Arrogant...or incompetent
Housing Minister urged to ditch shared equity scheme
HOUSING Minister Darragh O’brien was branded “incompetent” and “arrogant” over his plan for a programme that would drive up property prices.
The Shared Equity scheme has been branded a “developers’ charter” because of the predicted bump in profits it would give to big builders.
The €75million scheme is part of the minister’s new affordable housing plans but critics dispute this.
Researchers at the London School of Economics said a similar model there led to a 6% rise in house prices while some building firms saw a 200% growth in share price.
Sinn Fein housing spokesman Eoin O Broin introduced the Private Members’ Bill calling Mr O’brien to ditch the Shared Equity Scheme.
He said: “It will increase house prices, saddle working people with debt and line the pockets of big developers with taxpayers’ money. Facing criticism from all quarters, this scheme is on its last legs.
“Rather than do the right thing, the minister is pushing ahead regardless.
“I am not sure whether it is arrogance or incompetence on his part.
CRITICISM
“Before I remind the House of some of that criticism, it is worth remembering where this scheme came from.
“An entire generation is locked out of home ownership.
“Three decades of Fianna Fail and Fine Gael housing policy has led to ever-higher house prices, ever-higher rents and a growing number of young adults stuck at home are stuck in a
rent trap.” It is clear the Government has been stung by widespread criticism and is now scrambling to change its story.
Mr O Broin was backed by Labour’s housing spokesman Duncan Smith.
He said: “People have been contacting my office who are unaligned, as far as I can tell, to any party or campaign but have concerns about this shared equity scheme.
“In particular, many of them see this as a developers’ charter.”
But the minister insisted: “I am committed to delivery over dogmatism to boost housing supply and open up homeownership to a new generation of people.
“We need to stop letting one party’s perfect be the enemy of everyone else’s good when facing this crisis. “Silver bullet fantasies and cynical hysteria politics do a generation locked in a rent trap a disservice.
“I am committed to using every single weapon in our arsenal.”
It will increase house prices, saddle working people with debt & line developers’ pockets EOIN O BROIN DAIL YESTERDAY