Sinn Féin’s Budget will stop housing progress – Cummins

Fine Gael Spokesman on Housing and General Election candidate for Waterford, Senator John Cummins, has warned that Sinn Féin’s alternative budget would stall progress on housing and negatively impact rental supply.

“We don’t subscribe to the view that the rug should be pulled out from under first time buyers. Sinn Féin’s proposals to abolish the First Home scheme and Help to Buy scheme will negatively impact supply.

“As sure as night follows day, if there are less prospective purchasers due to an inability to save for a deposit or bridge the gap between the maximum mortgage an individual or couple can get and the cost of a home, then less units will be delivered. That is why the Help to Buy and First Home schemes are so important.

“Simple scrutiny of their figures show they just don’t add up.

“Last year Sinn Féin stated they would save €181m by abolishing the Help to Buy scheme. However, after significant pressure, they adjusted their policy to say they would phase it but would retain it at its full rate of up to €30,000 for next year; yet their 2025 alternative budget magically states this measure will only cost €90m.

“So it seems Sinn Féin are able to pocket savings of €181m when abolishing the scheme, but it only costs them €90m to retain the measure next year – it’s just another example of fanciful accounting.

“Another U-Turn in evident on page 45 on the waiving of development levies.

“Originally Sinn Féin attacked this Government measure, which has led to a surge in housing commencements. However now they want to retain it.

“Such U-Turns are laughable and I am convinced people see through them. It follows the same pattern – attack the Government on certain matters, then when the criticism falls flat or the measure which is introduced is proven to work, they subtly adjust their policy and hope their hypocrisy isn’t found out.

“On the rental front, Sinn Féin continue to deride landlords and seek to vilify them, describing the modest tax credit of €600 per year as a ‘waste of money’.

“I don’t subscribe to the view of pitting tenants and landlords against one another. In the vast majority of cases, both co-exist with only a small percentage of tenancies ever ending in dispute.

“As a Government, we have introduced a tax credit for both tenants and landlords to support small landlords to remain in the market and to support tenants with their rent bills.

“Catchy soundbites like “we’ll introduce a rent freeze” sound great in theory but we don’t have to look too far away to Berlin where the left-wing government introduced a five year rent freeze to much fanfare in 2020.

“What happened? Within 12 months, supply reduced by 50% and the Supreme Court ruled it unconstitutional, meaning renters had large bills of back money to pay to landlords.

“What makes Sinn Féin think that Ireland is different? I would ask people not to be fooled by simplistic soundbites,

“I think everyone would acknowledge the very last thing we need at this moment in time is to see a further drop in rental supply,” Senator Cummins said.