Labour will reintroduce Housing Minister’s Cuckoo fund bill if he doesn’t act

Senator Rebecca Moynihan
05 May 2021
  • Minister must act on his 2019 Bill that proposed to ringfence housing for first time buyers. 
  • Housing policy must be refocused for people, not investment funds.

If the Minister for Housing does not act on his 2019 Bill to block cuckoo funds from buying up housing developments, the Labour Party will reintroduce his Bill word for word, announced Labour housing spokesperson Rebecca Moynihan.

In a week where we have seen the prioritisation of investment funds over people directly impacting first time buyers in Kildare and North Dublin, Senator Moynihan said there is an urgent need to reorient housing policy to focus on delivering for people, not investment funds.

Senator Moynihan said:

“People are rightly outraged about Round Hill Capital buying an entire housing estate in Kildare last week and how it bought another estate in Dublin 15 which it plans to rent out for €2,000 a month. In the midst of a housing crisis where hard working people are effectively locked out of buying a home due to consistently poor, speculator-led housing policy, the Minister must act.

“In 2019 whilst in opposition, the now Minister for Housing introduced a Bill that would see 30% of housing estates reserved for first time buyers to block these investment funds, and also proposed changes to tax laws. If the Minister does not act on his own legislation, designed to help first time buyers get on the market, the Labour Party will re-introduce this Bill word for word. It’s time for action.

“In opposition, the now Minister seemed to acknowledge the horrific experience of many first time buyers. However, now that the Old Boys Club is back in power, he has been captured by investors and corporate interests. Prioritising profit ahead of ordinary people during a housing crisis unlike any experienced before is disgraceful. However, the Labour Party will be glad to give him the opportunity to right this wrong if he fails to act.

“If the Minister is serious about protecting and supporting people over investors, and solving the housing crisis as he was whilst in opposition, he can implement change.

“There is huge frustration among first time buyers that are finding themselves competing with huge investment funds. We’ve heard stories where estate agents are encouraging home owners to sell to investment funds before even putting the property onto the market. It is a total fallacy to think that this emphasis on investment funds will deliver housing for ordinary people. Investment funds are making a quick buck off the backs of working people and the Minister needs to level the playing field now.”

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