That levy is just seen as an operating cost and will be tacked on and recouped in rent .
Of course they are, because they just made a small operating tax instead of a ban which people asked for
We need an equivalent of the guillotine since politicians are more scared of upsetting companies then the general populace
It is kinda stupid to believe that a levy will stop anyone that wants to do something (e.g. Smoking, drinking, gambling, buying up property).
Paywall
This government is selling Irish citizens into servitude.
I still laugh at idiots who think these funds are here just to benevolently increase supply and help Irish people with the housing crisis. The funds have huge financial muscle behind them and when they have sizeable portfolios, will form an effective monoply, meaning they controll the supply and will seek ever higher rents.
It is almost like there is a very limited supply of something everybody needs and is willing to pay a lot of money for each month/year. Could that be the reason that this business is acting this way?
If only there were some government bodies or agencies who had control over the amount of supply that could be produced of this item. And if only they had years and years to produce plans, controls and schemes to stop supply shortages of this very vital resource. If only people and companies operating in Ireland had complained about the damage lack of housing is doing to society and economy for a very long time.
/s for second paragraph in case it is not obvious. Even though some government or council spokesman’s could claim otherwise.
> Property investors and institutional funds have bulk bought more than 350
350 houses total for the entire year? That’s tiny, and likely much less than before the tax.
Honestly. If the irish public could stop the water charge how the feck can’t they stop this?
The levy was never going to stop them nor did the government want it stopped.
It’s a fucking disgrace at this stage.
That levy is seen as an operating cost and will just be passed onto the consumer.
Paywalled.
There were over 50k houses sold in Ireland last year and this article appears to say 350 were bulk bought in total, so under one tenth of one percent of all transactions.
Another perfectly normal, definitely not demented r/Ireland thread
Food, water, shelter. Nothing is gonna stop the massive funds from going after all three.
Spoiler: Fine Gael are going to continue fucking us as long as they can despite anything they say.
Imo letting in the vulture funds was probably the biggest mistake made in the context of housing. Supply & demand doesn’t work when their are virtual monopolies.
~~‘Mullen Park’ stamp duty levy~~ Rent increase
There, fixed that for you
Property market is getting interesting. MBS etfs are Tanking. Interest rates are increasing but inflation is also going up.
God I really hope Sinn Fein ban funds from buying residential properties at the very least. I’d also love to see a phase out of all the existing funds, give them a couple of years to dispose of their assets, and force a sale after the time expires to the state for a massive markdown on the value of the property.
A lot of people will say that will destroy investor trust and I am 100% okay with these funds not wanting to invest in Irish property in the future. The situation is unbearable as it is, so it’s not like those funds are improving things.
If you already own a home and you are buying a property for rental, there should be a 50% premium.
So there’s 350 more homes available for renting? Excellent. We have a rental crisis in the country.
An outright ban is needed.
Whatever the cost they’ll charge what they need to to make the profit they want
Ban companies from buying houses. If that’s too restrictive for you then ban them from buying blocks of houses.
Sort or the planning system and zoning to get barriers to development lowered.
Make any and every air bnb that’s not owner occupied require planning permission retrospectively as well as future air bnb’s. Far too much accomidation is tied up in short term let’s.
Increase property tax for second homes and give a grant to first time buyers to offset the cost of property tax for 5 or 10 years instead of the current first time buyers 20k grant.
A stamp duty levy….
As opposed to some kind of law… a regulation if you will… That says, hey, you greedy cunt! Yes you! You’re not allowed to bulk buy hundreds of properties because we know what you intend to do with them and it’s going to fuck with peoples ability to afford basic housing. Don’t! Or jail!
But nah, they just pay them off with a fucking stamp duty levy. The fucking wording of that alone. Stamp duty. Fucking stamp duty? You’re not shipping a parcel for fucks sake. That’s a whole fucking apartment and they’re just tidying up hundreds of them before the builders have plastered a wall.
We’ve been groomed in the media for years now about how renting houses and apartments is the way to go – this is apparently the ‘superior model’ and how it’s done in Europe and elsewhere.
Having managed to rid the country of this system, in exchange for a freehold system in the late 19th and early 20th century, we are now headed back to a landlord/tenant system where the ordinary joe soaps’ are being deprived of the investment opportunity that home purchase provides and instead their paypackets are being emptied to pay the exorbitant rents.
25 comments
That levy is just seen as an operating cost and will be tacked on and recouped in rent .
