Budget Bonanza for landlords and developers

09 October 2018

Labour Housing spokesperson, Jan O’Sullivan TD, has said today’s housing proposals as part of Budget 2019, show no imagination on behalf of the Government parties Fianna Fáil and Fine Gael and will do nothing to ease the housing crisis when it comes to rent.

Deputy O’Sullivan said:

“The budgetary measures leaked this overnight show that Fine Gael and Fianna Fáil have little regard for renters. Not one measure printed in any of today’s papers will do anything to help those who are stuck in the eye of the rental storm. 

“Fianna Fáil’s so called affordable housing scheme is a direct subsidy to developers. It’s a classic from the Fianna Fáil playbook providing a top up for big builders but doing little to deliver a real affordable scheme.

“Despite insistences from Fianna Fáil that this would be a “housing budget”, it is anything but. €300 million for a so-called affordable housing scheme is absolutely miserable in the context of what is actually needed.

“The proposed tax cut for landlords won’t deliver one extra rental property but it will line the pockets of those who’ve been benefitting from the record increases in rent.

“Ministers Murphy and English have often told us that they don’t want to hear any suggestions that won’t build houses quicker. Does giving millions of euros in tax cuts build houses quicker? Does it strengthen tenants’ rights? Does it bring rents back to controlled rates? No.

“The Government are quick to insist that this isn’t a giveaway budget and that an election definitely isn’t in their isights yet it seems to be speaking directly to an important constituency for them – landlords who have seen profit margins grow and their control of the market cemented

“Tax cuts like this will increase their profits, reduce state capacity to help renters and are going into the pockets of people who they are also planning to sell public land too.

“We’ll be told today that the measures for renters will be announced in several weeks, but people who are struggling to make ends meet can’t wait. 

“This is just another return to the days when budgets were great for developers.”

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