How do Pinsters think the recent rental freeze initiatives will play out in the rental sector?
Minister Kelly “hopes” the measures will work but early info indicates the exact opposite! Moreover how will the initiatives work in practicality, say in a standard 12 month FIXED TERM lease?
Seems another ham fisted way of trying to stabilise a market that only housing supply can truly sort…
PD
Struck down as unconstitutional (arbitrary interference in property rights) shortly after General Election?
What is he trying to accomplish ?
Market rent increases will still occur, as this is determined by property currently ‘to let’ on the market.
Annual rent increases to existing tenants were always the exception, not the rule.
Most landlords are happy to leave the rent alone, if the tenant is good.
thankfully I am out of that game now.
Something I would be thinking about if I were still a landlord, being tied in to a 24 month rate when there is the chance of changes a government and the outside chance of a loony left influence in the dail. Should the next government increase the tax / cost burden on private landlords there will be no scope for reaction from the landlord for up to 24 months. Considering the hefty enough tax take on rental income as is … many LLs wouldn’t be able to handle further increases without the option to pass these costs on to the end user.
I can’t imagine that it will encourage too many landlords to enter the market
‘left’ was probably a wrong phrase, who I mean are those socialist / independent type politicians who feel that their target market should pay no taxes and the minority should pay for the lifestyles of their voters
Epic stupidity.
A landlord now has to price in the uncertainty of a 2 year period entirely at the start of the lease. Even in a stable market that would result in rent increases!
Joan Burton and Alan Kelly are a pair of fucking idiots for falling for this one.
Everyone pays taxes, not just you. If you don’t want to live in a society than start your own country.
Everyone pays taxes, not everyone is a net contributor. That’s not rhetoric, that’s fact.
+1
The proposals also include an increase in RA/HAP levels in some areas. Increasing the rates of these payments is also a strong driver of rent increases for all tenants, both those in receipt of RA and those paying rents out of post-tax income.
The new Labour party policy will significantly increase rents in the short term and has increased the subsidy from the taxpayer to landlords.
Alan Kelly previously railed against the Central Bank macro-prudential policy saying that it was was probably correct in the long-term but was damaging in the short-term. His own policy proposal is wrong both in the short-term and the long-term.
Virtually no impact.
Any issue will take a number of years to surface.
From what I’ve heard today the most significant development is that public opinion is now aware that renters have influence in public policy. It’s easily overlooked in the analysis of the immediate impacts but in the bigger picture this has been a momentous move in Irish societies relationship with property matters.
The door is open to more demands and those who previously felt powerless won’t sit quiet.
I agree Catbear from the electoral perspective I can’t see what Labour has to lose from pursung this strategy. Landlords are unlikely to vote for them, the votes of the social welfare classes are lost to Sinn Fein but in urban areas, where the Labour vote is concentrated, a large minority of households are renting privately and are mightily pissed off with being fleeced by landlords and they votes are ripe for the plucking.
I heard AK47 on Morning Ireland and what struck me most was his unwillingness to make any concessions to landlords. When asked what he would do if landlords break the regulations his attitude was ‘we will fine them and we will resource the PRTB to police it’. But after all, no landlords vote Labour so why would he bother saying anything else?
I guarantee that the Labour manifesto will promise the introduction of full rent certainly, and will promise private tenants - we will fight for your interests.
Socialists have no problems robbing people, if anything they make an art out of it, just not THEIR kind of people, to quote Churchill
“Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.”
to answer the OP, i have no idea why any landlord would bother to improve/repair the property and try to achieve better rents for a better home when they now have to justify to some bureaucrats the difference, the quality of rentals will just get worse
Aside from the irony that he’s a landlord himself.
It’s not clear how this will play out until the legislation is published. It’s not yet and when it is it’ll be here.
I suspect reconciling the twin objectives of:
a) political objective of halting rent increases immediately
b) practical objective of legislation which is not in contradiction with itself or constitution
are causing the draftsmen some late nights at the office.
As expected
Take a bow Alan Kelly
Fine. Leave prices drop so that folk who would like to exit the rental market can afford to buy then.
That’s the primary reason for the rental squeeze: numbers renting increasing because they can’t afford to buy.