At a Fine Gael press conference, the Taoiseach told reporters that as he canvasses around the country, he has heard too many examples of the bulk-buying of homes by wealthy property funds, but, of course, he already knew this was happening and that it is not happening by accident. Property funds bulk-buying family homes is a direct result of Government policy. Over a decade ago, Fine Gael rolled out the red carpet for these funds with sweetheart tax deals, and it has renewed that policy year after year, choosing repeatedly to value the interests of vulture funds over those of ordinary people looking to buy a home. That is exactly why these funds can push ordinary homebuyers out of the market and then rent these homes back to the same families at rip-off rents.
The stories of property funds snapping up family homes have hit the headlines over and over again. I have lost count of the number of times we have raised this greedy and damaging practice with the Government, so the Taoiseach should not have to go out on a canvass to be told how bad it is out there. He will recall that in January, a British fund bought up 46 of 54 homes in a new estate in Balgriffin. It then put these homes up for rent for extortionate rents of up to €3,000 a month, and this was not a once-off. According to the Central Statistics Office, CSO, over 4,200 homes were bought up by funds in 2021 and 2022 alone, and the Government's response to this has really been no response at all. New figures show the 10% stamp duty it introduced on bulk-buying of homes is failing. Since it introduced this measure, funds have snapped up hundreds of homes that should be available to workers and families. Far from being deterred, property funds, vulture funds, were, in fact, emboldened. Bulk-buying actually increased in the years after the Government introduced this measure. They know they can offset the stamp duty by charging sky-high rents.
After backing the property funds to the hilt and now, two weeks before an election, the Taoiseach says there are too many examples of funds buying up family homes. He also said he wants a review. The Taoiseach must think people have very short memories. The Government has had chance after chance to stop these funds in their tracks. When it introduced the 10% stamp duty, we told it that it was too low to act as a deterrent, but it did not listen. Four months ago, following the fiasco in Balgriffin, we brought forward a motion to stop property funds bulk-purchasing family homes but the Government voted it down, and we have repeatedly called on the Government to increase the stamp duty on bulk purchase to a level that will actually work. Only last week, however, the Minister, Deputy Michael McGrath, told my colleague Pearse Doherty that he has no plans to increase the rate of stamp duty that vulture funds are charged for buying up homes, so that is the hard reality.
Tá cistí maoine saibhre fós ag ceannach tithe teaghlaigh ó shrón na ngnáthcheannaitheoirí tí. Ní mór don Rialtas anois rud éigin suntasach a dhéanamh faoi seo agus is é sin an rud atá daoine ag iarraidh.
The Taoiseach is talking about a review. I think that is simply spoof and spin. He might like to tell us what level of stamp duty he proposes as a deterrent, since his 10% is clearly failing.