Cuckoo fund buying 229 in Shackleton Park Lucan

emo72

Cairn Homes selling to a cuckoo giant Carysfort Capital funded by Angelo Gordon, a big Wall street fund.

229 homes that our kids wont be able to buy, instead renting from these cowboys, at exorbitant rents. our government allows this **** to happen.

im not happy, not happy at all.

unkel

You live in a capitalist country. If something is for sale, whoever offers the most will buy it.

emo72

unkel wrote: »

You live in a capitalist country. If something is for sale, whoever offers the most will buy it.

doesnt make it remotely right. i lived in a capitalist state all my life. but things were never like this. we could just ban overseas owners from buying houses for a few years. give irish people a chance to own their homes. am i radical communist now lol.

R3_Regera

unkel wrote: »

You live in a capitalist country. If something is for sale, whoever offers the most will buy it.

Not necessarily true, New Zealand has recently restricted the purchase of residential properties to citizens and residents.

"The general policy intent behind the Bill is to create a housing market with prices shaped by New Zealand-based buyers that will lead to more affordable homes"

emo72

i mean what is this country even for? the massive enrichment of corporations? or a quality of life for irish citizens?

right now we are being milked big time. i hope people make this an issue when campaigners come knocking at our doors. this affects everyone. do you want your kids renting for life, put to the pin of their collars. i want my kids to work hard and have the same chances i had. this is not happening.

unkel

emo72 wrote: »

do you want your kids renting for life, put to the pin of their collars. i want my kids to work hard and have the same chances i had. this is not happening.

You're being a bit dramatic there. Back in the late 90s a new starter home in the cheaper suburbs of Dublin like Blanchardstown or Lucan cost IRP 130k, or about 10 times the annual salary of someone fresh out of university.

Today a starter home in those suburbs also costs about 10 times the annual salary of someone fresh out of university. And the mortgate interest rate is less than half of what it was back then. And the income tax someone pays on an income like that is a lower percentage than it was back then. Yes, people need a bigger deposit and yes, it is hard to save for a deposit when you are renting. Back then people did not rent / share all mod con houses so much, they stayed at home in the parental house, or lived in dire smelly bedsits for IRP 60 per week with no money for expensive fancy coffees out or avocado toasted sandwiches

emo72

No I wish you were right. That's not accurate though. People can't buy houses as easy these days.

Why is a cuckoo fund buying over 200 homes? Because they know they'll make a fortune in rent. Probably 2200 hundred a month. Phenomenal money to be milked from us. It's bull**** plain and simple.

229 X 2200 a month is 503800•00 over 6 million a year.

unkel

emo72 wrote: »

No I wish you were right. That's not accurate though. People can't buy houses as easy these days.

The two main reasons for that are that the deposit needed is high and that people don't save enough (the average net income is high enough, but they spend too much too much of it)

average_runner

emo72 wrote: »

i mean what is this country even for? the massive enrichment of corporations? or a quality of life for irish citizens?

right now we are being milked big time. i hope people make this an issue when campaigners come knocking at our doors. this affects everyone. do you want your kids renting for life, put to the pin of their collars. i want my kids to work hard and have the same chances i had. this is not happening.

Its common in most european countries not to own your own house.


Might be a issue for the campaigners, but nothing will change.


The milked thing, gone on for the last 30 years

unkel

average_runner wrote: »

The milked thing, gone on for the last 30 years

Gone on for a lot longer than that, since forever really. Remember the disgraceful tenements in Dublin? 100 people living in just one house? The landlord was often enough a TD, naturally.

emo72

average_runner wrote: »

Its common in most european countries not to own your own house.

And that's quite ok. IF....we had the type of protections that Europeans have. Long tenancys and a bit of security. And maybe their rents are fairly priced too. Here we have the worst of both worlds.

average_runner

emo72 wrote: »

And that's quite ok. IF....we had the type of protections that Europeans have. Long tenancys and a bit of security. And maybe their rents are fairly priced too. Here we have the worst of both worlds.

Tenants have plenty of protection. Long tenancy contracts needs to be a must and rents readjusted and go with the same indicators as Europe.

hmmm

emo72 wrote: »

we could just ban overseas owners from buying houses for a few years. give irish people a chance to own their homes. am i radical communist now lol.

And what happens people who are trying to rent? We have lots of landlords leaving the market because the hard-left in Ireland orchestrated a campaign of hate against them, so rental supply has collapsed. Now the same hard-left seem to be objecting to big landlords who are financing thousands of houses and apartments - you can't have it both ways.

Not everyone wants to buy a house - some people also want to be able to find a place to rent.

Hego Damask

It's an absolute disgrace OP, I agree, homes should be for living in, not to greedily gather by some mega corporation that just rips people off with the rent.

average_runner

hmmm wrote: »

And what happens people who are trying to rent? We have lots of landlords leaving the market because the hard-left in Ireland orchestrated a campaign of hate against them, so rental supply has collapsed. Now the same hard-left seem to be objecting to big landlords who are financing thousands of houses and apartments - you can't have it both ways.

