Fine Gael has been in government for 13 years and in that time the housing crisis has gone from bad to worse. It is not an accident. We now have a full-blown housing disaster because the Government has the wrong priorities and the wrong policies. As a result, many workers and families are simply unable to put a secure, affordable roof over their head. A defining feature of Fine Gael housing policy has been the enrichment of the private players - the big corporate landlords, the cuckoo funds and the vultures. I want to raise one area in which the Government's mismanagement and incompetence in housing looms large; that is its long-term leasing fiasco. Figures released to our housing spokesperson, Deputy Eoin Ó Broin, revealed the extent of the scandal, and it is shocking. From the Government that brought us the most expensive hospital in the world, the yet undelivered children's hospital, we now know it has agreed 9,000 leasing deals with property funds for the provision of social housing. The cost is a whopping €3.24 billion and the leasing agreements are to last 25 years. These leases do not come cheap. Many are costing more than €2,500 a month, with the Government agreeing a 25-year lease on one Dublin property to the tune of €3,200 per month. These costs can only be adjusted upwards: they cannot come down. The leases on these properties are subject to upward-only rent reviews every three years and they are not limited by the 2% cap. It is a very sweet deal for the property funds.
The money forked out by the State on these 25-year deals is often more than the cost of buying the property outright. Here is the kicker: after handing over billions of euro in taxpayers' public money, when these deals end, the properties go back to the property funds. Wow; you could not make this up. This is a scandalous, short-sighted, negligent waste of taxpayers' money by a government. Instead of investing to boost State-owned social housing stock, it is paying out huge sums of taxpayers' money to big shot property funds for homes the State will not own. The incompetence here is off the charts. Once again under Fine Gael, the property funds are laughing all the way to the bank.
Tá polasaí lig ar léas fadtéarmach an Rialtais ag cur na mbilliún in airgead cáiníocóirí amú. Léiríonn sé arís go bhfuil polasaithe tithíochta mícheart ar fad ag Fine Gael.
In 2021, Government committed to the phasing-out of these long-term leasing deals for social housing by 2025; instead, it has performed a big and very expensive U-turn. It has locked the taxpayer into this madcap policy for the next two and a half decades. Far from phasing out this wasteful policy, it has turbo-charged it with bumper profits for property funds.
This puts up in lights that Fine Gael is never going to solve the housing crisis. The simple truth is it is not capable of it. Billions of taxpayers' money is spent on expensive leasing arrangements instead of ambitious investment to deliver public homes on public lands. We know 9,000 of these leasing deals have been made. Can the Taoiseach tell us today how many more are under negotiation? I challenge him to put a stop to them, stop wasting taxpayers' money and bring this bad policy to an end.