A motion launched by Sinn Féin Finance spokesperson Pearse Doherty TD that calls on the government to legislate to end the tax advantages gifted to institutional investors in the housing market by Fianna Fáil and Fine Gael will be debated in the Dáil this evening.
The motion also calls on government to bring forward measures to empower local authorities and build sustainable communities where workers and families can rent or buy at affordable prices.
Speaking today, Teachta Doherty said:
“Investment funds enjoy tax advantages and exemptions that are pushing up rents and locking struggling homebuyers out of the housing market.
“They are distorting the activities of developers, who are skewing supply towards investment funds to maximise their profits rather than serving the needs of society.
“This did not happen by accident but is the direct consequence of government policy.
“We need to change it.
“These funds were granted massive tax advantages by Fine Gael, which were supported by Fianna Fáil – paying no corporation tax on their rental profits, no capital gains tax and little by way of stamp duty.
“Struggling homebuyers do not stand a chance against the financial firepower of these funds.
“For years we in Sinn Féin have called for these tax advantages to be brought to an end.
“This motion calls on government to do just tha to shift the balance of power in favour of struggling home-buyers and renters and empower local authorities to fulfil that objective.”
The motion can be read here.