Egregious No Confidence and No Supply!

Developers receive a further boost under plans by Fianna Fail to inject 200 million of taxpayer money into their pockets by way of an average subsidy of 50000 per house. This is FF definition of affordable housing.

Better they give the money to housing associations to build homes at really affordable prices such as 170000 per house.

Not 50000 off 450000 to take 400000 off unsuspecting buyers persuaded the property is affordable.

Another Fianna Fail proposal is tax relief for landlords already extracting extortionate rent. A large proportion of TDs are landlords.

With such policies designed to further inflate Ireland’s dysfunctional property market voters will have to wait to vote out Fianna Fail their confidence and supply agreement with Fine Gael offers no hope for young people looking for a home.

With up to 43000 people facing uncertainty and possible loss of their homes as a result of recent sell off of mortgages in arrears to vulture funds by the banks it’s clear government parties have lost control of our dysfunctional property market.

It’s also clear policies indicate the political ruling class has corrupted serving the people with serving eviction notices on behalf of banks and financial institutions.

Obedient compliance with the dictats of the banks and vulture funds and the ECB whose fiscal space dictat prevents investment in housing infrastructure.

OK as a young voter unable to rent or purchase your first home you are unhappy with the scandalous and egregious situation depicted above. Sorry, it gets worse.

https://www.google.ie/amp/www.thejournal.ie/public-land-highest-bidder-4227413-Sep2018/%3famp=1

Another proposal is to sell lands to the highest bidder. I kid you not. The state has vast tracts of land it could use to hire its own contractors to build really affordable housing not the egregious corruption of the term proposed by Michael Martin above.

Instead it proposes to sell off state land to both developers and probably vulture funds enabling them to extract rent in perpetuity from Irish taxpayers who will not be able to afford  purchase price set to unaffordable levels.

homeless

Fianna Fail horrendously propose to give more state money to these developers as an average a 50k kickback allegedly to make them affordable?

Fianna Fail has under Michael Martin  travelled a long way from the vision of its founders.

Meanwhile housing activists in Dublin https://www.rte.ie/news/dublin/2018/0808/983834-house-occupation-dublin/ have been occupying vacant houses in Dublin since last August in an effort to persuade Dublin City Council to issue a CPO Compulsory Purchase Order to purchase these properties and use them as social housing stock. To no success.

Vacant properties purchased by developers and vulture funds have yet to be investigated as a phenomenon.  It is widespread as developers sit on property as casino chips they wait to use to choke supply and drive prices upward until the right time to sell maximizing profit.

The Irish Central Bank through its policy of Fiscal Space:

https://en.wikipedia.org/wiki/Fiscal_space

The Irish Government define the term relative to expenditure vs tax inward and this definition is set by the ECB. Moody’s define the term:

“Moody’s Analytics provides monthly estimates of the fiscal space of many countries. They define it as the difference between an estimated upper limit of public debt (beyond which action would have to be taken to avoid default) and actual public debt, expressed as a percentage of GDP or equivalently as the difference between the debt-limit-to-GDP percentage and the actual-debt-to-GDP percentage.^[8]“

Fiscal rules of the ECB analysis here:

Click to access ecbwp1872.en.pdf

“Furthermore, our analysis shows that higher fiscal space is correlated with increased
discretionary expenditures/ lower discretionary revenues, but that this
effect is significantly reduced if fiscal rules are in place.”

It appears to this commentator the argument in favour of large investment in public infrastructure in a time of economic boom faced with the emergency of homelessness and a dysfunctional housing market is compelling.

This is not the time to incentivize the private market with massive state subvention that could be used to extract and extort further rent from unsuspecting Irish citizens.

This is the time to negotiate the extraction of greater fiscal space to lance the boiling epidemic of homelessness and corrupt rent extraction perpetrated by banks and private landlords and vulture funds now supported by nonsense government policy guarding the debt ceiling laid down for us by ECB led German and French banks subjecting us to extortionate bailout terms.

This is even a better time to Irexit from the EU in support of freedom and self governance to serve the needs of Irish citizens rather than the greed of private enterprise to which our political classes appear locked. Their ultimate goal is the selling off of all state assets, fishing rights, forestry, housing stock, state public services in health and education and ultimately parliament itself to private enterprise.

At the head of this corporate frenzy is the EU and the dictatorship of the willing led by politicians such as Leo Varadkar and Michael Martin and Simon Harris so entangled in the bureaucracy of Fiscal Rules and dictates of ECB bailouts that they are powerless to end the scandal of tens of thousands homeless in Ireland due to puppet politics of obedient compliance.

As for the quango announced today to audit and release public lands for development as significant as the announcement in the early part of this century by the ESB of the building of Ard Na Crusha. I really don’t think so. Its only another layer of bureaucracy preventing local councils from doing their work and building for their local communities.

The problem local councils have is not availability of land but the release of that land by Central Government and lending by the banks to develop these land banks.

This is merely another layer of bureaucracy eroding local democracy and further exposing local councils to the dictates of Central Government its powers further curtailed by dictates of the ECB and Irish Central Bank.

 

 

till again………