Tens of thousands call on government to curb vulture funds

Almost 40,000 people have signed a petition calling on the government to take more action against vulture funds in Ireland.

Plift petitioner and housing expert Dr Rory Hearne and Uplift activists delivered the petition to government buildings on Tuesday.

The petition calls on Housing Minister Darragh O’Brien to take action against vulture funds as part of the 2022 budget.

Dr Hearne said: ‘Last May the Irish public were outraged by funds from investors buying an estate in Maynooth and the government implemented measures which they believed would end the practice.

Investor funds continue to flow into Ireland and are now buying and expanding via unaffordable rental housing built for rentingRory hearne

“However, the measures excluded the main area that institutional real estate investors buy and build – apartments.

“We continue to see investor funds buying thousands of homes in this country, excluding those looking to buy a home and forcing tenants to pay unaffordable rents.

“All of this is supported by government policy such as tax relief for real estate investment.

“In Griffith Wood’s new development in Marino, Dublin, no units are for sale as it was purchased by US investor Greystar, although buyers initially indicated they would be able to purchase a home. in development.

“One-bed apartments are now advertised in the development at the obscene rent of 1,900 euros per month.


Dr Rory Hearne and Uplift activists delivered the petition on Tuesday (Niall Carson / PA)


Dr Rory Hearne and Uplift activists delivered the petition on Tuesday (Niall Carson / PA)

“Investor funds continue to flow into Ireland and buy and now expand through unaffordable rental housing built to let.

“The number of real estate companies buying houses quadrupled between 2016 and 2020, from 500 million euros in 2016 to 2 billion euros for the purchase of houses in 2020.

“In 2020, investors bought around 8,000 homes in Ireland.”

Campaigners said the budget presented an opportunity to introduce more measures that could prevent global investment funds from buying homes, pushing up prices.

The petition, titled Stop Investors Buying Up Our Homes, includes demands such as removing tax breaks for investors and imposing a 50% investor tax on profits.

The group also called for restrictions on the sale of new developments to individual home buyers and nonprofits, and for the construction of public and affordable housing on state land.

They also called for the inclusion of a right to housing in the constitution and the removal of the possibility for a landlord to evict tenants for sale and evictions without fault.

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