Government to block investment funds from buying up housing estates

However, Ministers and senior officials have been alarmed by reports of entire housing estates being bought up, though there is legally nothing to stop the funds from doing so. One source said the funds were needed for their “original intention” but not for “plucking supply that is already there”.

He said: “It was never intended that they would enter into that part of the market and are taking away properties that could be bought by first-time buyers or upgraders . . . It’s working against the principle of home ownership.” Mr Martin also said that local authorities should not be effectively underwriting investments by property funds by promising long leases for social housing once the developments were complete, as has happened in some cases.

There was some merit in short-term limited leases “but leasing overall long-term doesn’t represent great value”.

Gov believes they should not be driven out as they play an important role in supplying new builds.. So we ll have an investigation, report, debate, then decide 20 % must go on the market, then continue to pretend Ireland has been sold and we are at the complete mercy of outsiders

Apartments need to be free of these funds and they need to pay tax like everyone else !

Let's see if this will pass as quickly as the rest of the bills watch this space💤

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