I mí an Mheithimh 2024, scríobh an Tánaiste faoi mholadh cánach do thithe atá ag teastáil ó cheannaitheoirí céaduaire. Dúirt sé nach féidir cur suas leis agus thug sé gealltanas nach dtarlóidh seo arís, ach ar aghaidh go dtí i mbliana 2026 agus ceisteanna curtha air, dheimhnigh sé go raibh 293 teach bulc-cheannaithe díreach anuraidh ag creach-chistí agus tiarnaí talún corparáideacha. An nglacann an Tánaiste leis go bhfuil teipthe iomlán ar a pholasaí anois?

This week, the Government's damning failure in housing has been laid bare for all of us to see once again. Its choices are making it harder for working people to afford a home. Last night, the Government pushed through a Bill that will hike rents by up to €5,000 for 60,000 renters every year, a gift to big corporate landlords on behalf of Fine Gael and Fianna Fáil. This morning, we woke up to the news that there are no housing assistance payment, HAP, properties to rent in 16 different areas. These are right across the country, and include areas in Cork, Galway, Dublin, Athlone, Limerick and Waterford. I could go on. This is piling even more pressure onto those desperately seeking to put a roof over their heads.

That is before we come to the abysmal failure to stop vulture funds snapping up family homes. In June 2024, the Tánaiste wrote that the bulk purchasing of homes needed by first-time buyers cannot be tolerated. Those are his words, not mine. Two years on, those words ring hollow. Under questioning by me, the Tánaiste confirmed that 293 homes were bulk purchased last year alone by vulture funds. These were 293 homes and 293 opportunities lost to working people. There were 293 young people who had done everything right, saved for years and cut back, with some even moving back into their family homes to build up a deposit, only to find themselves outbid. Couples queued for hours and hours outside developments, lining up before dawn to secure a chance to bid on a first home, only for the vultures to swoop in, not with a mortgage application or savings scraped up year after year, but with institutional capital that no ordinary worker can compete with.

This happened and was tolerated under the Tánaiste's watch as Minister for Finance. He told the public the Government's policy would put a stop to this. We said it would not. The Tánaiste stood over that policy and defended it. He said it would deter bulk purchasing. It has not deterred it and it has not stopped it. It is still happening. Of the 293 homes purchased last year by vulture funds, 154 were bought in the last three months alone. This is happening right now under the Tánaiste's watch and the reason is simple: the Government's legislation is not working. It made a choice to leave the door open and vultures are swooping right through it. When the Tánaiste says that bulk purchasing cannot be tolerated, what exactly do those words mean? What we are seeing is not intolerance but permission for large investors to compete directly with first-time buyers and permission for a model where ordinary working people are told to save harder, wait longer and try again next year. Does the Tánaiste accept, in the face of the facts, that the Government's policy has failed? Does he accept that as long as these exemptions remain, first-time buyers will continue to be gazumped by vulture funds? Will he now act to keep the promise he made and ban vulture funds from snapping up family homes? He said the practice, in his words, could not be tolerated. Will he finally step up and deliver on that promise?

Hear, hear.

First, in relation to the housing assistance payment and the Dublin Simon Community report that the Deputy referenced, I thank the Dublin Simon Community for the work it does. I thank it for the recognition in its commentary in relation to the tenancy protections we are putting in place in the legislation that passed in this House last night and now goes to the Seanad today. I thank it for the work it is doing, including in this capital city with the opening of its new facility this week to help people in relation to addiction and homelessness.

I also want to acknowledge that when it comes to housing assistance and the housing assistance payment, we do intend, in line with our housing plan, to review the HAP limits and to have that completed within the first half of this year. That is a commitment the Government has given because we believe HAP can make a difference to people and we believe it is making a difference to people. I am pleased to see that already, when we look at people who have been on HAP and at their journey to longer-term accommodation and a more permanent housing solution, there are encouraging signs, with 37% of exits from the HAP scheme now being to other forms of social housing. The point in relation to needing to review HAP and the HAP limits is something this Government concurs with. It is something we are acting on and we will have that work concluded in the first half of this year.

My second point in relation to HAP and supply more generally is that we have to keep on increasing supply. There are some encouraging signs, which I am not surprised the Deputy did not mention, when it comes to housing supply. Last year, we saw almost 100 homes built every single day, an increase in our housing figures by more than 20% on the previous year. We saw commencements of new homes in December double on what they were in November. We see 600 people buying their first-time home every single week. We will have social housing figures shortly, but I believe those will also show progress.

The Deputy referenced institutional investors. The Deputy and many people, on all sides of this House, often talk about the Housing Commission report. It is important we do not pick and choose which bits of the report we want to talk about. The Housing Commission report itself says we must see private investment in our housing market. It is really important; the State cannot do it all. In fact, the State is investing way more than most European countries in housing, but we do need to also attract in private investment. There may be a policy difference with us on that. I do not know, but there may be. However, the Housing Commission report, and not you or me, recognises the importance of it.

When it comes to bulk buying, and we did discuss this the other night, we have acted. We introduced a higher rate of stamp duty. When I was Taoiseach in the period of time the Deputy referenced, I acknowledged and said clearly that the extra rate we brought in, the 10% rate, was not high enough in my view. I worked closely with the then Minister for Finance, Michael McGrath, and the Government and we increased that rate of stamp duty by 50%. That saw the number of homes being bulk bought fall in 2023, 2024 and 2025 and we expect it to fall now.

Another fact the Deputy did not mention, but that he should mention because I did put these figures on the record of the House the other night, is that we now see institutional investors selling more homes than they are buying in Ireland. There is a need for all of the facts to be looked at. We need private investment. We took action in relation to bulk buying. We took further action in relation to bulk buying, and we are now seeing more homes being sold than bought up by that sector.

The Tánaiste gave a commitment in 2024. He said that the bulk purchasing of these homes by vulture funds should not be tolerated, cannot be tolerated. He is the Minister for Finance. He has not just been tolerating this once or twice. He tolerated it 293 times last year. These were 293 opportunities snapped away by vulture funds from young people who wanted to buy their first home. The Tánaiste stands there and somehow defends this because he offers no solutions. It could not be tolerated in 2024 and it should not be tolerated now. Vulture funds should not be allowed to outbid and swoop in to buy homes from under the noses of ordinary first-time buyers. That is simple as. What is the Tánaiste going to do about it? If he genuinely believes it should not be tolerated, as he said, then what is he going to do about it? The solution is simple: ban vulture funds from bulk purchasing family homes. It is as simple as that. End the practice. Step up and do the right thing on behalf of people who are being completely outpriced in the market and are losing faith as a result of the Government's policies.

I have told the House quite clearly what we are going to do. We brought in a higher rate of stamp duty. We increased it further. We are seeing the number fall. We brought in specific planning guidelines that are having a very significant effect. We are now seeing more homes actually being sold than bought up by institutional investors. That is a very significant change. We gave a commitment, we acted on the commitment, and we are seeing the benefit of that policy now. It is important, though, that we discuss these issues in relation to housing. It is important that we discuss the issues in relation to HAP. However, it is also important that we are not hypocritical. We are having a discussion today about the housing assistance payments. That was the starting point the Deputy made with the Simon Communities report. Sinn Féin's housing spokesperson described HAP as a chronic waste of money. That was Sinn Féin's position. We are trying to actually review it and make sure it works. When it comes to Sinn Féin, Mary Lou McDonald comes into the Dáil and speaks of a housing emergency and then goes back to Cabra where it is a housing objection. That is hypocrisy.