Ban on rent increases urgently required as inflation hits 5.1% - Eoin Ó Broin TD
Sinn Féin spokesperson on Housing Eoin Ó Broin TD has commented on the rise in inflation in the CSO figures for October, which show that the annual growth in the Harmonised Index of Consumer Prices (HICP) was 5.1%.
Tenants in rent pressure zones are now facing rent rises of 5% - we urgently need to see a ban on rent increases across the entire state.
Teachta Ó Broin said:
“According to the CSO, prices in October on average, as measured by the EU Harmonised Index of Consumer Prices (HICP), increased by 5.1% compared with the same period in 2020.
“The CSO also notes that one of the most significant changes in the year were increases in housing, water, electricity, gas and other fuels (12.7%).
“Minister Darragh O’Brien has finally accepted that his government was too slow to act to reform the 4% rent cap, which did nothing to halt rising rents.
“After briefly experimenting with linking rents to inflation, just as inflation started to rise, he has now promised legislation to implement a 2% cap.
“However, this legislation has not yet been published and we will probably not see the legislation implemented until Christmas.
“This leaves tenants wondering how high inflation will be next month and what real impact this rise will have on their rental costs.
“Tenants are now worse off under this Minister’s so-called reforms than they were under Fine Gael’s 4% rental cap.
“The Minister must abandon the ineffective rent pressure zone legislation, and his unworkable and unfair 2% cap. He must ban rent increases for three years.
“We must also see a significant increase in investment in cost rental projects to deliver affordable rental homes at scale.”