Fianna Fáil Deputy Leader and spokesperson on Rural, Community, and Gaeltacht Affairs Dara Calleary TD has said the government must review the laws to ensure cuckoo funds are not buying up housing stock that was once available for first time buyers.
Deputy Calleary stated, “I understand during 2018 nearly 3000 houses were bought through cuckoo funds.
“Thousands of people have returned home to save up for mortgages, making huge sacrifices to save enough for a deposit while paying enormous rents, which are rising.
“They face a new challenge. Funds are swooping in to buy entire developments across the country. People are out there working hard and will have no opportunity to buy their first house or apartment if changes are not made.
“The government has control in this area. They could and should make a difference. These faceless funds are not subject to Irish corporation tax and have no obligation to report what they make in profits here. They can run freely.
“Rents are expected to rise by 17% and we are abandoning people, who, through no fault of their own, will succumb to these rents.
“It is time the modus operandi of these funds buying developments in full be curtailed. The government must step in and give people a chance to purchase their first home,” concluded Deputy Calleary.