The Social Democrats will bring a motion before the Dáil on Wednesday (February 19) calling on the Government to introduce a range of measures to address the housing and rental crises.
The motion proposes the closure of loopholes that allow investment funds to aggressively avoid tax; a 100 per cent stamp duty rate on the bulk purchase of homes to effectively ban the practice; and an increase in early-stage finance to approved housing bodies and local authorities so they can ramp up the delivery of genuinely affordable homes to rent and buy.
The Soc Dems are also calling for the retention of Rent Pressure Zones (RPZs) until such a time there is an alternative system ready to be put in place that can protect renters.
Rory Hearne, the party’s housing spokesperson, said:
“Housing delivery in Ireland is not just slowing down – it is reducing. The Taoiseach, Tánaiste and former Housing Minister Darragh O’Brien repeatedly promised to deliver 40,000 homes last year but spectacularly failed to achieve this.
“In the end, just 30,330 homes were completed – down nearly seven per cent compared to 2023 – which exposes their exaggerated projections as nothing more than pre-election gimmickry.
“In true Fianna Fáil and Fine Gael fashion, the new Government believes that the only way to get more finance to build homes is to incentivise funds – which means further tax breaks for investors and existing rent controls such as RPZs being stripped away so they can charge rack rents.
“Confirmation that the Government is considering Section 23 type tax incentives to boost construction is proof it is all out of ideas when it comes to meeting the housing challenge.
“However, the Government is conveniently ignoring alternative EU streams of finance available to them, such as InvestEU and the European Regional Development Fund (ERDF) – something that was recommended in an expert report commissioned by a Fianna Fáil MEP in 2023.
“The State could also introduce a savings scheme, like the French Livret A model, to leverage some of the €160bn in Irish household savings and invest it in affordable housing.
“The Government is choosing to ignore obvious solutions to the housing crisis. Instead of opting for a radical reset of housing policy, as recommended by the Housing Commission, they are dusting down the failed Celtic Tiger playbook – and we all know where that got us.”
February 16, 2025
Full text of motion here