New incentives for landlords may come to light.

ballyharpat · 03-01-2024 11:39AM #1

This would be a big incentive for LL's to keep rents lower for my long term tenants. Most used to review every 4-5 years or when a tenant moved out. If I didn't increase the rent, they may have difficulty making a return on a property. if the tenants stay and they are decent, but after 5 years, only being able to raise it 10%, can be a bitter pill to swallow. The 2% per year leading into that 5 years is the only way to cover costs etc. But if the tenant stayed 5 years, and they can increase to 15 or 20%, or market rate, the sitting tenant is happy and the landlord is happy.

Mr O’Brien said the Government would look at the issue of landlords who had set low rents for long-term tenants before the rent controls came in but were “caught” by a rent increase cap of 2pc when the tenant moved out.

https://m.independent.ie/irish-news/landlords-will-need-more-tax-breaks-says-housing-minister-darragh-obrien/a1764720841.html

ELM327 · 03-01-2024 11:43AM

Or just , you know, remove rent controls and go back to a free market?

ballyharpat · 03-01-2024 11:52AM

https://www.boards.ie/discussion/comment/121565144#Comment_121565144

Ideally, yes, but there are way too many people that have no clue about the economy that blame landlords for a housing crisis, but they are entitled to a vote and they definitely shout loudest, rattling like empty cans. -I can't think of one legitimate reason of how landlords are responsible for this situation.

SteM · 03-01-2024 11:57AM

Lip service from the government. I think the RPZ limits have been in place since 2016, why are they only talking about this now. Could it be because there's a election on the horizon and the current government will be under pressure?

listermint · 03-01-2024 12:02PM

Free market is utter nonsense, let's make bulk buying illegal, cap rentals for individuals, and create a state company for housing construction. The current system stiffles real economic activity as it harms all workers. Real workers.

godtabh · 03-01-2024 12:04PM

https://www.boards.ie/discussion/comment/121565236#Comment_121565236

I assume this is for public built rentals only? Or are you assuming the private providers will take all the risk cause that will certainly get more rentals built

SharkMX · 03-01-2024 12:07PM

Everyone knew where rent controls would lead. Its too late now. The damage has been done. You cant undo it because it has gone so far. Damage they could have fixed at any point since they brought in RPZs and rent controls, but they woudlnt lift a finger when it might have made some difference.

So they give with one hand and take it away with the other the next time the wind blows west.

Who would ever enter the rental market as a landlord now?

Even REITs are getting out at this point.

You couldnt pay me enough to be a landlord.

ballyharpat · 03-01-2024 12:12PM

https://www.boards.ie/discussion/comment/121565236#Comment_121565236

So many holes in your statement-this isn't Reddit. A state company for housing construction? so along with councils purchasing private houses for public housing, competing directly with ftb's etc, you now want to take the few builders we have, and put them to work for the government, so the government can provide more houses from taxpayers and give them to people that don't pay tax.

Have you any idea how much more money a government agency spends on a house than a private builder?

What happens to these workers when there is no work for them? Do we use the taxpayers money to pay them wages for sitting at home? give them a lump sum to retire early?

My head hurts when statements like this are handed out.

ELM327 · 03-01-2024 12:27PM

https://www.boards.ie/discussion/comment/121565236#Comment_121565236

Oh lord. Where do you start with this comrade.

listermint · 03-01-2024 12:40PM

Love it. The landlords go banana's.

listermint · 03-01-2024 12:42PM

https://www.boards.ie/discussion/comment/121565248#Comment_121565248

Private builders are building estates only to near completion sell off the bulk to large entities rather than deal with individual buyers. Laziness and handyness over good practice for normal buyers. This should be illegal.

Or is it your assertion these companies are putting all the construction costs up to the builders part..

listermint · 03-01-2024 01:02PM

https://www.boards.ie/discussion/comment/121565341#Comment_121565341

Never not amusing when someone who harvests money of others without doing a days work calls other people communists. Beautiful. They always want the system set up to suit themselves whether its takes excemptions or deregulation . They shout the loudest.

ELM327 · 03-01-2024 01:10PM

https://www.boards.ie/discussion/comment/121565522#Comment_121565522

Because access to leverage and cash and risk are all free, gotcha. Tell me again, how do I become a landlord without doing a days work?

03-01-2024 01:12PM

https://www.boards.ie/discussion/comment/121565522#Comment_121565522

A hint of the green eyed monster there.

Del2005 · 03-01-2024 01:43PM

https://www.boards.ie/discussion/comment/121565236#Comment_121565236

What major infrastructure projects has the government built on time and budget? The children's hospital is going to cost over a billion Euro, we've €300m spent on Metro North and nothing built, any council built developments have taken substantially longer to build than private developments.

The free market might be utter nonsense, but communism failed spectacularly in every guise people have tried. So what other systems actually work in the real world?

