Ireland's housing crisis - The case for a European cost rental model

Abstract

Lack of access to affordable quality homes constitutes a significant crisis for workers, families and communities in the Republic of Ireland. Current government plans appear to be insufficient to make a significant impact. Pressure on individuals and families is a direct consequence of under - investment over many years, as well as a failure on the part of a market-led and property-developer-led model of housing to deliver enough dwellings to meet the needs of a growing population. The optimum solution, we propose, is the establishment of The Housing Company of Ireland, which will draw on long-term borrowing combined with an equity injection from the Ireland Strategic Investment Fund, and will undertake or commission, on a commercial basis, a programme of planning, building, acquiring and renting of new homes. This investment will supplement and further strengthen work by the local authorities and the voluntary housing associations in the area of social housing.