Govt continue to sing the tune of cuckoo funds

08 July 2022
  • Emergency sitting of Dáil and Seanad needed to close RPZ loophole

As media reports emerge of cuckoo funds using the legislative loophole in RPZ laws to charge astronomical rents, Labour housing spokesperson Rebecca Moynihan has called on government to facilitate a special sitting of the Dáil and Seanad to close the loophole.

Renters are in the depths of a housing crisis, and many can’t afford these outrageous double digit increases by allowing the roll over of rent hikes.

Senator Moynihan said:

“It is deeply depressing to see the greed at play in the housing market. At a time when people are cutting back on meals, are walking instead of taking a bus, at a time when people are genuinely afraid that they won’t be able to keep a roof over their head, we see cuckoo funds charging €2,140 a month for a one-bed apartment and up to €5,220 a month for a three bed.

“These rents are astronomical for a family or single people. We know that single people in particular are really victims of the housing market. They continue to struggle to find affordable accommodation, and every month when the Department publishes the homelessness figures, we see more and more single people enter homelessness.

“Until government grasps the nettle and stands up to these funds, we will see this continue. These funds are profit driven, and with rents starting at over €2,000, it’s clear that they are not employing a moral compass.

“Fianna Fáil talk big on housing. They talk about delivering social housing but, as evidenced through the Shared Equity Scheme announced yesterday, continue to rely on, and incentivise the private sector. They talk about offering supports to people struggling in the private rental sector, yet they announced changes to the HAP scheme that still have not been implemented. When will they wake up to the harsh reality being faced by so many people impacted by the housing crisis?

“It’s beyond time that the Minister stands up to these funds and brings forward emergency legislation to close the loophole next week. The opposition would support this measure for the sake of struggling renters.”

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