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"You need to undo the damage you've done," Pearse Doherty questions Leo Varadkar on investment funds
- Published_at:2021-05-06
- Category:News & Politics
- Channel:Newstalk
- tags: news housing buy home fund investment mortgage first time buyer ireland politics government tax sinn fein fine gael question row argument damage sector vulture fund cuckoo fund maynooth
- description: In the Dáil today, Sinn Féin's Pearse Doherty questioned Tánaiste Leo Varadkar on investment funds. It comes after an investment fund bought up an estate in Kildare en-masse. Finance Minister Paschal Donohoe has said investment funds have a role to play in the Irish housing market. He was speaking as the Government comes under increasing pressure, to legislate to prevent such funds buying up entire housing estates. Taoiseach Micheál Martin has said it is not acceptable, and work is underway within the Departments of Housing and Finance examining the issue. In the Dáil earlier this week, he said: "Can I state unequivocally that the purchase by institutional investors of completed housing estates is unacceptable, and not consistent with Government policy. "We do not want institutional investors competing with first-time buyers - our priority is first-time buyers". Minister Donohoe told The Hard Shoulder he agrees with what the Taoiseach said. "It's because of the aim of increasing supply that there is a role for intuitional investors overall. "But to be very, very clear about this particular issue: I don't support, nor was it intended, that funds would be purchasing homes that are already built. "The reason why we do support the role of intuitional investors is to help fund homes, that in the absence of these funds, would not be built. "What we do know.... is what intuitional investors can do is they can indicate they're going to pre-purchase a share of homes - that, in turn, then gives confidence to private sector developers to go ahead and build homes in the first place. "The reason why these funds play a role in Ireland, as they play a role in many other parts of Europe and across the world, is they give confidence that a share of homes in a development are going to be purchased. "And because of that, then, it gives confidence for the overall project to go ahead. "They have a role to play generally, but it's about creating new supply as opposed to competing for supply of homes that are already built".
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