Vulture Fund Vultures

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9042761890427616

This morning.

Kildare Street, Dublin 2.

Michelle Moran and Roughan Mac Namara of homeless charity Focus Ireland launch the charity’s new campaign which is calling for “Government legislation to fully protect Irish homes from the threat posed by vulture funds”.

More at VultureShock

Previously: A Rising Shame

Sasko Lazarov/Rollingnews

50 thoughts on “Vulture Fund Vultures

  1. Jake38

    they want……”Government legislation to fully protect Irish homes from the threat posed by vulture funds.”

    Any suggestions on how this would work in law, starting with the definition of “vulture” fund?

    1. Andy

      Well, the immediate way is to give Focus Ireland lots and lots of media attention.

      Lots of it.

      In fact, giving them media attention for bland vacuous statements is probably more important than anything else.

      1. realPolithicks

        You’re right, it would be better if they didn’t bring any attention to this issue at all. Good man.

      2. mildred st. meadowlark

        Focus Ireland are not our elected representatives, or lawmakers. They are a charity. It is the responsibility of the government to do this, to protect the welfare and rights of its citizens. Which currently they are not doing.

  2. Nikkeboentje

    If it wasn’t for the opportunistic funds entering the Irish market, there would be a lot more vacant buildings lying idle. The apartment blocks and estates owned by these funds are usually very well managed and have lots of additional facilities such as being able to rent another apartment for a few days if you have friends/family visiting.
    The vast majority of residential properties available to rent are still owned by private landlords and some people b!tch and moan about that. I would much prefer to be in an apartment block run by a professional landlord who has enormous experience of dealing with multi-family properties. I would definitely prefer this than an apartment block owned and managed by a local authority.

    1. Tish Mahorey

      Great bit of landlordism PR there.

      You’re ignoring the fact that some of these funds were given preference over other potential buyers and the process is entirely secretive and highly suspect.

      They are also contributing if not actually driving the massive hike in rents.

          1. Jack Johnson

            +21

            Also , 3 kms from St Stephen’s Green (30-minute walk) ??????
            Google Maps places it at over 4km and a 51 minute walk

            Lyin’ FoooK ers !!

          2. anyourpointiswhatexactly?

            2-bed fancyass townhouse. I’m not THAT surprised by it: it’s pretty plush.

          3. Nikkeboentje

            I should point out that there are some other properties available to rent in the same complex with different levels of rent. For what seems like a large, very well furnished, two bedroom house, the rent seems reasonable.

        1. Andy

          Photos look great.
          Many of the newer locations in IFSC/Grand Canal that are being developed by international firms include similar facilities.
          Problem I think will be maintaining the exclusivity for tenants. Irish aren’t accustomed to paying meaningful management fees for on-site services. To make up the shortfall some of the fitness centers may be opened to the public.

          1. Nikkeboentje

            I think that is the reason that the rent appears to be high, it probably included the management fee/service charge. As you said people in Ireland are not use to paying anything in addition to rent, usually the service charge is an additional cost for the landlord to the management company. Since these blocks of apartment have only one owner who is also the managing agent, I reckon they up the rent slightly to cover some of the service charges.
            On the continent, you will always see two costs for the tenant; the rent and also the monthly service charge.

          2. Gah!

            The monthly service charge must be pretty hefty! No matter what way you play it, €2,300 is appalling amount of money to charge for a two-bedroom dwelling. The service charges on the continent are pretty reasonable in the main.

          3. Nikkeboentje

            I live in an apartment block with no fancy services and no elevator (which is usually the biggest expense in the service charge) and I’m paying €175 a month in service charges.

  3. Paddy

    Vultures may well be the life blood of the people that Focus want to change the law.
    If there was any semblance of a government that cares about its people, none of this would have been allowed to happen.
    I came across an episode of Yes Minister on a channel called Yesterday purely by chance yesterday. Well that was the real forerunner of reality TV. Written as comedy, but by jeez, you’d swear you were looking at real life.

    1. anyourpointiswhatexactly?

      It might be a hoarding around there? They’re doing a shedload of building on Molesworth Street.

