This seems to have gone under the radar in other news publications. According to The Journal, “THE HOUSING MINISTER has written to all local authorities in Ireland this week, encouraging them to begin buying up vacant properties in their areas in a bid to offset the shortfall in new social housing units caused by the Covid-19 pandemic.”. The link is here: https://www.thejournal.ie/housing-minister-local-authorities-buy-up-new-properties-5155602-Jul2020/
So we’re gonna catch a falling knife as property prices tumble. Sounds par for the course.
The LA’s are not famous for being nimble, hopefully the knife will have fallen some of the way before they gain any cadence.
Could we not do a PPP style social house building scheme?
I don’t think the state buying vacant AirBnB properties etc. would have much of an impact on property prices. For example, if they purchased 4,000 properties at c. €250,000 each, that would cost them €1 billion, which i doubt they would be willing to spend. Even if they did, at least it would bring these properties back into the market and release a similar number of existing rental properties on HAP payments etc. back into the private rental market.