RichardAnd · 03-01-2024 01:55PM

https://www.boards.ie/discussion/comment/121565144#Comment_121565144

We could also remove all state interference in the property market in general whilst we're at it.

listermint · 03-01-2024 02:01PM

https://www.boards.ie/discussion/comment/121565566#Comment_121565566

Someone gave you the capital to start. The rest as they say..

listermint · 03-01-2024 02:03PM

https://www.boards.ie/discussion/comment/121565572#Comment_121565572

Not at all, I just think it's a flawed 'business' model that is causing real harm across the world.

And the current system of placating landlords and large scale property gatherers doesn't work. Isn't working and will be an even larger issue over the next decade.

A reckoning is coming.

listermint · 03-01-2024 02:04PM

https://www.boards.ie/discussion/comment/121565716#Comment_121565716

You mentioned communism. It's the go to for people that like to scare people.

Very original btw.

Government bad, communism is wanting some fairness in any thing. And the free market solves all problems. Its like a script

ELM327 · 03-01-2024 02:07PM

https://www.boards.ie/discussion/comment/121565791#Comment_121565791

Amen.

https://www.boards.ie/discussion/comment/121565836#Comment_121565836

Gave me the capital for free? A small loan of a million dollars eh? And unless someone gave me the cash for free, unleveraged, and without interest, I'm still assuming the cost of finance and the cost of risk.

listermint · 03-01-2024 02:09PM

https://www.boards.ie/discussion/comment/121565891#Comment_121565891

Legacy wealth. No no wait. You did everything yourself always. All the time.

ELM327 · 03-01-2024 02:12PM

https://www.boards.ie/discussion/comment/121565905#Comment_121565905

So, all landlords have legacy wealth? How many generations back? The vast vast majority of "legacy wealth" left this country in ~1920 so we don't really have the landed gentry class that they have in the likes of the UK, nor do we have the captains of industry like they have in the US.

All landlords I know have 1-3 properties, all leveraged, and provide a good service to their tenants.

If you're speaking about me personally I have no legacy wealth, left home at 18 and a college dropout. I also have asperger's.

listermint · 03-01-2024 02:17PM

https://www.boards.ie/discussion/comment/121565933#Comment_121565933

Leaving home at 18 nor having aspergers means you didn't get given a property or inherited something btw.

Fred Cryton · 03-01-2024 02:25PM

https://www.boards.ie/discussion/comment/121565429#Comment_121565429

They aren't making enough money. After paying half in tax, then paying the mortgage with the other half, then cost of maintenance and problem tenants - many landlords are taking a loss. So how would you incentivize landlords not to sell up?

ELM327 · 03-01-2024 02:26PM

No, but the "personally I have no legacy wealth," part does.

We don't have a landed gentry here with hundreds of years of wealth accumulated from offshore holdings in the colonies or slave trade. We were the slaves.

listermint · 03-01-2024 02:30PM

https://www.boards.ie/discussion/comment/121566024#Comment_121566024

Seems you misunderstand what legacy wealth means. You're conflating it with having a large grand house. When it's nothing of the sort.

Many people get substantial legs up and then pretend they worked their arse off . And get vert defensive and uncomfortable recognising that they did indeed get gifted a start.

timmyntc · 03-01-2024 02:34PM

https://www.boards.ie/discussion/comment/121565961#Comment_121565961

I worked through college to pay my fees and rent, got a job related to my degree, bought a house, then over time bought another and rented the first to students who haven't a hope of buying a house at their age.

Where is the legacy wealth in this situation?

listermint · 03-01-2024 02:36PM

https://www.boards.ie/discussion/comment/121566083#Comment_121566083

Sounds like you didn't have any. Good for you. So is your job your job or is landlordind a side hussle such is the latest craze to normalise the cattle mart of accommodation provision rather than homes for families to start lives.

ELM327 · 03-01-2024 02:37PM

https://www.boards.ie/discussion/comment/121566047#Comment_121566047

Can you outline where I am misunderstanding legacy wealth and how it would still apply in my situation, leaving home at 18 and working ever since.

timmyntc · 03-01-2024 02:39PM

https://www.boards.ie/discussion/comment/121566019#Comment_121566019

Not having enough to cover the capital part of mortgage repayments does not mean you are making a loss.

At the end of the day when that mortgage is paid off, you have an asset. Once the mortgage interest and maintenance costs are covered, a landlord is in profit. Cash loss, but the overall investment is in profit.

Put it another way, if rent received covered the mortgage - you would be getting a free house paid for by your tenants! Ridiculous

listermint · 03-01-2024 02:39PM

https://www.boards.ie/discussion/comment/121566102#Comment_121566102

Once again. You've inferred because you moved put at 18, You didn't get any assistance , financial housing or assets from anyone.

You could have moved out and into your dead grandmother's house I'm sallynoggin for all we know.

New incentives for landlords may come to light.

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