The incoming government should follow Spain’s lead by bringing forward tough measures to tackle some of the root causes of the housing crisis, according to Social Democrats TD Rory Hearne.
Deputy Hearne, who represents Dublin North-West, said:
“While some of the Spanish prime minister’s radical proposals are specific to Spain – such as punitive tax measures to clamp down on the high number of properties in tourist areas being purchased by non-EU investors – there are other parallels with Ireland’s housing challenges, including skyrocketing rents and a chronic shortage of affordable homes.
“In Ireland, there are many measures that previous governments could have taken, but did not, to make a real difference to the lives of people trying to rent or buy a home.
“In my constituency and across Dublin, we have seen a proliferation of high-rise unaffordable rental properties being built or bought up by institutional investors. This is all down to generous tax breaks for vulture funds, which should be abolished by the incoming administration.
“We also need to see a ban on the bulk purchase of homes – including apartments – by wealthy investment funds. This could be achieved by introducing a 100 per cent stamp duty rate on vulture funds to deter them from snapping up multiple properties in housing estates or apartment complexes.
“The long overdue regulation of short-term lets, which would bring an estimated 12,000 properties back into the long-term rental market, must also be expedited.
“In addition, the Social Democrats will continue to push for a vacancy tax with teeth to discourage owners from sitting on empty houses that could be brought into use for rent or purchase.
“The real tragedy of Ireland’s housing crisis is that there are obvious solutions to many of the barriers faced by those struggling to find a home of their own – the only thing lacking has been the political will to make the right choices.”
January 14, 2025