Sinn Féin proposal that links rent increases to inflation criticised by landlords

Sinn Féin proposal that links rent increases to inflation criticised by landlords

Update 10am

Sinn Féin's latest suggestion to control rising rental prices has been criticised by landlords.

Gerry Adams' party wants to link rents to inflation to ensure that payments don't go up quicker than other market prices.

A vote will take place on the proposals in the Dáil on Thursday, but Fianna Fáil and Fine Gael look set to unite to vote it down.

Fintan McNamara, is the Director of the Residential Landlords Association of Ireland.

He says Sinn Féin's rent plan would give investors another reason to leave the already struggling rental market: “For every two properties that go up for sale only one property is bought with the intention of letting it.

“And there is a very simple reason for that.

“There is very little return in the business now, most of the increases that have taken place in the business in the last 12-18 months, has either gone back to the lending institution or gone back to the State in taxes and charges.”

Earlier

Sinn Féin is putting forward legislation in the Dáil tonight that will link rent increases to the rate of inflation.

But it is looking increasingly likely the bill will fail to pass in a Dáil vote on Thursday, after Fianna Fáil described it as "gutter stuff".

The special Dáil committee that has been looking at the issue of housing and homelessness is to publish its report on Friday.

Sinn Féin's housing spokesperson Eoin O'Broin, insists there is no need to wait for that: “We’re not trying to pre-empt the housing committee or the minister.

“But a piece of legislation takes time and we think this should be a central element of what Simon Coveney is going to come up with at the end of August.

“We are very clear, rent certainty has to be part of the package of Simon Coveney’s measures and I think the vast majority of TDs in the Dáil agree with us.”


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