I was not looking to write this thread. I was hoping someone else would. But hey, I can’t be a coward all the time. The #odevaneygardens deal is terrible. It sets a dangerous precedent & hurts both people who need homes & taxpayers concerned about the use of their money.
Important Note: I'm not blaming the individual Councillors involved. I’m not here for the Traitor outrage. I’m here to explain how a Minister @MurphyEoghan cannot be allowed to say that he is doing everything he can to fix the crisis/emergency when he’s doing shit like this.
Firstly, Bartra Capital. They are getting a brilliant deal.€7m, it’s a steal. They get 800 units, none of which will they sell for a real affordable price. This is where it gets a bit complicated and, forgive me, I start making predictions.
Bartra, having put so little money in, will have to sell a huge chunk of the “units” upfront to raise the cash needed in order to build out the rest of the site. They’ll do this easily. One Bidder will buy between 30-40% of the units. A vulture fund, most likely.
That fund then turns to the State & offers the units for the “enhanced leasing” (the bastard child of @FineGael & @RebuildingIRL) FG will snap their hand off, because under Rebuilding Ireland a long term lease (are you sitting down?) is counted as a New Build Social Housing Unit!
I’ll say that again. Land we are effectively giving away will be leased back to us, via HAP, so we can pay for the Developer to make a fortune on the remaining units AND then, after 20 years, we won’t even own a doorbell. The real traitors are Fine Gael.
These Long Term Leases will be paid, at least in part, by the Housing Assistance Payment. More artificial inflation of the rental market that the new (and incompetent) Chair of the Housing Committee @NoelRock said we need to address.
Seriously, Noel. Your party introduced upward only rent reviews with your idiotic 4% targets. Which I can say as a banker is an excellent guaranteed return. I swear, I’d call it treasonous if I thought these clowns knew what they were doing.
But the awfulness doesn’t end there. Nope. Bartra are going to screw us even more. (Remember, this is all because Eoghan Murphy insisted that they are the only show in town) Anyone ask @CualannO ??
Yep, while internationally affordable housing is defined as housing repayments that don’t cost more than 30% of the residents income, Fine Gael have redefined it to mean a 20% discount on market prices. They changed that around 2015 for their pals.
Guess who will dictate that price? My money is on Mr Barrett himself. The Free Rigged Market. Reminder here that the States own report said we can build 2 homes ourselves for the cost of every 1 Dublin HAP tenancy.
There's a lot more wrong with this deal. Cost Rental that isn't etc. But tweeting ideological purity while Fine Gael rob us blind to outsource their responsibilities isn't going to help.
Get active in getting housing as a human right into our constitution. It's a global struggle. O'Devaney Gardens is a terrible deal. But that's only one battle.
Ends ish
Ends ish
