Options on how to clip the wings of so-called ‘cuckoo funds’ snapping up residential homes will not be ready to go to Cabinet tomorrow, according Housing Minister Darragh O’Brien. Image: The Journal Options on how to clip the wings of so-called ‘cuckoo funds’ snapping up residential homes will not be ready to go to Cabinet tomorrow, according Housing Minister Darragh O’Brien.
It was yet another example of years of failed policy decisions benefiting only the already well off, while other hard-working people are left with scraps. A common line in the emails we received both times was ‘thank you’ – people were grateful to get their chance to tell their story and ask their questions.We put a number of those emails and questions to the minister yesterday morning.
He mentions how Ireland’s first national scheme to provide for the delivery of Cost Rental housing will make a big difference, and also how he has ruled “nothing out” when it comes to dealing with cuckoo funds.In an interview with The Journal before Christmas, the minister said discussions were under way between his department and the Department of Tourism .
“We’ve looked at what’s done in other countries. And I hope to be able to talk to you in a matter of months, if not weeks, about this,” he says. Such a provision is decided by the Department of Finance, says O’Brien, who adds that the provision is to bolster the supply side through new builds. The State will come onboard and take a stake of an average of 20% in any new build home subject to regional price caps while a mortgage is taken out on the rest. The equity stake is free for the first five years followed by an interest rate thereafter.
#Open journalism No news is bad news Support The Journal Your contributions will help us continue to deliver the stories that are important to youDue to single people only having one income, when lenders often look to two-income households for customers, “it can be much more difficult for them to reach the level that they need to be able to secure a home”, says O’Brien.
“They feel that they’re working hard. They want a home to call their own. And I want to support that,” he said, adding: “I’m backing those first-time buyers with real solutions, because I want to help them.” “I have taken into account also people who may have suffered through the last boom who have gone through personal insolvency – there will be exemptions there for them too. And for people who may have been married and first-time buyers before so strictly speaking wouldn’t be treated as a first-time buyer, so those people won’t be excluded,” he adds.
New council properties should be built exclusively for young people/couples to lease at an affordable price on a 5 year contract with a savings plan included in order for them to save a deposit, council properties as a whole should never be for life & just passed down
He is the Minister, is he not? Whats he doing about it?
'I'm not going to fix it.' I presume that's the end of that sentence?
You are not going to fix it full stop
Translate = got lobbied enough to drag it out long enough.
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