Of course they are, because they just made a small operating tax instead of a ban which people asked for
We need an equivalent of the guillotine since politicians are more scared of upsetting companies then the general populace
It is kinda stupid to believe that a levy will stop anyone that wants to do something (e.g. Smoking, drinking, gambling, buying up property).
Paywall
This government is selling Irish citizens into servitude.
I still laugh at idiots who think these funds are here just to benevolently increase supply and help Irish people with the housing crisis. The funds have huge financial muscle behind them and when they have sizeable portfolios, will form an effective monoply, meaning they controll the supply and will seek ever higher rents.
It is almost like there is a very limited supply of something everybody needs and is willing to pay a lot of money for each month/year. Could that be the reason that this business is acting this way?
If only there were some government bodies or agencies who had control over the amount of supply that could be produced of this item. And if only they had years and years to produce plans, controls and schemes to stop supply shortages of this very vital resource. If only people and companies operating in Ireland had complained about the damage lack of housing is doing to society and economy for a very long time.
/s for second paragraph in case it is not obvious. Even though some government or council spokesman’s could claim otherwise.
If it’s only 350 houses in a full year then the levy worked. Bulk buying of houses has collapsed from 4900 in 2021: https://m.independent.ie/irish-news/families-being-massively-outbid-on-new-homes-by-funds-meanwhile-rents-soar-41328342.html
> Property investors and institutional funds have bulk bought more than 350
350 houses total for the entire year? That’s tiny, and likely much less than before the tax.
Honestly. If the irish public could stop the water charge how the feck can’t they stop this?
The levy was never going to stop them nor did the government want it stopped.
It’s a fucking disgrace at this stage.
That levy is seen as an operating cost and will just be passed onto the consumer.
Paywalled.
There were over 50k houses sold in Ireland last year and this article appears to say 350 were bulk bought in total, so under one tenth of one percent of all transactions.
Another perfectly normal, definitely not demented r/Ireland thread
Food, water, shelter. Nothing is gonna stop the massive funds from going after all three.
Spoiler: Fine Gael are going to continue fucking us as long as they can despite anything they say.
Imo letting in the vulture funds was probably the biggest mistake made in the context of housing. Supply & demand doesn’t work when their are virtual monopolies.
~~‘Mullen Park’ stamp duty levy~~ Rent increase
There, fixed that for you
Property market is getting interesting. MBS etfs are Tanking. Interest rates are increasing but inflation is also going up.
God I really hope Sinn Fein ban funds from buying residential properties at the very least. I’d also love to see a phase out of all the existing funds, give them a couple of years to dispose of their assets, and force a sale after the time expires to the state for a massive markdown on the value of the property.
A lot of people will say that will destroy investor trust and I am 100% okay with these funds not wanting to invest in Irish property in the future. The situation is unbearable as it is, so it’s not like those funds are improving things.
If you already own a home and you are buying a property for rental, there should be a 50% premium.
So there’s 350 more homes available for renting? Excellent. We have a rental crisis in the country.
An outright ban is needed.
Whatever the cost they’ll charge what they need to to make the profit they want
Ban companies from buying houses. If that’s too restrictive for you then ban them from buying blocks of houses.
Sort or the planning system and zoning to get barriers to development lowered.
Make any and every air bnb that’s not owner occupied require planning permission retrospectively as well as future air bnb’s. Far too much accomidation is tied up in short term let’s.
Increase property tax for second homes and give a grant to first time buyers to offset the cost of property tax for 5 or 10 years instead of the current first time buyers 20k grant.
A stamp duty levy….
As opposed to some kind of law… a regulation if you will… That says, hey, you greedy cunt! Yes you! You’re not allowed to bulk buy hundreds of properties because we know what you intend to do with them and it’s going to fuck with peoples ability to afford basic housing. Don’t! Or jail!
But nah, they just pay them off with a fucking stamp duty levy. The fucking wording of that alone. Stamp duty. Fucking stamp duty? You’re not shipping a parcel for fucks sake. That’s a whole fucking apartment and they’re just tidying up hundreds of them before the builders have plastered a wall.
We’ve been groomed in the media for years now about how renting houses and apartments is the way to go – this is apparently the ‘superior model’ and how it’s done in Europe and elsewhere.
Having managed to rid the country of this system, in exchange for a freehold system in the late 19th and early 20th century, we are now headed back to a landlord/tenant system where the ordinary joe soaps’ are being deprived of the investment opportunity that home purchase provides and instead their paypackets are being emptied to pay the exorbitant rents.