What is it about Ireland that makes it so attractive to rapacious wolves of Wall Street intent on plundering the property market while paying as little tax as possible?
The buy-up of homes and apartments by rich wealth funds has been going on for years, facilitated by this and previous governments. The author and linguist Noam Chomsky claimed that the “primary role of government is to protect property from the majority” and it would appear that has been the case in this country in recent decades.
Not only does this deny first time buyers the chance to bid on the properties, these homes will generate sky high rents for foreign investors who will not pay a cent in tax. Consider that when you’re handing over a third of your wages to the State for the privilege of working here. Panic is now beginning to break out among the Government parties over concerns that they might lose support, so they are flagging tax changes that might be enacted before the end of July… presumably to allow the REITs complete any planned buy-ups.
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Source: thejournal_ie - 🏆 32. / 50 Read more »