Dáil Éireann Debate, Tuesday - 10 October 2023
271. Deputy Richard Boyd Barrett asked the Minister for Housing, Local Government and Heritage if he intends to allow compulsory purchase of residential properties in circumstances, consistent with section 43.2 of the Constitution; and if he will make a statement on the matter. [43659/23]
View answerMy Department sought clarification in relation to the circumstances referenced in this question from the Deputy's office, but none was received. Accordingly, it has been assumed that the question refers to the compulsory purchase of residential properties by the State, that are in the ownership of institutional landlords.
An 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. A 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 forms part 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 institutional 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.
