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New housing scheme is not a solution to housing crisis; public reacts to Government’s new plan

DUBLIN: The new housing scheme introduced by the government with high hopes is facing severe criticism from all quarters. The public and opponents criticize the government’s new scheme for lacking a sense of reality and for failing to address the Irish housing market crisis.

Critics argue that the bill will have no immediate or medium-term impact on the housing market because it excludes construction projects that already have planning permission. They say that any potential advantage will most likely not be felt for at least another 2-3 years. According to them, the recent rise in stock prices underscores this fact and indicates that none of these reforms have had an impact on investors.

The new Affordable Housing Bill and the measures now announced are widely criticised as a ploy developed by both Government parties, Fianna Fáil and Fine Gael, to benefit monopolies in the housing sector.

E Murphy, another critic, argues that the Government’s new scheme is not favorable to the unmarried. He points out that the properties protected by the increase in stamp duty will be available only to those earning two salaries.

He says that even he, who had a good job at a multinational company, is now unable to afford to buy a house, and it is the fate of people like him to rent forever.

It is argued that the bill will not help those who want to buy a rental house, as the current reform will only affect new construction. All of the rules will only benefit first-time buyers. This law will not succeed if there are not enough houses available. Critics also allege that the reforms are solely aimed at those living in cities and suburbs.

Darren Gray of Dundalk believes that the Government’s proposals do not go far enough. He says that the government controls cuckoo funds but also gives them tax breaks. According to the Finance Minister, such investors are the ones who can help solve the rent issues. But he blamed the government for failing to recognize that their intervention was just contributing to rent increases.

Such investors need to be regulated through effective tax regulation. People respond by saying that the current leaders are not ready to take realistic action. Therefore, critics say there is no doubt that the new reforms will not be effective.

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