> Arresico Ireland was established in 2019 by Gary Lawlor, chief executive, and Michael Stack. Paudie Coffey, the former Fine Gael minister, is a director of public affairs at the company.
Housing crisis is massively profitable to FG TDs and the people connected to them.
Thanks FG
Try it sometime.
I’ve said it before. Most landlords will pay the full rate of tax. The nominal tax rate in Ireland is 52% – thats how much of your rent goes to the government. Why would they fix the problem – other then bad PR I’m not sure they see it as a problem.
Morons are going to be outraged by this for the wrong reasons.
The real issue here is one of public procurement.
​
The “large profit was booked following a revaluation of the company’s investment property portfolio relating to the leasing of 250 of its homes to local authorities”
That means that on 1st January the properties were worth, say, €100m based on the rents that the market believed it was capable of generating, then along comes the local authority on 2nd January and the term of the rental were SO ADVANTAGOUS to the property firm that the valuation immediately jumped €8m.
If the LA paid the correct amount there’d be no increase in valuation.
I wonder if you were writing a film about a dodgey landlord company that wanted to pay a fella a few bob for political favours but needed everything to be above board.
So they give him like a fake job as director of Public affairs and pay him a handsome wage then instead of buying up some houses for social housing he rents them off you at such a high rent, your properties actually rise in value because the money you are making off them.
Probably not a very believable film. That’d never happen in real life. Maybe give him a job giving speeches at the company Christmas parties for a couple million a speech.
Gotta love this plan of getting housing construction up by…losing our shit at the idea of having any financial incentive to build housing.
Next think we’ll be crying because doctors get paid more than a minimum wage when healthcare is supposed to be a human right!
This was already predicted to happen many years ago.
It is against EU law for the govt to build too many houses that they will own themselves. So how they circumvent this is by incentivising big corporations to build houses for them to rent for social housing (which, of course, these corporations will exploit and jack up the price).
I vaguely remember one millionaire requesting a meeting with the govt because he believed that these new policies would lead to corporations “taking them for a ride”.
He is the owner of The Silver Goblet on Evergreen Road. That place went through a few name changes in a short period of time for some reason. Not sure if it’s still even open but he was some entitled shite to deal with.
Someone needs to get Sir Neale Richmond to ask these people nicely to stop profiteering like this.
The government weaponizing your own tax against you so you can’t buy a home.
11 comments
> Arresico Ireland was established in 2019 by Gary Lawlor, chief executive, and Michael Stack. Paudie Coffey, the former Fine Gael minister, is a director of public affairs at the company.
Housing crisis is massively profitable to FG TDs and the people connected to them.
Thanks FG
Try it sometime.
I’ve said it before. Most landlords will pay the full rate of tax. The nominal tax rate in Ireland is 52% – thats how much of your rent goes to the government. Why would they fix the problem – other then bad PR I’m not sure they see it as a problem.
Morons are going to be outraged by this for the wrong reasons.
The real issue here is one of public procurement.
​
The “large profit was booked following a revaluation of the company’s investment property portfolio relating to the leasing of 250 of its homes to local authorities”
That means that on 1st January the properties were worth, say, €100m based on the rents that the market believed it was capable of generating, then along comes the local authority on 2nd January and the term of the rental were SO ADVANTAGOUS to the property firm that the valuation immediately jumped €8m.
If the LA paid the correct amount there’d be no increase in valuation.
I wonder if you were writing a film about a dodgey landlord company that wanted to pay a fella a few bob for political favours but needed everything to be above board.
So they give him like a fake job as director of Public affairs and pay him a handsome wage then instead of buying up some houses for social housing he rents them off you at such a high rent, your properties actually rise in value because the money you are making off them.
Probably not a very believable film. That’d never happen in real life. Maybe give him a job giving speeches at the company Christmas parties for a couple million a speech.
Gotta love this plan of getting housing construction up by…losing our shit at the idea of having any financial incentive to build housing.
Next think we’ll be crying because doctors get paid more than a minimum wage when healthcare is supposed to be a human right!
This was already predicted to happen many years ago.
It is against EU law for the govt to build too many houses that they will own themselves. So how they circumvent this is by incentivising big corporations to build houses for them to rent for social housing (which, of course, these corporations will exploit and jack up the price).
I vaguely remember one millionaire requesting a meeting with the govt because he believed that these new policies would lead to corporations “taking them for a ride”.
He is the owner of The Silver Goblet on Evergreen Road. That place went through a few name changes in a short period of time for some reason. Not sure if it’s still even open but he was some entitled shite to deal with.
Someone needs to get Sir Neale Richmond to ask these people nicely to stop profiteering like this.
The government weaponizing your own tax against you so you can’t buy a home.