Residents facing eviction by vulture fund to learn fate

A LANDMARK hearing of the Residential Tenancies Board (RTB) will today determine if a vulture fund has the right to evict residents from an apartment complex it bought last year.

The RTB has set two days aside in Cork for hearing half a dozen cases from tenants who do not want to be evicted from the Leeside complex on Bachelor’s Quay in the city centre.

The apartment complex is now effectively owned by a vulture fund founded by former US Presidential candidate, Mitt Romney.

Bain Capital controls the Larea Fa Fund which is the landlord of the 78-apartment Leeside complex.

Bain was founded by Mr

Romney.

The Leeside complex is being managed on Larea Fa Fund’s behalf by Lugus Capital.

A total of 23 tenants were notified last October that vacant possession was required. However, around half a dozen residents want to be able to stay at the complex – warning that, if they leave, they fear they will not be able to afford significantly higher rents on their return.

Cork TD Mick Barry (S-PBF) said it was a landmark case.

“If a vulture fund is allowed to evict dozens of low-income families as part of a drive to maximise profits, it will reflect very badly on the new guidelines and on the Government that is supporting them.”