In just four days the Government's rent hike Bill comes into effect. Its legislation allows landlords to hike up rents to the market rate and renters will be hit with massive rent increases, the likes of which we have never seen before. We know that corporate landlords and vulture funds are rubbing their hands in glee, popping champagne corks at the thought of the huge profits they stand to make as a direct result of your legislation. They are not even hiding it. It is in black and white. In a presentation to its investors by I-RES REIT, the largest corporate landlord in the country with thousands of properties, it sets out what it can now do as a result of the Government's new rent hike Bill. It has told investors it will be able to increase new rents by a staggering 25%. It is predicting a 25% potential rental income uplift "with minimal added costs". That is a direct quote, Taoiseach. This paints a frightening picture of the size of the rent increases coming down the tracks due to the Government's decisions. The property funds are set for a bonanza. This company is telling its investors that it stands to make an extra €21 million in rents every year once the Government legislation flows through. Just imagine what that means for renters faced with a 25% hike in rent. What would this mean for somebody paying the average rent? It means having to find more than €5,000 extra per year. That is just to cover this increase. Does the Taoiseach know any renter able to afford that kind of increase on their already extortionate rent because I certainly do not? Two weeks ago, I warned that his legislation would give a big pay day to corporate landlords and the Taoiseach said that I was wrong. He said that this was all about providing stability for renters. How in the name of God is allowing renters to be hit with a 25% increase providing them with stability? Of course, the Government's legislation was never about stability for renters. It was always about feathering the nests of the big property funds and now the Taoiseach has been found out. Now we see the proof straight from the horse's mouth. The biggest corporate landlord in Ireland is saying out loud the very thing the Taoiseach denied. It will make a fortune from his legislation all on the backs of renters. This is a recipe for disaster in the lives of workers, families and our young people. He is doing it with his eyes wide open with all the proof of who will benefit on the table for all of us to see. Ní fhéadfadh leis an tiarna talún is mó sa tír a bheith níos soiléire, gur féidir leo cíos a ardú 25% mar thoradh ar reachtaíocht an Rialtais. Caithfear stop a chur leis na harduithe ollmhóra seo.

Does the Taoiseach accept what the largest landlord in the country is saying? It will be able to hike new rents by 25% as a result of the Government legislation, an increase that will be a breaking point for so many. This is what the rent hike Bill is facilitating. He simply cannot allow this to happen. Will he now intervene to stop renters being crushed by these massive increases?

All those renters in existing tenancies will have their rents increased by 2%, not 25%. Existing tenancies will not be impacted negatively as a result of the changes. The changes arose out of an analysis undertaken by the Housing Finance Agency. Why did it do an analysis? It did an analysis because the Housing Commission said we needed to create certainty, clarity and stability in the rental market for the long term and that there would be clarity around that. That is the fundamental issue. However, the Minister has balanced that with greater security of tenure for tenants with the six years, essentially ending no-fault eviction where a landlord can end a tenancy without the tenant having done anything wrong. That is a significant protection for tenants. There is security of tenure and the national regulation extending RPZs to the entire nation. Those involved in social policy and the academic world have acknowledged and articulated that this is a significant increase in rental protection. The Housing Commission called for this. The ESRI called for this. It was looking for a 4% cap on rents. That is what they recommended. We said no, and that we would go for 2% on that.

This Bill will give far more legal protection to renters than they have ever had in the history of the State. That is the bottom line. It was interesting that quite a number of people representing property interests threatened constitutional action with regard to this Bill. They do not like the security of tenure and protections that are provided to renters. There has been a lot of disquiet among many representing landlords around these changes. That has been articulated on quite a number of occasions.

About 513,000 are people renting now in different categories, from the public to the private sector, but the tenancies of the more than 290,000 people who are currently renting will not be affected, and the Deputy knows that. That is the key element of this. Yes, we want to bring investment back into the market because we have not been building enough apartments to date. Supply is the key instrument we have to moderate rents in the medium term. Let us be under no illusion; we need more apartments and more housing. We got 36,000 houses built last year and we need to get to 50,000 per year. The State, which is allocating about €9 billion, is the main actor in the market at the moment, through supporting cost-rental and affordable housing and the building of public housing. The State is the main player in house building at the moment.

The Department of Finance estimates that we need to spend about €20 billion per annum, between public and private sector investment, to get to that figure of 50,000 houses that the ESRI says we need. Some say we need even more. We have to have a balanced approach to protecting renters, particularly those in existing tenancies, and giving them greater protection in terms of security of tenure, but also then facilitating a far greater degree of construction, particularly in cities, of apartments because our density is not where it should be, in brownfield sites in particular. I would have thought everyone in this House was agreeable to greater investment. Is é atá i gceist againn ná i bhfad níos mó tithe a thógáil sa tír seo agus tacaíocht agus cosaint a thabhairt do thionóntaí na tíre.

Is waffle atá i gceist anois. This is on the Taoiseach. There is no balance here. The biggest landlord in the country could not be clearer. It knows that it can hike rents by 25% as a result of the Government's rent hike Bill. It knows that it will make an extra €21 million in rents each and every year. That means millions going into the pockets of corporate landlords and thousands coming out of the pockets of renters - security of tenure my eye. Those are the hard facts and the Taoiseach knows it. It is here in black and white. We are talking here about the biggest rip-off of renters in a generation. This sends a shiver down the spine of every renter across the land and it is directly because of the decisions and choices of Fianna Fáil and Fine Gael. The Government's legislation is causing this to happen and I have asked the Taoiseach to take responsibility for that. I have asked him before and I will ask him again. Will he intervene, now that the writing is on the wall, to stop these massive rent increases?

The Deputy's party has had a fair degree of engagement with the property industry over the past while. Deputy Ó Broin has been very active in meeting with IBEC, on behalf of Property Industry Ireland, with Hines real estate Ireland, the Construction Industry Federation, Glenveagh Homes, Vulcan Consulting and so on, and Property Industry Ireland.

Answer the question.

It is interesting. What were the matters discussed in his meeting with IBEC on behalf of the property industry? They were the introduction of incentives for investors to capitalise apartment construction-----

Not to screw renters.

-----to extend the existing permissions, to legislate to prevent issues and, of course, promising the sun. It is like the meeting with Davy Stockbrokers a year or two ago. Supply is the key. I am sure the Deputy would agree that supply is the key.

I did not interrupt Sinn Féin's leader. I just want to make the point that supply-----

Answer the question.

I am answering the question.

I call Deputy Eoghan Kenny.

I want to finish my point. Supply is the key issue.

Time is up.

It has to be noted that the Deputy has objected to 3,000 apartments in the past while. That is her contribution to renters in this country and people who need housing. She has objected to 3,000 apartments.

The time is up. Have some respect for the Chair.

I respect the Chair but I also ask that she respect my right to reply. It is not being facilitated.

They did not listen during the time that was allowed. We have moved on to Deputy Eoghan Kenny.

On a point of order-----

There is no point of order. The Taoiseach's time was up.