The Government's new measures to stop the bulk buying of homes have been described as a "cop out".
Ministers have announced measures aimed at discouraging the bulk buying of houses by investment funds.
Stamp duty is to increase for 10% for purchases of 10 or more residential houses, while local authorities will also be instructed from tomorrow not to allow bulk buying of new developments.
The proposals won't apply to apartments.
Opposition parties have been quick to criticise the plans, with Social Democrats' Cian O'Callaghan saying the measures are "weak and won't work".
He said those looking to buy an apartment will still have to compete with a "billion-euro investment fund".
Sinn Féin's Eoin Ó Broin, meanwhile, said the measures aren't enough, and "bulk buying and sky high rents will continue".
What a cop out. Govt plan will do nothing to stop investment funds from bulk buying family homes.
🚨Planning changes won’t apply to existing permissions or to future apartments.
🚨Tax changes are minimal & won’t apply to apartments.
🚨Bulk buying & sky high rents will continue. pic.twitter.com/rP7Ru9M89p— Eoin Ó Broin (@EOBroin) May 18, 2021
Speaking on The Hard Shoulder ahead of the official announcement, Deputy Ó Broin said it's a problem that the new proposals would only apply to new planning permissions.
He said it's important to get the "bad investors out and good investors in" in the private sector.
However, he argued it's vital to "massively increase" direct public funding of good quality, affordable housing to rent or buy.
Affordable housing
Meanwhile, a Sinn Féin motion on affordable housing has been "accidentally" passed in the Dáil, after the Government failed to back its own countermotion.
Sinn Féin had put forward a private members motion to double capital investment in order to deliver 20,000 homes to meet social & affordable housing needs.
The party wants to see affordable homes for €230,000 or less available to purchase in Dublin - compared to the Government's aim of €450,000 - and for €220,000 or less elsewhere in the country.
They're also calling for affordable cost rental homes to be available for between €700-900 a month.
The motion was put to the Dáil this evening.
Deputy Ó Broin said it passed after three Government ministers in the chamber failed to vote for Government amendments to the motion or against the Sinn Féin motion.
His Dáil colleague Matt Carthy suggested the Government had "accidentally adopted Sinn Féin's housing policy".
Government have accidentally adopted Sinn Féin’s housing policy 😳 https://t.co/oWiTDchzvP
— Matt Carthy TD (@mattcarthy) May 18, 2021
