Sinn Féin President Mary Lou McDonald TD has called on the Taoiseach to end the tax sweetheart deals that facilitate wealthy investment funds in “gobbling up” housing at the expense of ordinary people trying to buy a home.

Teachta McDonald said the tax advantages these funds enjoy were designed and defended by Fianna Fáil and Fine Gael and that first time buyers like those in Mullen Park in Maynooth are being squeezed out of the market as a result.

Speaking at Leaders Questions this afternoon, Teachta McDonald said:

“Government policy to incentivise and support investment funds to buy up housing across the state. Fianna Fáil and Fine Gael rolled out the red carpet for them with a range of sweetheart tax advantages. They pay no corporation tax, no capital gains tax, minimal stamp duty and no tax on the extortionate rents they charge.

“This cushy regime gives massive financial advantages to wealthy investment funds. No person trying to buy a home could possibly compete with them. What happened at Mullen Park and what is happening elsewhere is a direct result of a policy designed and defended time and again by Fianna Fáil and Fine Gael. 

“The consequence is that these big wealthy funds can swoop in and gobble up those houses that workers and families should expect to be able to afford. We do not need a long-winded examination of this situation. The evidence of government policy is there to be seen on the ground. It is seen in the shattered hopes of those who thought they would buy a home in Mullen Park.

“This is wrong and it needs to stop. The Taoiseach says it is unacceptable. He should follow his words with actions and end the sweetheart arrangements for these funds and legislate to prevent them from buying up housing in bulk.”