Dáil Éireann Debate, Monday - 11 September 2023
855. Deputy Paul Murphy asked the Minister for Housing, Local Government and Heritage if he is prepared to take steps to establish a system of compulsory purchase of residential properties from corporate landlords; and if he will make a statement on the matter. [37690/23]
View answerAn adequate supply and mix of housing across all tenures is critical to addressing the current imbalance between supply and demand in the housing market, including for home ownership, social housing and private rental.
Some €13.5bn of development finance is required each year to achieve the current average Housing for All target output of 33,000 homes annually. The vast majority of this is required from private sources and – alongside public investment – is the only way to deliver the housing needed at substantial scale.
Institutional investment is critical piece of this overall investment. Without it, activity in the housing market would be much reduced and the pressure already facing renters and prospective home-owners would increase significantly. Indeed, capital from well-established investors is a normal facet of housing systems in many of our European neighbours and beyond.
In this context, the Government has no plans to establish a system of compulsory purchase of residential properties from corporate landlords, which would likely only bring increased uncertainty for providers of accommodation and landlords and impact negatively on the level of development capital available and required to deliver the quantum of supply need to meet demand in the coming years.
