Sandyford IRES REIT rent increases shocking - Councillor Chris Curran
Sinn Féin Councillor for Sandyford Glencullen Chris Curran has expressed his utter disgust on the announcement that real estate investment trust, IRES has notified their Sandyford tenants of rent increases from 4%-30%.
Speaking today Councillor Curran said;
”This will have a profound impact on the Sandyford tenants and has the potential to affect the whole private rented sector because it will encourage landlords, who can, to do the same
“These REITS are ruthless, they show little or no compassion to their tenants and I'm calling on Minister Eoghain Murphy to take immediate action to close this loophole.
“These profit making organisations are taking a greater hold on the private rented sector. These actions only increase housing instability in the middle of a housing crisis.
“There is another Sandyford site under the control of NAMA, which sought planning permission for a large scale strategic housing development. The planning application is under consideration with Án Bord Pleannala. The State must step in to ensure that organisations like REITs are prevented from taking ownership of this site. Ideally, the site should be passed to the council.
“Our fears about these organisations are being realised. The government needs to stop making these mistakes.
“This is not about profit for real estate investment trusts, this is about people lives.”