Let us be very clear. It is not the Opposition that made the claim that the rental income of IRES REIT is going to go up by 25% as a result of the changes the Government has made. It was IRES REIT that made that claim. Does the Tánaiste accept that? His only defence seems to be that not every renter will be affected immediately. Does he not realise that a 25% increase in someone's rent, whether it is this year, next year or the year after, is completely unmanageable for the vast bulk of renters? How does the Government think people are going to be able to pay this increase? Does it not understand that people are already struggling to make ends meet and to pay their Bills? The Government admitted this week it got it completely wrong on SNAs. Will it admit it has got it completely wrong in terms of these changes that are a gift to corporate landlords? To put this in context, IRES REIT made a profit of almost €50 million last year. Does the Tánaiste not understand that the changes are going to cause even more hardship for renters and for families, putting them under more pressure? Does he not understand it will push more and more people into homelessness, that we already have record homelessness, including a record number of homeless children, and, shamefully, a record number of homeless pensioners? This is going to make it even worse. Beidh níos mó agus níos mó daoine gan teach. Earlier this week, the State's biggest landlord, IRES REIT, about which we are talking, announced it was going to buy up an entire apartment block in Naas. This block with 77 apartments was already under construction. IRES REIT is not building anything new or increasing supply. Individuals and families who were hoping to buy one of these apartments and homes when the construction was completed are now being left disappointed. It is doing this because of Government policy. Government refused to ban corporate landlords and investment funds from bulk-buying apartments. Now, by letting rents rip it has opened the flood gates. These corporate landlords are going to snap up more and more homes. People work so hard to support their families and to get a place of their own. Instead of saving to buy a home, they are now handing over their wages to these giant landlords. Is the Tánaiste so blinded by his craven ideology of giving these corporate landlords whatever they want and ask for that he cannot see the damage he is doing? Renters in Ireland who are already paying some of the highest rents in Europe are now going to be fleeced even more. The Government admitted it got it completely wrong on SNAs. Will the Tánaiste now admit it has got it completely wrong on letting rents rip and reverse its decision on this?
Sentiment score: -0.07
Mick Byrne of the UCD school of social policy, whom the Tánaiste has been quoting, said that what the Government is doing is effectively removing rent regulation. The Tánaiste has been selectively quoting what he has been saying on this.
Sentiment score: 0.22
IRES REIT has been very clear in what it has said on this. It has said it believes its rents are currently about 20% below what it believes should be the market levels and it has said these changes will result in its rental income going up by about 25%. The Tánaiste has not addressed that. Simply saying that not every renter will face this straight away and, when they do face it, the rent can only go up by 2% every year for a few years does not address it. When it balloons by such an amount, how will people be able to cope with that? Does the Tánaiste not understand that if people are already put to the pin of their collar in terms of paying rent and their rent jumps by 20% or 25%, that will push more families, pensioners and children into homelessness? Does the Tánaiste not understand that? How will people paying extortionate rents be able to face those kinds of increases? What will they do? Will the Tánaiste reverse his decision?
Sentiment score: 0.07
None of that justifies a 20% increase in rent.
Sentiment score: 0.32
It never said to increase rents by 25%. When did it say to do that?
Sentiment score: -0.12
What the Government is doing is putting the fear of God into people.
Sentiment score: -0.27