Government votes against Sinn Féin motion to end tax advantages for housing investment funds

Housing has been the topic of the Dáil all week

A Sinn Féin motion to end tax advantages and exemptions for investment funds was defeated in the Dáil last night. The motion also called for an immediate rise on stamp duty on REITs (Real Estate Investment Trusts) and IREFs (Irish Real Estate Funds). It was defeated 76-63, with a Government counter motion committing to bring about "appropriate solutions" to the issue being accepted instead. The defeat comes as pressure mounts on the Government to take urgent action against the 'vulture funds' that make up a large portion of the Irish housing market. People looking to buy a home are competing with large investors so often that first-time buyers are being priced out of the market. The Government maintains that there is a place for such funds, particularly when it comes to apartment blocks, with Taoiseach Micheál Martin suggesting yesterday that not enough houses are being built. The Taoiseach clashed with Labour leader Alan Kelly yesterday over Fianna Fáil's housing policies, with the latter claiming that home ownership is a "pipe dream" for people under 30.