Sinn Féin President Mary Lou McDonald has strongly criticised the Taoiseach for having no plan to stop investment funds snapping up family homes, driving up house prices and charging extortionate rents.

Teachta McDonald said:

“I asked the Taoiseach to tell us his plan to stop these vulture funds from buying up family homes from underneath ordinary people desperately looking to put an affordable, secure roof over their heads.

“Instead of a clear answer, I was met with waffe, delays and excuses. As these wealthy funds look to spread their wings across the state, the government is sitting on its hands.

“These investment funds are now moving into Waterford, Cork, Limerick and Galway with leading developers saying they will be selling more than 40% of their new homes to these funds in the years ahead.

“This is a win-win for investment funds and a lose-lose for home buyers and renters. 

“The Taoiseach’s response to the vulture funds issue mirrors the anemic response of his government to the housing crisis.

“At a time when the government should be moving heaven and earth to make housing affordable again, they continue to encourage these funds to buy up family homes.

“There is a very clear way to stop these vulture funds. The first step is to end the sweetheart tax advantages bestowed upon them by Fine Gael and Fianna Fáil.

“The second step is to double the state’s capital investment for affordable and social housing as called for by Sinn Féin and echoed by the ESRI. The answer is to build public housing on public land. 

“The days of the developers and vulture funds being king need to be brought to an end if we are going to fix housing. Where is the Taoiseach’s plan to rein in these funds?”