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  1. #1
    making waves making waves is offline
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    Time to take the Rental Housing Sector into Public Ownership

    RTE is reporting that Ireland's largest private landlord, I-RES REIT, made €19million in profit for the first six months of the year on a portfolio of 2,678 rental properties.

    https://www.rte.ie/news/2018/0809/98...ial-tenancies/

    This equates to a profit in excess of €7,000 for each property for six months or almost €1,200 profit per property per month.

    Over the past number of years I-RES REIT has been buying up property all over Dublin, including large numbers of apartments and other property from NAMA at knockdown prices.

    At a time when there is a massive housing crisis and spiraling rents it is obscene that a private landlord is able to accumulate such vast profits out of the exploitation of working class people in need of a home.

    Taking these properties into public ownership would immediately allow for a dramatic reduction in rents - as well as providing ongoing funds to build new social housing.

    The scale of the crisis is demonstrated by the fact that the Department of Public Expenditure and Reform has recently stated the state is currently spending double in subsidies for renting individual properties in many parts of the country than it would cost to build new homes. The state is currently paying up to €1,950 per month in HAP payments to families at risk of homelessness in the private rental sector - and is subsidising private landlords to the tune of €300million this year.

    While a major expansion of social housing is needed - one measure that would immediately alleviate the spiraling rent crisis would be taking landlord portfolios into public ownership. Landlords constantly whinge that renting property is not profitable and is too much hassle - if that is the case they shouldn't have any issue with these properties being taken into public ownership and thereby alleviating their discomfort.
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  2. #2
    The Nal The Nal is offline
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    So what are you suggesting? The government buy properties from landlords? At what price?
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  3. #3
    Hitchcock Hitchcock is offline

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    Quote Originally Posted by making waves View Post
    RTE is reporting that Ireland's largest private landlord, I-RES REIT, made €19million in profit for the first six months of the year on a portfolio of 2,678 rental properties.

    https://www.rte.ie/news/2018/0809/98...ial-tenancies/

    This equates to a profit in excess of €7,000 for each property for six months or almost €1,200 profit per property per month.

    Over the past number of years I-RES REIT has been buying up property all over Dublin, including large numbers of apartments and other property from NAMA at knockdown prices.

    At a time when there is a massive housing crisis and spiraling rents it is obscene that a private landlord is able to accumulate such vast profits out of the exploitation of working class people in need of a home.

    Taking these properties into public ownership would immediately allow for a dramatic reduction in rents - as well as providing ongoing funds to build new social housing.

    The scale of the crisis is demonstrated by the fact that the Department of Public Expenditure and Reform has recently stated the state is currently spending double in subsidies for renting individual properties in many parts of the country than it would cost to build new homes.

    While a major expansion of social housing is needed - one measure that would immediately alleviate the spiraling rent crisis would be taking landlord portfolios into public ownership. Landlords constantly whinge that renting property is not profitable and is too much hassle - if that is the case they shouldn't have any issue with these properties being taken into public ownership and thereby alleviating their discomfort.
    The irony is many of the properties that I-Res are buying were effectively in public ownership in Nama.
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  4. #4
    gleeful gleeful is offline

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    How about, instead of spending billions to keep supply the same, we spend those billions to build new houses and increase supply?
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  5. #5
    making waves making waves is offline
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    Quote Originally Posted by The Nal View Post
    So what are you suggesting? The government buy properties from landlords? At what price?
    No - I am suggesting that the government should take the properties into public ownership - with compensation only on the basis of proven need.
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  6. #6
    Gin Soaked Gin Soaked is offline
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    Quote Originally Posted by making waves View Post
    No - I am suggesting that the government should take the properties into public ownership - with compensation only on the basis of proven need.
    Zimbabwe much?
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  7. #7
    twokidsmanybruises twokidsmanybruises is offline
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    Do you really believe that state-owned rentals would be cheaper than privately-owned retails and that a state-owned landlord would not try to gouge for high profits any more than a private landlord?
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  8. #8
    hammer hammer is offline
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    Cut HAP immediately by 30%+

    The REITs wont hang around for long.

    It will free up thousands of properties.
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  9. #9
    Gin Soaked Gin Soaked is offline
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    Aside from the communist leanings of the OP, there is a very valid point here on how much HAP we waste on private landlords.
    No asset is created. Massive sustainability issue.
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  10. #10
    Roll_On Roll_On is offline

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    Or we could just build an adequate stock of social units, stop selling them to tenants, and remove silly planning red tape from people who actually want to build apartments. It'd be perfectly reasonable to construct 10 storey blocks of mixed size apartments in Dublin with no underground car park and people would be happy to rent them/buy them, but DCC insists that the only homes have to be luxury homes with dual aspect, it's own laundry room and an underground car park
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