The Government has committed to spending at least €1 billion to lease 2,400 homes from investment funds. It would be much more cost-effective to build new homes. This would also create new supply that would mean the State would not be competing with first-time buyers and pushing up prices by doing these deals with investment funds. The Institute of Professional Auctioneers and Valuers has said the State should seek 50% discounts off full market rents when agreeing long-term leases of houses. Instead, the State seeks discounts of only 10% and sometimes as little as 5%. We know that in some cases an independent valuation of market rents has not actually taken place. Why is the Government handing over to investment funds almost double the amount recommended by industry sources? When will these sweetheart deals with investment funds be ended?

A core part of Government policy is to build houses and not lease them. This will be reflected in the Housing for All strategy. In the interim period, we need to wean off the degree to which leasing has been used. Up to 2,500 houses over the next 18 months can be provided through this mechanism for people on social housing lists. We do need to get people off the social housing lists and we need to get houses for them. We cannot wave magic wands here. Earlier, Deputy Boyd Barrett went on about how many people are on the housing assistance payment. We cannot just take people off the housing assistance payment and provide them with houses tomorrow. We have to look at every available option to provide housing. The bulk of resources will be on social and affordable housing and investment in infrastructure to facilitate affordable housing. The private sector also has to get going. Dublin City Council was one of the leaders in this regard with regard to developing this mechanism.

Thank you, Taoiseach, the time is up.

We are going to have to work through this. As I said last week, we are in a transitional phase on this.