Even if investors bought 0 houses there still aren’t enough being built.
A few years back the central bank introduced rules for developers in order to prevent another Celtic tiger bubble. They made it more difficult for developers to borrow money to build estates. For a while (not sure if it’s still the case) the developers had to have a booking deposit before they could start building a property. This was to prevent a repeat of people building houses in parts of the country where there weren’t enough customers.
I’m bringing this up because these types of rules make property funds more attractive to the developer. If they were building 100 properties it would be easier to deal with one fund than 100 individuals. They could probably give them a discount and still make more money.
The benefit for the developer is they can extend their runway and start planning the next estate or phase of properties right away. The faster they move the more money they make.
Close the borders. Enslave the poor. Eat the rich. Simple.
Are all those percentages of new builds only? Like when he says were competing for 6000 homes is this excluding second hand houses for sale?
end airbnb, would help plug a massive part of that shortfall
I’m struggling to get approval for a house no more than 200 metres outside a village in the South East.
You’d think the county council would want development. Grow the local economy, keep the local school numbers up, etc. But apparently one neighbour objection and their 40 page clearly unhinged manifesto is enough to hold things up.
It shouldn’t be this hard.
FFG traitors have alot to answer for!
Yes, we do need more houses, of course, thank you very much for that amazing input.
however, just so that I don’t starve homeless as the market outprices me in the six years it’ll take for that happen, can we do something else about the crisis as well?
How can anyone give that grifter a platform? He has a twitter account where people send him in screenshots from daft and he’s there with a patreon looking to make money out of it and seemingly he’s some kind of spokesperson for those looking for housing?
He’s also the guy who supports going around sending letters to people whose relatives have just died in the hope they’d sell them their house off the market and that’s how he bought his house.
Lets see what other countries are doing and learn from them: *The Government in Germany has banned Real Estate Investment Trusts (REITs) from buying up residential property. This decision was taken by the German Government in 2006 specifically to ensure that large international investment funds would not be attracted towards buying up homes and apartments.*
Maybe we need to move towards a system where housing is completely managed by the state? ie private landlords being be a rarity through taxation and regulation of second properties.
Are there many countries (excluding communist Russia) where the practice of of large companies buying up residential properties has been outright banned? People will cry that it would lead to an inefficient market but what was is the actual evidence?
Also, how many houses, occupied or otherwise, do we have in Ireland at present? I can see the case for older structures, such as older hospitals like Lomans and and St Itas being converted into residential apartments.. they are pretty much lying vacant anyway?
Sure if the problem is the prices then all we have to do is print more money right?
I think most of the blame is being pointed at “billion dollar investment funds”, and rightly so.
However, I think the state has a massive hand in this. Nearly every apartment building being thrown up in Dublin is being bought in total by an “approved housing body”, as the city councils struggle to manage traditional social housing.
As much as this is needed for those who need social housing, is there not a negative effect as where those who pay a majority of the taxes and actively fund the approved housing bodies are completely ineligible for the housing that their taxes have paid for?
It goes back to this archaic thinking of “‘flats’ are for those on the social, houses are for private owners” when in reality a majority of people in the rental market/lower price private market would be very happy to secure a new 2bed/2bath with great transport links to city centre, but unfortunately they’re not able to buy them.
>We cannot compete with billion-dollar funds
Actually, we can – by building and supplying housing like it’s a consumer good, instead of an investment. The very moment depreciation starts affecting all the realty investments, you will see a very big crash and flight of capital.
Fair enough on the “just” part. Just building more won’t solve the problem. But we should still be building more. NIMBYism is also responsible for the crisis/disaster, alongside these funds
They’re going to just class REITs as people now aren’t they?
Mostly the state not private funds.
State buys massive levels of housing for social housing vs what’s built currently.
In 2020 they bought, built and leased 7824 homes for social housing. About 20k homes were built that year.
Can we legislate for this and force any non owner occupiers to sell at the price they bought + costs incurred?
What are they doing with the houses because there’s fuck all to rent anymore and even Airbnb doesn’t seem to have as many listed as it used to…?
