Opinion: 'Tánaiste, Fine Gael's housing policy only benefits developers & vulture funds'

Cian O'Callaghan Social Democrats TD Dublin Bay North GOOD NEWS EVERYBODY. Tánaiste Leo Varadkar has said in this publication that his government’s housing plans “are working”. There was one small caveat though. Mr Varadkar has conceded the plans “are not working fast enough”.

Since then, we have had a plethora of housing plans, policies and strategies – all of them abject failures. Under Fine Gael’s watch, the rental market has been completely broken. In the past decade, rents have doubled. The average rent for a new tenancy across Ireland is now €1,618 per month. In Dublin, that figure is an astronomical €2,170 per month – or more than €26,000 per annum.

While Fine Gael has been at the helm in government, rates of homeownership have collapsed at a dramatic rate. According to the ESRI, the homeownership rate among young people aged 25 to 34 has halved in the last 15 years. You can see then, why young people may not be convinced by Fine Gael claims that it is the “party of home ownership”. The evidence is quite the opposite.

Fine Gael, in government, has consistently incentivised international investment funds, which have snapped up supply and driven up house prices. When it comes to developers, Fine Gael has repeatedly reduced minimum standards for apartments, stating this would make apartments more affordable. It didn’t. Most recently, developers have been offered enormous subsidies totalling €450 million to build apartments that will be sold at prices that most people will never be able to afford to buy.

All their supporter don't even think there's a crisis. They think that the families paying 25-30k a year on rent are just whingers. These people are vermin.

Never because they are monopolising from this crisis with their own land portfolios. They have no interest and the worse it gets the more money they make.

Never.

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