Suggestion that NAMA could solve housing crisis deserves an award for joke of the week
SIR, The trophy for the joke of the past week ought to go to Taoiseach Leo Varadkar for suggesting that NAMA will be used to solve the housing crisis. This is the outfit that hired some former failed developers to give them guidance, the very same people whom the Irish people bailed out. NAMA turned out to be a rehabilitation centre for failed property advisors of the Bertie era and has engaged in the fire-sale of properties to billionaire vulture funds at knock down prices at our expense. In the process, these vultures were facilitated by government to avoid paying tax on their subsequent profits.
Does Mr Varadkar not realise that NAMA has been the subject of investigation in Ireland, Britain and the United States on their dealings and now he wishes to expand their role to solve the housing crisis?
It seems to me that the actions of NAMA helped lead us into the situation which added to the present housing situation. They sold off vast tranches of residential properties to vulture funds, big developers and syndicates which were welcomed by the government with open arms.
Former Finance Minister Michael Noonan once described vultures as being good for the ecology as they pick up dead meat scattered around the landscape. In essence this could be taken to mean our own people who have fallen down on their luck.
The government has failed to prevent these people being evicted by these vultures to enable them make bigger profits. These vultures now seem to have a monopoly in the housing market and are helping to put affordable housing out of the reach of our young people.
The greatest joke in part of Mr Varadkar’s plan is that NAMA will buy back properties at exorbitant prices from those vulture whom they originally sold them to for a pittance. Such a scenario could only happen in Ireland.
Unfortunately there appears to be no urgency with the government to solve this crisis. They continue to engage in meaningless housing summits, think-ins, plans, waffle and sound bytes, while achieving nothing.
The housing emergency is the hallmark of an uncaring government who appear to be doing everything in their power not to solve it. If they are expecting NAMA to solve the emergency, based on their past record, we can only surmise the unaffordable and unmitigated mess that they will make of it. Sincerely,
Christy Kelly, Templeglantine, Co Limerick.