  4. newsjustin

    Vultures (and “vulture” funds) get such a bad name.

    They could also be called investment funds. Funds that buy up dodgy assets in (what was) a tanking market. A bit like that guy last week who made $5 billion on Irish bonds. Guy was backing Ireland when no one else would.

      1. Jake38

        “what did Ireland get out of that?”

        A loan. Money that he leant the country to pay inflated salaries to public servants and dole hand-outs to the underclass when no-one else would touch us with a forty foot pole.

  5. Fact Checker

    The best landlord I ever had was an (Irish-owned) investment fund.

    Replacement of broken appliances was instant. They were able to deal with noisy tenants because the rest of us complained and they had a strong interest in keeping the complex quiet. If they really needed to renovate a property they offered you a similar one, etc.

    Obviously I am drawing conclusions from a small sample size here.

    1. Nikkeboentje

      I agree. There are huge advantages in having an entire block of apartments owned by a single landlord. It’s just not something that Ireland is used to. Also there seems to be an irrational fear/hatred in Ireland of landlords in general but especially if they are seen to be large professional investors/funds.

        1. Andy

          That is comical.

          Tenants in Ireland have excellent rights.
          – It is virtually impossible to evict a problem tenant. And the costs (lost rent, repairs etc) cannot be recouped from the tenants.
          – Lease contracts are superseded by statutory rights i.e. right to tenancy extensions,
          – A LL can only refuse to renew a lease if he/she or a relative wants to use it (daft reason), they need to sell the property, they need to renovate it or change the use (rarely happens; what else can a regular apartment or house be used for)
          – You can only raise the rent effectively every 27 months even though most leases only run for 12 months

          The problem is not that their rights aren’t extensive, it’s that (i) they are not enforced, (ii) there are an abundance of crappy ruthless small scale LLs (although there are a similar abundance of crappy loss making tenants), (iii) the PRTB is a toothless shambles.

          In how many countries can you (i) not pay your rent (in full or in part), (ii) wreck the apartment, or (iii) behave anti-socially and not be speedily evicted?

          FFS, anti-social behavior, such as excessive residential noise, is the preserve of the EPA and not the Cops.

          1. Clampers Outside!

            Not enforced and not having them…. hmmmmm…. same same but different, no?

            I’ll change me approach then…

            That’s very simply down to the really really really poor enforcement of rights of tenants in this country.

            Enforce those rights, people will change their tune.

          2. Fact Checker

            There was also a court decision from two years or so ago in Cork regarding some persistent anti-social behaviour by tenants in an estate.

            This left the LANDLORD legally responsible for noise, uncollected waste, etc. The implication is that she should personally stake the house out at night time and evict the tenants on foot of behaviour (at which point they will become homeless and end up in a hotel on taxpayers’ dime presumably).

  6. Peter Dempsey

    Focus are woolly on facts. They had a FB share last week which mentioned bailout of Irish banks and the recent Tyrellstown houses issue. In that instance a non Irish bank (UB) was involved

  7. steve white

    what is this campaign website supposed to be a petition or an information service? it says

    Are you at risk of Vulture Shock?

    We are calling for Government legislation to protect homes from vulture funds before more families are evicted. Find out if your area is at risk below and join our campaign.

    then is asking you to enter your name email address and county to find out now? how would they do that with only that information?

    are all these people tweeting support, vunerable to vulture funds Im not sure they are
    https://twitter.com/hashtag/VultureShock?src=hash

    1. Jake38

      or as meaningless as “the most deprived”, “the most vulnerable” or “the most disadvantaged” or “socially excluded” or whatever phrase the SJWs have cooked up this week.

  8. Frilly Keane

    If our local everyday friendly banks didn’t sell their delinquent loans off to these organisations

    They wouldn’t be here

    And if anyone here thinks the likes of Bank of Ireland treat distressed homeowners any better than say … Pepper or Tanager now lapithus
    Yere talking shyte
    And should STFU

    1. dav

      our local friendly banks should be here in any event, they are bus, except for their debts been off loaded onto the citizens of this state

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