I’d ban Airbnb from the country phase it out over the year and introduce some really drastic measures that will be unpopular for investors and landlords but necessary for people who need to buy or even rent reasonably affordable dwellings
Why aren’t we taxing the shit out of Vulcher Funds?
Is the OP suggesting we don’t build more houses?
Its €5,000 for blocks to build 2 bedroom house. Just saying…
Ireland is a cancerous shithole of a country. I just want out. I’m proud to be an Irishman no more.
All good up in Northern Ireland though. I can buy a 3 bedroom house as cheap as £70k Thought the Republic was supposed to be the better place to live?
I made a sub for this a few days ago, r/BuildMoreHouses
Please feel free to share any and all contributions/ideas you have on how we can solve this disaster.
There are so many societal issues which stem from the lack of adequate housing. I’m planning on adding a few more posts to describe my viewpoint in the future, but if you want to help me shape the sub I’d appreciate it.
Housing is a human right; not an investment.
We need to have a state owned construction company, rather than letting contractors bid for projects, so we can build more houses for our people instead of for profit.
**I am not going to stop until building more affordable houses is the number 1 priority in this country. It will take time, but when we band together, we are capable of incredible things. Enough is enough! It’s time to start building more houses.**
The statements are pretty misleading and it doesn’t substantiate the narrative that funds are buying all the properties.
2021 – paraphrasing he says circa 41% new homes bought by funds and state. However, the overwhelming majority of this is by the state. In 2021, the 4 Dublin local authorities alone bought 25% of all new homes. Add in all the other local authorities – what percentage of new properties are actually bought by funds?
Does he not want social housing provided by the state?
The problem insufficient numbers of houses are being built, so contrary to the headline of this thread that is precisely what is needed.
27 comments
Credit to @[crazy house prices](https://instagram.com/crazyhouseprices?igshid=YmMyMTA2M2Y=)
Even if investors bought 0 houses there still aren’t enough being built.
A few years back the central bank introduced rules for developers in order to prevent another Celtic tiger bubble. They made it more difficult for developers to borrow money to build estates. For a while (not sure if it’s still the case) the developers had to have a booking deposit before they could start building a property. This was to prevent a repeat of people building houses in parts of the country where there weren’t enough customers.
I’m bringing this up because these types of rules make property funds more attractive to the developer. If they were building 100 properties it would be easier to deal with one fund than 100 individuals. They could probably give them a discount and still make more money.
The benefit for the developer is they can extend their runway and start planning the next estate or phase of properties right away. The faster they move the more money they make.
Close the borders. Enslave the poor. Eat the rich. Simple.
Are all those percentages of new builds only? Like when he says were competing for 6000 homes is this excluding second hand houses for sale?
end airbnb, would help plug a massive part of that shortfall
I’m struggling to get approval for a house no more than 200 metres outside a village in the South East.
You’d think the county council would want development. Grow the local economy, keep the local school numbers up, etc. But apparently one neighbour objection and their 40 page clearly unhinged manifesto is enough to hold things up.
It shouldn’t be this hard.
FFG traitors have alot to answer for!
Yes, we do need more houses, of course, thank you very much for that amazing input.
however, just so that I don’t starve homeless as the market outprices me in the six years it’ll take for that happen, can we do something else about the crisis as well?
How can anyone give that grifter a platform? He has a twitter account where people send him in screenshots from daft and he’s there with a patreon looking to make money out of it and seemingly he’s some kind of spokesperson for those looking for housing?
He’s also the guy who supports going around sending letters to people whose relatives have just died in the hope they’d sell them their house off the market and that’s how he bought his house.
Lets see what other countries are doing and learn from them: *The Government in Germany has banned Real Estate Investment Trusts (REITs) from buying up residential property. This decision was taken by the German Government in 2006 specifically to ensure that large international investment funds would not be attracted towards buying up homes and apartments.*
https://www.thejournal.ie/readme/cuckoo-funds-housing-market-5416160-Apr2021/
The irony here is that some of these German investors are [buying up *Irish* property portfolios](https://www.irishtimes.com/business/commercial-property/german-fund-pays-145m-for-dublin-residential-rental-portfolio-1.4315657)
Maybe we need to move towards a system where housing is completely managed by the state? ie private landlords being be a rarity through taxation and regulation of second properties.
