
    Mute Frank Cauldhame
    Favourite Frank Cauldhame
    Report
    Nov 12th 2021, 4:51 PM

    @Mary Ryan: “Green” tea it makes you feel ecstatic :-)

    31
    Install the app to use these features.
    Mute JustBEERbarry
    Favourite JustBEERbarry
    Report
    Nov 12th 2021, 8:32 PM

    If they caught nearly 8kg you can be SURE they missed 800kg recently. Boring.

    24
    Install the app to use these features.
    Mute Dean Stown
    Favourite Dean Stown
    Report
    Nov 12th 2021, 8:03 PM

    Destined for people in high places!

    7
    Install the app to use these features.
    Mute Thomas Claffey
    Favourite Thomas Claffey
    Report
    Nov 13th 2021, 11:43 AM

    Was it Barry’s tea or was he just holding it for a friend. I don’t believe they found the loyns share of it yet.

    5
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.

Leave a commentcancel

 
JournalTv
News in 60 seconds