January 17, 2024
Dáil must support Sinn Féin’s motion, or vulture funds will continue to snap up homes from under the feet of struggling homebuyers – Pearse Doherty TD

Sinn Féin spokesperson on Finance and TD for Donegal, Pearse Doherty, has called on the Dáil to support Sinn Féin’s motion to stop vulture funds from bulk-purchasing homes from under the feet of struggling home buyers.

The Donegal TD was speaking this evening after the Department of Finance released figures to him showing that over 1,200 homes have been snapped up by funds since the government’s increased stamp duty was introduced.

Speaking this evening, Teachta Doherty said:

“This evening the Dáil will debate our motion to tackle the unacceptable practice of investment funds snapping up family homes.

“The purchase of 46 family homes at Belcamp Manor in Balgriffin in Dublin by an investment fund is another blow to struggling first time buyers.

“Figures released to me today by the Department of Finance show that since the government’s half-baked measures were introduced, over 1,200 homes have been snapped up by these funds.

“These are more than 1,200 homes that should have been available to workers and families to buy.

“Last year alone, over 620 homes were bought from under struggling home buyers.

“Unless Sinn Féin’s proposals to stop this are introduced, funds will continue to snap up homes that should be available for workers and families to buy.

“Government have a decision to make – they can allow this to continue, or they can support Sinn Féin’s motion in the Dáil tonight to stop it.

“For some time, Sinn Féin argued for new laws and a higher rate of stamp duty to be charged to stop this unfair and unacceptable practice.

“After public and political pressure, the government belatedly moved in May 2021 to introduce a 10 percent stamp duty on the bulk purchase of family homes by investment funds.

“At the time, Sinn Féin warned in the Dáil that this charge was too low to act as an effective deterrent and that has proved to be the case.

“It is now time for the government to support Sinn Féin’s proposals and support would-be homebuyers.”

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