The government will have to act to prevent cuckoo funds buying up entire estates of new build houses.
That's according to the Tánaiste.
Ministers are working on legislation to reserve a certain amount of new builds for first time buyers.
It comes after one investment fund bought up two entire estates in Dublin and Kildare to rent out.
How can individuals and families possibly compete against global investment funds with billions to invest in housing?
The Government must act urgently to close down the highly advantageous tax treatment that attracts these funds: https://t.co/wgnr3ZTAio— Cian O'Callaghan T.D. (@OCallaghanCian) May 4, 2021
Cuckoo Funds Snapping Homes Up "Undesirable"
Tánaiste Leo Varadkar has said the government will need to intervene to stop this happening:
"I know there's been a lot of concern expressed recently about investment funds buying up whole housing estates."
Adding to that Mr. Varadkar said "I think that's undesirable."
"Government is going to have to act on this."
Finally, he says "I know Ministers O'Brien and Donohue are working on that."
