Anything Good In The New York Times?

at

Um.

In the last few years, Dublin has become one of the world’s 10 most expensive places to rent, ahead of cities like Tokyo, Sydney and Singapore.

Deutsche Bank reported in May that typical rent for a midrange, two-bedroom apartment in Dublin was $2,018 a month, 23 percent more than in 2014 — the biggest increase of any city in the top tier.

…“You have a generation being locked out of the Irish social contract,” said Rory Hearne, a lecturer in the sociology of housing at Maynooth University.

“A lot of young people are now realizing they will never own their own home, and that is a particularly terrible outlook when you live in a country where a house is usually your main asset for retirement.”

…The Irish division of Savills, an international property company, predicts that rents will increase an additional 17 percent over the next three years.

…It now costs far more to rent than to pay off a mortgage. The property website daft.ie recently reported that the monthly mortgage payment on a two-bedroom house in the city of Cork would be about $700, but the same house would cost almost $1,300 to rent.

Home prices have rebounded since the recession, but homeownership has not, in part because people paying high rents often cannot save for down payments.

To curb dangerous lending and borrowing, the Central Bank of Ireland in 2015 capped mortgage loans at about 3.5 times the buyer’s annual income, but the median price is about 5.6 times earnings.

Housing Crisis Grips Ireland a Decade After Property Bubble Burst (New York Times)

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28 thoughts on “Anything Good In The New York Times?

  1. postmanpat

    Banks should be forced to give 6x to 1st time owner occupiers.( the repayments are affordable at that rate because it would still be cheaper than the current rent, which they have been paying and demonstrated paying for years) And barred from lending to second “home” scumbags. But then of course the builders would not be able to get rid of those pesky shoebox apartments the banks helped the builders build. So the banks lend just enough to get some saps buy a flat and on the property “ladder” (slide) . Management company extra two months mortgage amount every year too. which half the complex wont pay and there’s no sinkage fund. good times!

    1. Barry the Hatchet

      I don’t think a reasonable solution to this problem is allowing the banks to enable people to buy unaffordable homes.

      1. postmanpat

        But they can afford them. That was my point. Who says they cant? the banks? The mortgage would still be less than what they are paying in rent. The bank know this, but they need to help the builders shift the death trap shoebox flats they helped the builders finance.

        1. Qwerty123

          Nonsense, they can afford the repayments, however the house is overvalued. The only reason they can afford them is that the interest rates are historically low. Not sustainable if the underlying asset is overvalued long term.

          1. postmanpat

            and the interest rates are staying low for a long long time according to experts ,so what’s the problem?

          2. Qwerty123

            Actually, the “experts” say the central bank rules are responsible for the leveling off/ falling Dublin house prices, which is not mentioned in the article.

  2. Ron

    And it will only get worse until the impotent Irish electorate finally cop on to the concept of cause and effect. Cause: voting for political sillies who serve to line their greedy snouts at the money trough in Leinster House. Effect: An entire generation of citizens forced into poverty with no realistic prospect of ever owning their own home. Rich people getting richer and the poor getting poorer.

    They don’t even try to mask it anymore. They do it right under the nose of people, but yet the often submissive Irish are unable, for whatever reason, to stand up and say enough is enough.

    You are what you vote and based on how Ireland votes we are not a nice bunch of people. Its desperately pathetic at this stage.

    1. postmanpat

      True Ron. Insurance companies and banks all over the world use Hollywood and TV gangster character actors to sell their products. Talk about rubbing our noses in it! Not that any of this matter now that the sea is rising and half the world population is going to be wiped out soon!

    2. Termagant

      You know what Ron I’m going to do something I’ve never intentionally done before, I’m going to use a bad word on Broadsheet and tell you to damn right off

          1. Ron

            See there you go again Milly Vanilly, putting 2+2 together and getting 7. We all fail at different times, but it’s the learning agility from that failure that separates us.

        1. Termagant

          Who did you vote for, Ron? Who’s this corruption-free politician with the will and the political canny to always do what’s best for the nation? What lantern-jawed steely-eyed paragon of wit and virtue got your number 1?

          1. Ron

            I voted for new candidates from the Social Democrats and Independent Termagent. I gave no votes to the political filth that represent the 2 main parties that bankrupted this country and forced us into the faeces ridden banana republic this country is today.

            Everyone blames the politicians but it’s about time the impotent Irish electorate took some responsibility for the poo poos they vote for.

            You are what you vote and if you vote for any FF or FG candidates after all they have done… well you can’t fix stupid can you?

        2. Papi

          Jeez, Ron, your poor hip must be in tatters from shooting from it all the time. All the time.

          1. Ron

            Your right. And I understand why the truth triggers you. Because deep down your a clever guy who recognises that everything I say is the truth. But all you guys and girls out there on broadsheet, who grew up in council estates and benefited from a free 3rd level fees system from 1994, graduated with your arts type degrees and boomed over your mochachinos. By God ye were unstoppable. Falling over yourselves to see who could buy the most expensive massive revenue generating boom time over priced house ever. How posh you all got.

            And suddenly now, no one wants council estates. Suddenly now all the arts type graduates prefer to ignore where they came from and rename those places to the trendy mochachinos type drinking place. And all because they are angry to admit they got duped by the banking system in this corrupt banana republic of Ireland.

    3. A Person

      Go on the lefties. Political “filth”, “scum” and turds”. What have you ever contributed to Irish politics other than protest? No policies, no housing, no help for the deprived, no leadership, just name calling.

      1. Ron

        In a properly functioning democracy where there is Government for the People as opposed to the faeces ridden turd show we have today, there would be no real need for protest. But we are where we are because half the country don’t vote and the other half vote for the poopy poos who continuously shaft them. Its almost like Stockholm syndrome

      2. Man On Fire

        A Person

        What have fg contributed policy or initiative wise?

        Name one initiative or policy from fg that isn’t mitred in controversy..

  3. Mike

    If I have no access to air or money, they are the only things I can think about. But once I’m sorted, I focus on other things. I think that’s where some of our inertia for political change comes from. Housing is a legitimate obsession for some, but those who are sorted just don’t see it as important enough for them to vote for some sort of revolution.
    In fact, the higher your net worth, the less likely you are interested in turning the rules on their head.
    I’d vote for anyone proposing a vacant property tax – particularly in urban areas. Whether your Granny’s cottage in Roscommon is empty doesn’t really matter, but once a property is valued at some multiple of the average wage, it should qualify for taxing if left empty.

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