From top: Minister for Housing Darragh O’Brien; Social Democrat TD Cian O’Callaghan
Pluto?
Saturn?
Coruscant?
This morning.
Via Independent.ie:
Developers will be paid up to €120,000 per apartment by the State to fund the shortfall between spiralling building costs and current market prices.
The €500m fund is aimed at unblocking stalled developments and will see 5,000 apartments built between 2024 and 2026.
The move comes amid concern builders are not developing certain sites in cities due to the cost of construction.
Developers will have to apply to have their developments included in the fund and will receive a subsidy of up to €120,000 per apartment.
Taxpayers to fund new €120,000-per-apartment subsidy benefiting developers (Independent.ie)
Meanwhile…
… Social Democrats Housing Spokesperson Cian O’Callaghan said:
“It is bizarre and extraordinary that Housing Minister Darragh O’Brien intends gifting developers up to €120,000 per apartment – without securing any apparent benefit for the Exchequer.
“The State is bailing out developers, but they will still be seeking full market value when the apartments are sold. On what planet does this make any sense?
“If developers are in financial trouble and unable to complete developments, why doesn’t the State take over those developments and ensure the supply of social, affordable and cost-rental homes is increased.
“Instead, the Housing Minister will pay developers huge sums to complete these projects – without any reduction in the sale price being agreed. You couldn’t make this up.
“This government’s housing policies are replete with sweetheart deals for developers and this is yet another egregious example. Why is the ambition of this government, when it comes to housing, so pathetically weak? Why are they so eager to prop up developers and so loathe to take any radical action to support ordinary workers and families desperately seeking a home?”
Anyone?