CORK TD Donnchadh Ó Laoghaire has called on the Government to ditch Fianna Fáil’s developer-led shared equity scheme that he says will push up house prices.
The Sinn Féin TD for Cork South Central expressed concern that the scheme will keep affordable housing out of the reach of ordinary people, and has called for the funding to be repurposed for the delivery of public housing.
Deputy Ó Laoghaire said: “Most of the people I grew up with cannot afford a home. Some will qualify for social housing and may get that after many years of waiting. However, for others, a permanent home is hard to imagine.
"They are frustrated that spending money on rent stops them from putting a deposit together,” he said.
The Cork TD said it represents a huge source of concern for his constituents.
“It is one of the biggest issues that comes through our constituency office, people who simply do not feel they have any hope and find it hard to imagine planning for the future.
"Those who fall between the cracks have no support, and it is a huge category. Affordable housing is key, but what is the point in having a big fanfare for an affordable housing scheme, if it is out of the reach of the people I grew up with?
“It is pointless. Unless we invest significantly in cost rental and cost purchase, all of us will be confronted by people angry that they have been locked out of getting a permanent home, because illusions like this, failed to deliver," he added.
Deputy Ó Laoghaire said this scheme is not the solution.
“We all want solutions, but this is adding fuel to a fire that is out of control. The ESRI, the Central Bank, the Institute of Professional Auctioneers and Valuers and the Secretary General of the Department of Public Expenditure and Reform all have concerns that this plan may increase the price of homes. Fine Gael and the Greens have also expressed concerns.”