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Dáil
‹ Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation

Student accommodation owned by vulture funds

Summary

Deputy Farrell criticises the growing share of student accommodation owned by investment funds and says it is worsening affordability and access, including in Galway. The Taoiseach says he will ask the higher education Minister to examine it and argues more State or university-owned accommodation is the long-term solution.

I have raised with the Taoiseach so many times the issue of vulture fund-owned student accommodation. We now know that vulture funds own almost as much student accommodation as the universities themselves. We now have a situation where in Cork and Dublin, there is more vulture fund-owned student accommodation than beds owned by the universities themselves, and Galway is actually getting to that point now as well. There are 1,000 beds proposed in Menlo in Galway. The issue here is that for students and people in the local community, they do not have the access to affordable accommodation to rent or to buy. This kind of development delivers neither of these things. It is also in a Gaeltacht area. How is it possible for vulture fund-led accommodation of 1,000 beds to adhere to Irish language-speaking guidelines for a Gaeltacht area?

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Simon Harris The Taoiseach Fine Gael

I thank the Deputy for raising this matter and I will ask the Minister for further and higher education to look specifically into that issue she raised. I take the importance that she made of the particular issue around the Gaeltacht and supporting the Irish language and Irish language guidelines as well. The Deputy and I had these exchanges before in my last role but I believe where we need to get to is much more State-owned or university-owned accommodation. I am sure we will all be putting forward our proposals as to how we can ramp that up. It is the way to do this. There will always be some private accommodation and that is fine but we need to have much more university-owned and taxpayer-invested student accommodation. We have started that process and I hope that together, we can achieve a lot more in the years ahead.

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