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Sinn Féin publishes Bill to address upward only rents debacle

29 March, 2012

The Sinn Féin spokesperson on enterprise, jobs and innovation Peadar Tóibín TD will today move legislation in the Dáil to deal with the debacle of upward only rents.

Deputy Tóibín published the Financial Emergency Measures in the Public Interest (Reviews of Commercial Rents) Bill this morning and was joined by John Shine of Fishing for Jobs and John Corcoran of Korky’s shoe shops.

Speaking this morning Deputy Tóibín said:

“The debacle of upward only rents has seen many businesses stuck with rents set in and around the peak that can only increase.

“These clauses are now banned in new leases but continue to operate in existing leases (ie legacy leases).

“Landlords have been unwilling to set aside these clauses and in most cases are prepared to let the tenant go bankrupt rather than set a precedent of dropping the clause.

“The continued operation of UPORR clauses has fundamentally undermined the domestic economy. Commercial rents increased by 240% between 2000 – 2007 while the consumer price index rose by 30% over the same period

“This piece of legislation aims to deal with this issue for once and for all.

“We believe our Bill is constitutionally sound, will not place a cost on the state and that it should get a second reading.

“Both government parties supported the ending of UPORR in legacy leases and included it in the programme for Government.

“We call on the government to live up to their commitments and immediately end the use of UPORRs by government bodies and state companies (including NAMA) where they exist.”

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