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Government rescued developers as banks and bond-holder were bailed

Modular emergency accommodation to address homelessness is costing €190,000 and up. It is also alleged €80,000 could supply an eco friendly home.

Builders/developers, enough of them, shirked provision of affordable and social accommodation. The trend was to sell-high on a high-sale market. In 2016 approximately a quarter of a million useless builds litter the Irish Republic.

Developers/builders many of whom avoided providing social housing were among those gone bust. Nama bought their debt-ridden property portfolios steeply discounted selling in short order eg Battersea Towers, among other prime properties, with various properties yet to sell. They paid €30bn on face-value property of €70bn. They say Nama will get a profit of maybe €2bn on €30bn.

Vulture funds anticipate lack of home supply will ensure to the mid-term high rents, so they will sweat-rent cheaply bought properties until enough profit comes from selling.

Vulture funds also buy low-performing debt bundles from citizen saved banks, as these banks themselves pursue personal mortgage debt, various citizen-saved banks add they will continue pursuit of full-debt if sale from home-eviction doesn’t covert their loan.

Many homes are still in negative equity since 2008. There are 49,000 mortgages 360 days in arrears, 37,000 mortgages two years in arrears, 12,000 plus homes being served eviction notices. Scores of evictions are happening monthly, each month. Several thousand people are homeless on streets, in cars, B&B’s, hotels, a third of the hmeless are children. Thousands may follow. People in crisis have mortgage-paid the current value of homes.

In boom-times allegedly people queuing found that some ones ahead buying homes to ones at the back higher cost having made their purchase ahead. People wanting starter homes — affordable housing — had to mortgage to buy high as social wasn’t being supplied.

Come bust and over borrowing here, government rescued many bust developers; banks and their bond-holders were bailed-out of private risk loss at face-value by citizens at our government’s behest and this continues. State pension fund eviscerated, bad water infrastructure, often 500 patients daily on hospital trolleys, childcare, education, frontline essential services all suffer.

Irish financial services on a given day have €2.3m in real assets. Large multinationals pay maybe 2% of 12.5% corporation tax. Wealthy non-residential tax-paying non-doms, what are they doing here?

Tom Ryan,

2 Forts, Dún Bleisce,

Co Limerick


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