“The State actually through one scheme or another is the big actor now in housing provision and what was announced last week by the Minister [Darragh O’Brien] relates to affordable housing,” he said.
MacronvFrugals wrote: » When we talk about multiple banks leaving etc would the Taoiseach just admitting the below to the paper of record not spook many relying on the property market in one way or the other Wasn’t Props called a conspiracy theorist for stating exactly what the Taoiseach saidhttps://www.irishtimes.com/news/politics/housing-is-number-one-crisis-facing-young-people-taoiseach-1.4559764?mode=amp&__twitter_impression=true
schmittel wrote: » Props has been called a conspiracy theorist a number of times for stating things that have later been reported in the paper. He’s uncharacteristically quiet at the minute, has he been banned again?
[Deleted User] wrote: » What the problem ? If you been outbid at 500K property in Dublin Buy 230K property in County Louth and 2 Scoda Kodiaq saving another 190K for new furniture You will spend same time on motorway as in trafic to your property in Dublin. Ach,sorry,property in County Louth does not sound great in Dublin.Then we heading another problem there. I have serious problem at the moment.I want buy Ferrari for 2000 euros and I cant find it.Something wrong with supply ! Government has seriously work on it !
Una Mullally: Why did it take a Kildare housing estate to wake up Government? It wasn’t just the investment funds buying up apartments in Dublin. Or the luxury purpose-built student accommodation littering our landscape. Or the co-living developments. Or the homelessness. Or the upwardly spiralling rents. Or Airbnb sucking housing stock out of cities. Or urban dereliction. Or land-hoarding. Or the lack of public housing being built. Or the mini-bubbles that keep inflating in certain areas where house prices are rising. Or developers trying to sell entire blocks of apartments to tech companies. Or those forced to live in their parents’ homes well into adulthood because they can’t afford rent. Or the corporate gentrification. Or aparthotels being built where housing should be. Or the new wave of emigration instigated by a lack of rent affordability. Investment funds have been buying up houses and apartments in bulk for years. It’s policy. Reits – real estate investment trusts – are a scourge. Ordinary people can’t compete. That a housing estate in Maynooth became a target for global capital, is, according to Taoiseach Micheál Martin, “unacceptable”. What about everything else? Why is this a tipping point? Global capital both supersedes and usurps the power of a state, unless that state is wise to such forces and embeds protections and shields. But instead of re-enforcing our resilience around housing, Fine Gael weakened it. Our housing policy was handed over to “the market” and now that market is eating us. Global capital is doing what it does. It’s hard to know which is worse, but it is what has happened. Fine Gael’s ideology, in particular, seems so embedded that they cannot even recognise it themselves, and instead whine about the “ideology” of others who are simply offering solutions rooted in fairness. And a lot of this comes down to fairness, which is a core value in Irish society. The housing game is rigged, and people are sick of politicians’ “don’t ask me, I just work here” stance on housing. All that’s left to do is watch the political consequences play out, which is simply a matter of time.
Amadan Dubh wrote: » https://www.irishtimes.com/opinion/una-mullally-why-did-it-take-a-kildare-housing-estate-to-wake-up-government-1.4559746?mode=amp I find myself agreeing with Úna Mullally which is disturbing me, but I can finally see the pressure on the housing crisis (we need to remember that the market is in crisis - an intense time of difficulty - with the last 9 years being evidence of a destructive market and not a recovered one) come from wider circles and also see how strong the pressure is. The last paragraph from Úna is correct, we will see populism rise in Ireland and the FFG parties get obliterated if this issue is not resolved; the issue being resolved by supply increasing dramatically but also rents dropping substantially (my own view would be at least 40% off their current averages) and house prices correcting (less than 40% as I don't think a lot of the market needs much more than 15/20% off its value) - until it is accepted what the outcome needs to be (price drops), things won't change.
Amadan Dubh wrote: I find myself agreeing with Úna Mullally which is disturbing me, but I can finally see the pressure on the housing crisis (we need to remember that the market is in crisis - an intense time of difficulty - with the last 9 years being evidence of a destructive market and not a recovered one) come from wider circles and also see how strong the pressure is.
combat14 wrote: » its coming only a matter of time and FG (and FF who will probably suffer even more) have done it to themselves people have enough - they want fair houses again not this vulture fund nonsense that leo varadker in particular espouses
Villa05 wrote: » The answer to una's question is that it's the sons and daughters of ffg target voters that are affected
RichardAnd wrote: » Whilst I'd happily see the back of the current political parties, I do wonder what would really change. Let's say, for example, there is an election this year and the existing paradigm is utterly wiped out. Will things change? Consider that behind those in the Dail, there is an army of civil servants who are full of ideologies, many NGOs, interest groups and "think tanks" who will push an agenda and let's not forget banks. Given that these cohorts never change, would a radical change in the Dail really do much? This is a genuine question that I often ask myself. I don't have an answer.
