The dream of ever owning your own home is now dead for Indigenous Irish workers. The nightmare of RENTING FOREVER is now very real as the FF-FG-Green coalition government on Wednesday night voted in favour of their amendment to the Finance Bill.
The FF-FG-Green coalition government amendment exempts vulture funds from a 10% stamp duty surcharge on the bulk-buying of houses so long as those properties are LEASED to local authorities for council housing.
Most Indigenous Irish workers are above the income threshold to get one of these “Vulture Fund council houses”.
The county council will never have a housing stock for Irish workers on low incomes as they will now pay Vulture Funds forever to provide council housing. This gives the vulture funds an ideal business model that will only get bigger and more profitable.
Irish workers now have to compete directly with vulture funds with massive funds at their disposal.
These vulture funds can buy a residential home in Ireland using their massive funds and avail of 0% stamp duty.
Of-course these same vulture funds will then lease the properties back to the Irish government, giving the vulture funds even more profits and a sustainable business model that will completely destroy Irish workers’ expectation of ever escaping the rental nightmare.
Sinn Fein, Labour,Social Democrats, PBP, the Rural Independent Group, and the Independent Group all voted against the amendment.
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