Not everyone wants to buy a house - some people also want to be able to find a place to rent.

The government did everything possible to drive the landlords out and alot tenants jumped on that bandwagon. The wheel has gone the full circle now.
To get the rent crisis sorted, they need to encourage landlords back into the market, tax breaks etc and give them the same protection as tenants have.

megaten

hmmm wrote: »

And what happens people who are trying to rent? We have lots of landlords leaving the market because the hard-left in Ireland orchestrated a campaign of hate against them, so rental supply has collapsed. Now the same hard-left seem to be objecting to big landlords who are financing thousands of houses and apartments - you can't have it both ways.

Not everyone wants to buy a house - some people also want to be able to find a place to rent.

These groups are buying up houses because they know they can price gouge renters. They're not going to bring rents down, they'd rather leave homes idle if they can't get the price they're looking for.

emo72

I'm not anti landlord. I think we've managed to have the worse of all worlds. The small landlord is being forced out. At least a small landlord world have spent his money locally. Giant wall Street investment funds take all the money out of the country.
This is impoverishing Irish people. People paying huge rents leaves less disposable income to be spent in the local economy.
Anyway maybe I'm wrong and haven't a clue. But I think housing is the story of this election and FG will be hammered. We'll know soon enough.

emo72

Happening in maynooth now. Was on prime time last night. Varadkar statement saying something should be done 😂.

https://www.irishexaminer.com/news/politics/arid-40281923.html

Skelp

unkel wrote: »

You're being a bit dramatic there. Back in the late 90s a new starter home in the cheaper suburbs of Dublin like Blanchardstown or Lucan cost IRP 130k, or about 10 times the annual salary of someone fresh out of university.

Today a starter home in those suburbs also costs about 10 times the annual salary of someone fresh out of university. And the mortgate interest rate is less than half of what it was back then. And the income tax someone pays on an income like that is a lower percentage than it was back then. Yes, people need a bigger deposit and yes, it is hard to save for a deposit when you are renting. Back then people did not rent / share all mod con houses so much, they stayed at home in the parental house, or lived in dire smelly bedsits for IRP 60 per week with no money for expensive fancy coffees out or avocado toasted sandwiches

I think its fair to say that is not correct after the ESRI reports over the last week.
https://extra.ie/2021/05/12/news/irish-news/matt-cooper-how-my-generation-wrecked-things-for-those-following-us

Also as I recall houses in south Lucan were selling for about 50K Irl in the mid nineties.

unkel

Skelp wrote: »

Also as I recall houses in south Lucan were selling for about 50K Irl in the mid nineties.

Yes you recall right. In 1990 a new 3 bed semi starter home in Lucan was IRP30k, in 1999 it was IRP130k

Matt Cooper is spot on though in that article. As usual. And he doesn't even mention the horrific COVID debt that our children and grand children will have to pay back.

shtpEdthePlum

Sunday Business Post tomorrow has the government supporting vulture funds buying up property to the tune of 225m.

Could bring down the cnuts.

Marcusm

unkel wrote: »

You're being a bit dramatic there. Back in the late 90s a new starter home in the cheaper suburbs of Dublin like Blanchardstown or Lucan cost IRP 130k, or about 10 times the annual salary of someone fresh out of university.

Today a starter home in those suburbs also costs about 10 times the annual salary of someone fresh out of university. And the mortgate interest rate is less than half of what it was back then. And the income tax someone pays on an income like that is a lower percentage than it was back then. Yes, people need a bigger deposit and yes, it is hard to save for a deposit when you are renting. Back then people did not rent / share all mod con houses so much, they stayed at home in the parental house, or lived in dire smelly bedsits for IRP 60 per week with no money for expensive fancy coffees out or avocado toasted sandwiches

For IR£60 a week, Unkel You must have been living in luxury, I think IR£40 a week was probably closer to the Mark. And if you pull back to (say), 1994, a new 3 bed in the Gallops on the southside would have been £60,000.

The increase in property values over the past 30 years has accrued to those who are 50+ and, ironically, it is their children who cannot afford to buy now. It’s as if the huge increase didn’t need to be paid for by anyone.

unkel

Marcusm wrote: »

For IR£60 a week, Unkel You must have been living in luxury, I think IR£40 a week was probably closer to the Mark.

My first bedsit in 1995 was IR£45 a week and it was brutal The only good thing about it was the location: Rathgar. Now posh of course but back 25 years ago that was mostly flat land.

emo72

just an update. how are things looking now? not much better. after watching the "Debate"! with the 2 eoins the other night all optimism that SF will make a good fist of it is gone. someone update the thread when things get better.