Amadan Dubh wrote: » A lot of older home owners (like my parents) lamented not selling during the Celtic Tiger as they always planned on selling. Then when prices corrected after '08 they held off. In recent years they were just watching the recovery and their house price go up again and I never understood what they were waiting for. Maybe prices to get back up close to Celtic Tiger levels? There was always a reason not to sell for them, maybe they didn't want to miss out on getting a higher price a few months later? Whatever it was I just thought it was mad that they would not cash in a mortgage free house for the apparent price it was worth and now I (and they) feel that they have missed the boat to cash in their house for what they could've gotten even 2 years ago (south Dublin). For the direction of travel from here onwards will be to implement policies that try to correct the housing market which, as we know, must have an outcome to drop prices and rents in order for the electorate to be content. It feels like there is now a generational shift in progress which is going to start to look to claw back that wealth from those older people, like my parents and others, in order to ensure a more equitable distribution across housing market stakeholders.
hmmm wrote: » I can't get my head around the social housing bodies competing on the market with private purchasers. Private purchasers are paying tax, which is then being lavished on these bodies who are competing for property with the people paying the tax. It seems designed to funnel taxpayers funds from workers into the hands of property owners. And if this is happening under a FG/FF government, what happens in a hard-left government?
Villa05 wrote: » If we had common sense policies We would build housing on state land and restore the supply demand imbalance. Current policy ensures taxpayers pay more tax, rent, mortgages. Employers are under pressure to pay more wages thus reducing competitiveness We had the same issue with medicine not so long ago with the state paying maximum price for branded medicine with cheaper substitutes discouraged to facilitate vested interests After the last crash I do remember large queue's forming for McDonald s jobs When we are close to full employment it might be popular soundbite but I don't think it is those at the bottom that responsible for the countries ills
Hubertj wrote: » https://www.businesspost.ie/houses/michael-brennan-a-plague-on-both-your-houses-mullen-park-is-a-warning-to-ff-and-fg-55d3ec5d This is a good article by Michael Brennan. Does anyone know what the EU rules on capital spending actually are? Article refers to “ The government is still trying to avoid breaching EU financial rules, which limit how much the state can spend on capital projects such as housing.” If this is the case would it mean other capital projects have to be dropped? What would they be?
AlmightyCushion wrote: » It's the fiscal compact. It was brought in after the last crash. Short answer, a country needs to keep their deficit below 3% of GDP whilst keeping their debt to GDP ratio at 60%. If your debt to GDP ratio is over 60% you need to be reducing it. It has been temporarily suspended for Covid related spending.
Bass Reeves wrote: » I think that those that think that a change in government is a magic bullet are in for a shock. I do not really blame public servants either. We have a simple problem we need 50k houses yesterday and 20-25k year for the next few years. I think that the construction industry is limited to 20-25k houses per year labour wise. The industry has shrunk over the last 10 years. The financial's needed are more complex in bigger development's which has parked mid sized operations at present. During the last building boom we were able to attract relatively cheap eastern European labour and we had a lot of skilled labour return from abroad in the early noughties. There is no valve this time that will satisfy this. I coached GAA for the last 15 years. Of the young lads I knew from it. ( Somewhere in the 150+) I think about a half dozen did trades, however an older lad that was trained in a trade went away and did nursing. There are a good few lads trained as QS"s, Civils or in Construction site management. But none of them can wire or plumb houses or lay blocks. If SF get into power and redirect labour to building social housing will the new house construction numbers shrink. Will labour transfer into extensions to existing houses. There is no magic bullet
timmyntc wrote: » Which would explain why the state are content to agree 25 year leases for housing because the costs accrue on a yearly basis rather than a big upfront lump sum for building their own housing.
AlmightyCushion wrote: » Pretty much. It would likely be cheaper in the long run for the state to buy the properties straight out (like the REITs are doing) but our ability to borrow is limited by the fiscal compact so they rent it instead. It's actually kind of similar to what is happening to people. It would be cheaper in the long run for people to buy a house/apartment with a mortgage but they can't borrow enough so they end up renting.
PropQueries wrote: » I think there is a magic bullet. Copenhagen has c. 600k people living in a similar footprint and in similar low rise buildings as Dublin City has c. 100k people living between the canals. That’s the solution right there and it’s enough existing, already built space to supply all housing needs in Ireland for the next 20 to 30 years without building one new house/apartment (assuming we do need the projected figures amount). It’s not a supply problem. It’s a mismanagement of existing supply problem. They’re going to re-enter the market at some stage (sooner rather than later IMO) given how many of these properties are owned (I assume) by the funds so we might as well get/force them into supply now IMO Good for people. Good for society. Good for the taxpayer. Good for the environment.
timmyntc wrote: » Surely the state can do some creative accounting to get around this too? Get the fella who comes up with all the MNC tax loopholes to wrangle one for us too
Sweet.Science wrote: » Do they have more than one property ? Makes little sense holding out for higher prices if you have to buy another yourself
fliball123 wrote: The problem here is how much will that cost to build these houses your talking about. The public sector don't do cheap and really don't do cheap when it comes to things like procurement and building.
