Irish Examiner view: Future of Fianna Fáil and Fine Gael could hang on housing

Sinn Féin is gaining ground with younger voters who want affordable homes and rent control

Bay Meadows housing development in Dublin 15, where all 112 houses were bought by a global investment company. Picture: Sam Boal / RollingNews.ie

Proposals to restrict investment funds block-buying new housing developments are due to go to Cabinet today. 

It follows over two weeks of political pressure after it emerged that an entire estate in Maynooth had been bought up by such a fund.

Darragh O’Brien, the housing minister, is said to be bringing forward a measure to make up to 50% of new housing estates available to first-time buyers. 

This would be in addition to measures in the Affordable Housing Bill, which includes a shared-equity scheme and a help-to-buy scheme.

These measures are welcome, but they indicate a piecemeal approach to housing when radical reform is needed. 

There are tens of thousands of people in their 20s, 30s, and beyond being forced to live with their parents or friends because they cannot afford to buy or rent their own home. 

The problem of the present could become a crisis of the future.

Taoiseach Micheál Martin has correctly identified housing as the biggest challenge facing the country. He and his Government need to meet that challenge head on.

There is a political imperative for Fianna Fáil and Fine Gael to do so. 

As last year’s election showed, Sinn Féin is gaining ground with younger voters who are attracted to the its policies on issues that affect them, particularly affordable homes and rent control. 

Fianna Fáil and Fine Gael could find themselves evicted from power if they do not meet their needs.