Are there many countries (excluding communist Russia) where the practice of of large companies buying up residential properties has been outright banned? People will cry that it would lead to an inefficient market but what was is the actual evidence?
Also, how many houses, occupied or otherwise, do we have in Ireland at present? I can see the case for older structures, such as older hospitals like Lomans and and St Itas being converted into residential apartments.. they are pretty much lying vacant anyway?
Sure if the problem is the prices then all we have to do is print more money right?
I think most of the blame is being pointed at “billion dollar investment funds”, and rightly so.
However, I think the state has a massive hand in this. Nearly every apartment building being thrown up in Dublin is being bought in total by an “approved housing body”, as the city councils struggle to manage traditional social housing.
As much as this is needed for those who need social housing, is there not a negative effect as where those who pay a majority of the taxes and actively fund the approved housing bodies are completely ineligible for the housing that their taxes have paid for?
It goes back to this archaic thinking of “‘flats’ are for those on the social, houses are for private owners” when in reality a majority of people in the rental market/lower price private market would be very happy to secure a new 2bed/2bath with great transport links to city centre, but unfortunately they’re not able to buy them.
>We cannot compete with billion-dollar funds
Actually, we can – by building and supplying housing like it’s a consumer good, instead of an investment. The very moment depreciation starts affecting all the realty investments, you will see a very big crash and flight of capital.
Also [please watch this](https://www.youtube.com/watch?v=4ZxzBcxB7Zc), it’s one of the most important highlight for WHY fixing housing matters more than anything else.
Fair enough on the “just” part. Just building more won’t solve the problem. But we should still be building more. NIMBYism is also responsible for the crisis/disaster, alongside these funds
They’re going to just class REITs as people now aren’t they?
Mostly the state not private funds.
State buys massive levels of housing for social housing vs what’s built currently.
In 2020 they bought, built and leased 7824 homes for social housing. About 20k homes were built that year.
https://assets.gov.ie/111499/84fa9712-fa4a-472f-ac74-05bc2246838c.xlsx
So depressing
Can we legislate for this and force any non owner occupiers to sell at the price they bought + costs incurred?
What are they doing with the houses because there’s fuck all to rent anymore and even Airbnb doesn’t seem to have as many listed as it used to…?
I’d ban Airbnb from the country phase it out over the year and introduce some really drastic measures that will be unpopular for investors and landlords but necessary for people who need to buy or even rent reasonably affordable dwellings
Why aren’t we taxing the shit out of Vulcher Funds?
Is the OP suggesting we don’t build more houses?
Its €5,000 for blocks to build 2 bedroom house. Just saying…
Ireland is a cancerous shithole of a country. I just want out. I’m proud to be an Irishman no more.
All good up in Northern Ireland though. I can buy a 3 bedroom house as cheap as £70k Thought the Republic was supposed to be the better place to live?
I made a sub for this a few days ago, r/BuildMoreHouses
Please feel free to share any and all contributions/ideas you have on how we can solve this disaster.
There are so many societal issues which stem from the lack of adequate housing. I’m planning on adding a few more posts to describe my viewpoint in the future, but if you want to help me shape the sub I’d appreciate it.
Housing is a human right; not an investment.
We need to have a state owned construction company, rather than letting contractors bid for projects, so we can build more houses for our people instead of for profit.
**I am not going to stop until building more affordable houses is the number 1 priority in this country. It will take time, but when we band together, we are capable of incredible things. Enough is enough! It’s time to start building more houses.**
The statements are pretty misleading and it doesn’t substantiate the narrative that funds are buying all the properties.
2021 – paraphrasing he says circa 41% new homes bought by funds and state. However, the overwhelming majority of this is by the state. In 2021, the 4 Dublin local authorities alone bought 25% of all new homes. Add in all the other local authorities – what percentage of new properties are actually bought by funds?
Does he not want social housing provided by the state?
The problem insufficient numbers of houses are being built, so contrary to the headline of this thread that is precisely what is needed.