Cork North Central TD, Billy Kelleher has said that Cork risk’s losing its status as one of Ireland’s premier FDI hubs unless it addresses the housing crisis that is engulfing the city.

The Fianna Fáil TD who serves as his party’s Spokesperson on Business, Enterprise and Innovation was commenting as rents continue to rocket and private home building remains insufficient to meet demand.

“In recent weeks, we have seen queues of students, young couples and overseas workers outside apartments and home to rent. The craziness has started again, and unless we nip it in the bud, we risk damaging our competitiveness even further.

“How can we expect foreign companies to actively consider Cork for investment when there is no accommodation for their staff?

“There is simply a lack of capacity in all areas of the residential housing market. Until more units are built for rent or for sale, we will continue to see queues of people clambering to get a foot on the housing ladder.

“The process of building housing in this country is simply too bureaucratic. We need to actively look at the planning process to speed up the delivery of housing.

“I am deeply worried that Cork risks losing its edge over other European cities when it comes to attracting FDI and important jobs. It’s time we got on top of it, otherwise we risk ruining the future socio-economic development of our city,” concluded Kelleher.