Proposals for dealing with cuckoo funds buying up housing estates won't be ready in time for tomorrow's cabinet meeting.
Ministers are examining the tax breaks such investment funds get and restricting what kinds of properties they're allowed to buy.
Housing Minister Darragh O'Brien has said the options to move on investment funds buying up housing estates won't be ready in time for tomorrow's cabinet meeting
— Seán Defoe (@SeanDefoe) May 10, 2021
Work Won't Be Finished For Tomorrow
Work is continuing between the Department of Housing and the Department of Finance on how to tackle the issue of investment funds buying up entire housing estates.
Minister Darragh O'Brien has said that work won't be finished in time for tomorrow's cabinet meeting:
"We need to make sure that the measures we bring forward are doable, and have a positive impact."
"It's making sure that we don't have first time buyers competing with investment funds."
Dr Kieran McQuinn from @ESRIDublin urged Govt to double capital investment in public housing in his Sindo interview yesterday. @sinnfeinireland & #RaiseTheRoof have been calling for this for years. pic.twitter.com/o5ib7DmBjq
— Eoin Ó Broin (@EOBroin) May 10, 2021
Some Ministers Believe Funds Have A Role
The Minister has said he will consider a full ban on investment funds buying residential property.
However others in government believe they have a role to play.
That's in the construction of apartments, particularly in urban areas.
Meanwhile there's been calls on the Minister to do more to help second time buyers who no longer have a family home.
54 year old Gerry O'Neill lost his first home when his marriage broke up.
He says it's very hard for older people to save the required 20% deposit.
"We don't have the time."
"We'll only get a certain amount of time, 15 or 20 years, for a mortgage."
The Dáil will debate a motion tomorrow calling on the government act to prevent investment funds making it harder for Irish home-hunters
