Tuesday, December 6, 2022

Vulture funds a problem for everyone, warns councillor

Vulture funds which buy up all or parts of new housing developments are a problem for the entire county and not restricted to the county’s capital, according to Offaly County Councillor Seán O’Brien.

Speaking at this month’s full Council meeting (May 17), Cllr O’Brien said that he was a ‘strong advocate’ of social housing but much more of it was needed to address the current housing shortage.

“Rents have doubled over the past 10 years,” Cllr O’Brien said, “and they have increased by 8% in Offaly with the average monthly rent now €1,443.

“There are now 529 applications on the Council’s waiting list for a home, with 849 seeking Housing Assistance Payments (HAP) support…that’s 1,378 looking for homes in Offaly.

“The chances of someone aged under 30 years, of buying their own home, has halved in the past few years. Rents are just going up, and today’s generation are now poorer than their parents. We need a huge increase in the supply of houses,” Cllr O’Brien.

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