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Fine Gael continue to squander public money to shore up profits of property hoarders - Pearse Doherty TD

10 April, 2019 - by Pearse Doherty TD


Sinn Féin Finance spokesperson Pearse Doherty TD has said the government must end the flagrant squandering of public money in the form of tax breaks to property-hoarding international investors.

Teachta Doherty said government policy of tax cuts to mega-rich property investors was directly responsible for exacerbating Fine Gael’s housing and homelessness crisis.

The Donegal TD said:

“In the tax year ending July 2018, just €9m was paid in tax by Irish Real Estate Funds. In the same period, Real Estate Investment Trusts, driven by mega-rich investors from abroad, didn’t pay a cent in corporation tax.

“With these artificially inflated profits, real estate funds hoard property in Dublin and elsewhere to drive up house prices and rents, and ordinary citizens are the victims.

“We are in the midst of a historic housing crisis, but Fine Gael’s policy solution is one law for the rich, and one law for the rest.

"Instead of coming to the aid of record numbers of homeless citizens, Leo Varadkar and Paschal Donohoe have once again fallen in behind the big money.

“This is a national shame. No self-respecting government could, in good conscience, continue to squander millions of public money to shore up the profits of rogue real estate investors at the expense of working families.

“Fine Gael is the party of flagrant waste and squander. While our public services are bursting at the seams, handouts and tax breaks are still extended to booming banks, landlords, property hoarders, and vulture funds hovering over the heads of distressed families.

“For many years Sinn Féin has called for urgent tax reform to close the loopholes exploited by the Fine Gael-property investor cabal.

"We are calling once again on the government to end the waste and end the injustice.”

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