Labour will immediately freeze and cap rents until enough homes are built. And we will build 80,000 homes on public land in the next five years.
The private housing market has failed. Fine Gael wastes €700 million every year on private landlords, instead of building houses. Tax reliefs incentivise student residences, hotels and “co-living” units for professionals. And vulture funds have bought up entire housing estates to be rented out. Labour will change the tax system so that investors’ greatest incentive is to build more affordable homes.
Labour will bring in stronger rent controls. Labour froze rents in the past for 2 years and we can do it again, to give people certainty and to allow time for more homes to be built.
Labour believes that secure, long-term renting should be a viable option so that people have security and can make a place into their long-term home. We will bring in long-term leases for renters, with rent certainty, and we’ll stop unfair evictions.
Labour will set up a €16 billion homebuilding fund. This will include €5 billion from the Ireland Strategic Investment Fund, €4 billion from the Rainy Day Fund, some of the NAMA surplus of €4 billion, funding from the European Investment Bank and investment from some of the credit union movement’s €14 billion in savings.
We will combine expertise from existing agencies into a single National Housing Development Agency, as a non-profit public developer.
We will set up regional Housing Executive agencies within local government, to pool expertise and key personnel and to restore councils’ capacity to build homes.
Read more on Labour’s housing policy here.