Sinn Féin - On Your Side

Housing crisis a brake on economic growth - Tóibín

5 October, 2015

Sinn Féin’s Peadar Tóibín TD has emphasised the negative effects the housing crisis has had on citizens and the economy in the mid-eastern region and throughout the state.

Deputy Tóibín said;

“There is a housing crisis which is a humanitarian crisis throughout the state, but most especially in the larger cities and in the mid-east region of the state. Hundreds of thousands of families are either seeking accommodation or are caught up in the accommodation hyperinflation. Without a home there is little of family life that works. Education suffers, physical and mental health suffers. Families in emergency accommodation suffer from reduced nutrition and it becomes harder to hold down paid employment.

“However the housing crisis is also a significant threat to the economy. Insufficient housing supply restricts labour market mobility and pushes up wage inflation as families struggle to cover rental and mortgage costs. The cost of the home is an increasing proportion of a workers cost of living and is having increasing influence over their income and spending choices. A dangerously dysfunctional housing market acts as a threat to mobile Foreign Direct Investment and indigenous enterprise.    

“This government’s laissez faire housing policy is hurting families in the here and now but it is also having an effect on the ability of the economy to be competitive and to ensure that we can attract jobs in the future. An increased supply of housing both in the public and private sector would create badly need jobs now, resolve this competitiveness threat and reduce the danger of another bubble.”

Connect with Sinn Féin