Sinn Féin TD Pauline Tully has said that Niamh Smyth, Brendan Smith and Heather Humphreys must stand up for the people of Cavan-Monaghan and vote in favour of Sinn Féin’s motion to stop vulture funds from bulk-purchasing homes from under the feet of struggling home buyers.
Deputy Tully was speaking ahead of the vote on the motion, which will take place on Wednesday evening.
Teachta Tully said:
“On Wednesday evening, the Dáil will vote on our motion to tackle the unacceptable practice of investment funds snapping up family homes.
“I am calling on Niamh Smyth, Brendan Smith and Heather Humphreys to stand up for workers, families and aspiring homeowners in Cavan-Monaghan by voting to support Sinn Féin’s motion to end this scandalous practice.
“The purchase of 46 family homes at Belcamp Manor in Balgriffin in Dublin by an investment fund was yet another blow to struggling first time buyers.
“Additional figures released to Sinn Féin Finance spokesperson Pearse Doherty by the Department of Finance show that since the government’s half-baked measures were introduced, over 1,200 homes have been snapped up by these funds.
“These are more than 1,200 homes that should have been available to workers and families to buy. Last year alone, over 620 homes were bought from under struggling home buyers.
“Unless Sinn Féin’s proposals to stop this are introduced, funds will continue to snap up homes that should be available for workers and families to buy.
“TDs in Cavan-Monaghan have a serious decision to make here – either they can allow this to continue, or they can support Sinn Féin’s motion in the Dáil to stop it.
“For some time, Sinn Féin argued for new laws and a higher rate of stamp duty to be charged to stop this unfair and unacceptable practice.
“After public and political pressure, the government belatedly moved in May 2021 to introduce a 10 percent stamp duty on the bulk purchase of family homes by investment funds.
“At the time, Sinn Féin warned in the Dáil that this charge was too low to act as an effective deterrent and that has proved to be the case.
“It is now time for TDs in Cavan-Monaghan to support Sinn Féin’s proposals and support would-be homebuyers.”