Great video around the need for “cuckoo” funds to help meet Ireland’s housing demands. Would love to have a genuine discussion here and hear people’s opinions.
Great video around the need for “cuckoo” funds to help meet Ireland’s housing demands. Would love to have a genuine discussion here and hear people’s opinions.
6 comments
Fantastic and objective response to the massive misconceptions and public discourse around housing in Ireland.
Would love to hear other people’s takes on the content, but please don’t come at me with disproved talking points addressed in the video if you’re not actually going to watch it or try to begin to understand it.
Lastly, not my video at all, just a fan of Dan Malone and his financial advise. His YT channel is worth a sconce
Controversial:
The fact they are buying up every apartment block is very frustrating for people wanting to buy an apartment in Dublin and the price they charge for their properties is ridiculous. Some of their properties is absolutely unrealistic.
I do see the need for them but the prices they charge and the property they hoard is the problem.
If they charged reasonable rent I don’t necessarily see them as a bad thing. If they provide good services, security and are reasonable to deal with then they could be a solution.
Private renting in its current state is a risky business, that unless they charge ridiculous amounts and dodge the taxman doesn’t seem to be worthwhile. Yes I get the equity involved in owning a second property and having someone pay your mortgage but there is still property tax and potential maintenance fees etc on top of if there is repairs or maintenance to be done to the property. I do not have particular sympathy for landlords but I do see the need for them.
As a renter being at the mercy of a private citizen who can sell at any point there is no security. Not wanting to get too comfortable in an area as you don’t know how long you’ll be there. Fearing that your contract won’t be renewed. Wondering if the next time something needs repaired is the straw that breaks the camels back puts a lot of stress on a person.
I don’t believe you should be renting for the rest of your life but at the same time there is a need for renting not everyone wants to or is in the position to buy therefore they would need to rent. If these cuckoo funds are providing good quality accommodation at a reasonable price I don’t see them being an issue.
I haven’t watched the video, but usually these videos go on about how these funds build houses that otherwise wouldn’t be built, they have the money, developers won’t build without having the finance etc.
We do not need these funds to build houses.
All these funds do is provide the money. Without these funds, the developers still exist, the builders still exist.
So all the state needs to do is assume the role of these funds. Tell Glenveagh or Cairns to come to them with proposals for developments and say they’ll buy them if they build them.
There’s 6 billion alone sitting in a rainy day fund right now. Saying a house costs 300k to build, that’d get you 20k houses.
Go back a few years when rates were negative, we could have borrowed 12bn a year, built 40k houses, sold them all and pay off the debt.
Really disappointed that the downvotes here on the post will result in it getting lost in the ether. Would have loved more of a discussion around it. I guess the consensus is that most of the folks of r/Ireland do not want to have an adult conversation about the reality of Irish housing.
The reality is the state are telling developers to build houses, the state at the same time are restricting Irish banks lending to the same developers.
The Irish developers have to get higher interest funding from hedge funds and investments groups abroad, mainly the UK.
The Irish developers end up taking higher risk to build the houses, there for it’s far more beneficial to sell a development to one customer agreed at the start of the build.
One cuckoo fund means one transaction, one transfer of money and one interaction with solicitors.
Rather than sell 150 units to 150 families many of who are pending mortgages and want their house snagged a slightly different way, that’s 300 solicitors transactions too.
I think they are an absolute scurge.
Why do people always say, “I see a need for them.”
Up till 2008 there were 0 of them and homelessness was a tiny problem in Ireland.
The fact is the Irish Market worked far better without them.
Here is a simple fact.
No private builder wants to build for people in the lowest 30% of income. So how are they housed?
The councils used to by building council houses.
Now, when they decided to stop doing this, what happens to the people in the bottom 30% of income?
Well, basicly, they are in huge trouble, and the only solutions for gov are way more expensive than building council housing.
What about everyone else?
Well because the council are not creating regular supply at the bottom of the market the price for everyone else is also forced up.
There is only one affordable solution to the housing crisis. The council need to get back to building council houses.
Then these cuckoo’s wouldn’t have a market for people prepared to pay ridiculous prices to rent a 2 bed.