Galway West TD Mairéad Farrell has condemned the lack of affordable rental apartments in the proposed development for 345 apartments as Crown Square in Mervue.
Deputy Farrell said that it is absolutely shocking that not a single one of the 345 units will be affordable rental.
“For all the government’s waffle about the housing crisis being it’s number one priority, the situation continues to get worse,” said the Sinn Féin TD and Mervue resident.
“Rents continue to rise, cuckoo funds continue to flock here, and more upward pressure is applied to rents in a vicious circle. Not a day goes by when I don’t hear from constituents fearful that their children won’t be able to live in the area they are from.
“Those fears are well founded. They cannot afford the rents and they cannot afford to buy. The situation that is set to play out in Crown Square is being repeated all over the country.”
Deputy Farrell said that there are developments which have yet to lay a brick, but have already been sold to cuckoo funds – and that we know how these cuckoo funds operate.
She said that they are investing in property not to support the public good, but as an asset of speculation.
“They are duty bound to their shareholders to seek the highest possible return. That return is based on maximising the rental yield that they can get, which they then return to their shareholders in the form of a distribution.
“And often when they cannot find a tenant to pay these extortionate rents, they are quite happy to let the property sit idle.”