New housing developments in Maynooth

L1011

The investment funds here are primarily Irish peoples pensions. If you have a private pension you quite likely *are* an "institutional investor" as well as a "vulture fund" at the same time.

Topgear on Dave

There used to be loads of small landlords but people hated them.

OwlsZat

L1011 wrote: »

The investment funds here are primarily Irish peoples pensions. If you have a private pension you quite likely *are* an "institutional investor" as well as a "vulture fund" at the same time.

That might square the circle for you but I disagree. Pensions are managed and can be invested in any yield vehicle. Doesn't need to force future generations into property proverty. It doesn't sit well with me. Government should be protecting the future generations.

L1011

Have you ensured any pension you hold is specifically avoiding property funds? Because unless you seek out the change, its not going to happen itself.

There is basically nothing a Government can do to prevent commercial sale of housing. The State should be building housing itself but that isn't going to happen to any useful level with the current Dáil.

OwlsZat

L1011 wrote: »

There is basically nothing a Government can do to prevent commercial sale of housing. The State should be building housing itself but that isn't going to happen to any useful level with the current Dáil.

The Government can start charging the equivalent rate of tax a private buyer would buy a house for, and start charging a flat rate tax on rents. It's just a matter of closing the loop holes.

I wouldn't even mind so much if Irish people's pensions were invested at least the money stays in the state. The problem is the majority of these funds are overseas investors. We are sending the tax free money back primarily to America...

We are ripping off our young people to benefits Americans. It's a crazy situation.

L1011

OwlsZat wrote: »

The Government can start charging the equivalent rate of tax a private buyer would buy a house for

Which is already the case. Stamp duty on residential properties is 1% up to 1m and 2% above 1m no matter who the purchaser is.

This is significantly less than the rate for commercial property.

OwlsZat wrote: »

and start charging a flat rate tax on rents.

This would quite likely push the remaining non-institutional landlords out of the market entirely, leaving only the big boys as an option for tenants.

IRES, a major fund in this area, is an Irish Plc. There aren't that many Americans involved, and even those funds that are US based have plenty of Irish pension funds investing in them.

OwlsZat

IRES was Canadian now listed on the stock exchange. Green is UK, Kennedy Wilson is American. Hibernia is listed on the stock exchange. These companies are investment vehicles designed to extract max from young Irish people. The rent increases they have pushed through are staggering. It's rip off republic and the vast majority of the money is most certainly not going to Irish pensions.

Any managed pension fund is diversified. Government could and should change the tax structure to make these companies charge affordable rents making the whole thing fair and sustainable. At the moment these companies have empty units littered across the city centre such is their dislike for affordable rents.

You can pretend we simply have to screw the next generation. I however, don't believe it. Just sounds like trite rhetoric. Totally obvious it's never affected you or yours. Too easy to have such casual distain.

L1011

Green REIT was sold to a UK firm two years ago after over a century of being a domestic firm - it was the Dublin Artisan Dwellings Company, who were building build-to-rent properties in the Victorian era. The idea is not new.

Changing the tax structure cannot influence what rents are charged. Long-term rent controls have long since been found to be unconstitutional. There's strong legal opinions that the RPZ system is probably unconstitutional too, such is the protection on property rights; and this is why its not applied to new lettings.

You are relying on emotive arguments ("young Irish people", "rip off republic", obsessing over the country a fund is based in, etc) here rather than anything actually solid. There are good reasons to oppose large scale BTR, but your reasons are awful.

OwlsZat

L1011 wrote: »

Green REIT was sold to a UK firm two years ago after over a century of being a domestic firm - it was the Dublin Artisan Dwellings Company, who were building build-to-rent properties in the Victorian era. The idea is not new.

I never said the idea was new. I said they weren't owned by Irish pension funds like you made out. Which they aren't. From the 4 main ones I mentioned two are foreign owned two are floated on the stock exchange. I just said we should change the laws so they cant scalp off irish young people.

Pete123456

Got a generic email from Sherry Fitz today confirming that the remainder of Mullen Park was sold to RoundHill Capital and that no further houses would be sold. Houses to be bunged onto the rental market.

I thought it was interesting that they bothered to email people at all actually…

L1011

Pete123456 wrote: »

Got a generic email from Sherry Fitz today confirming that the remainder of Mullen Park was sold to RoundHill Capital and that no further houses would be sold. Houses to be bunged onto the rental market.

I thought it was interesting that they bothered to email people at all actually…

It may prompt someone who was waiting / heart set on Mullen Park to look at other options on their books.

Scoundrel

Pete123456 wrote: »

Got a generic email from Sherry Fitz today confirming that the remainder of Mullen Park was sold to RoundHill Capital and that no further houses would be sold. Houses to be bunged onto the rental market.

I thought it was interesting that they bothered to email people at all actually…

Yeah saw that absolutely disgusting stuff i wonder what the monthly rent will be 2k? probably more the reality of FF/FG Ireland and they wonder why young people vote for the shinners?

OwlsZat

Scoundrel wrote: »

Yeah saw that absolutely disgusting stuff i wonder what the monthly rent will be 2k? probably more the reality of FF/FG Ireland and they wonder why young people vote for the shinners?

https://www.irishtimes.com/opinion/eye-watering-rents-extracted-from-younger-generation-in-city-centres-are-not-sustainable-1.4549215?

Was written about shortly after I was making the same point. Government really should legislate for change. It's a bit of a gross situation.

Scoundrel

OwlsZat wrote: »

https://www.irishtimes.com/opinion/eye-watering-rents-extracted-from-younger-generation-in-city-centres-are-not-sustainable-1.4549215?

Was written about shortly after I was making the same point. Government really should legislate for change. It's a bit of a gross situation.

Yep even Michael is getting worried though surely the current situation is simply an outworking of the PDs hideous ideology?

I'm 33 now and I was fortunate enough to buy a house this year already my exact same house type in my estate has gone up 25k which would make it unaffordable for me it's insane and until government legislate for rent control and step in to control the housing market as a whole people will vote for a party that will.

Scoundrel

Naoise O Cearuil saying that those phases were supposed to be social and affordable house but developer pulled out and sold to a fund and guess what? Absolutely no repercussions for the developer whatsoever they should never be allowed do business in this country again.

buffalo

Scoundrel wrote: »

Naoise O Cearuil saying that those phases were supposed to be social and affordable house but developer pulled out and sold to a fund and guess what? Absolutely no repercussions for the developer whatsoever they should never be allowed do business in this country again.

Was that part of the PP conditions, or a contract with the council?

L1011

It was a commercial negotiation between Cluid and the developer, it was taking a very long time and I don't know if there is external (outside Cluid and the developr that is) blame attributable for that, but I wouldn't be surprised.

lordgoat

Irrespective of repercussion for this, the root cause is successive government policy allowing it to continue and expand.

Don't vote for these parties again, even if they helped fix your footpath etc.

Scoundrel

lordgoat wrote: »

Irrespective of repercussion for this, the root cause is successive government policy allowing it to continue and expand.

Don't vote for these parties again, even if they helped fix your footpath etc.

100% FF/FG and to lesser extent Labour and the Greens have enabled this and none of them will ever get a vote from me again.

ECEng

L1011 wrote: »

It was a commercial negotiation between Cluid and the developer, it was taking a very long time and I don't know if there is external (outside Cluid and the developr that is) blame attributable for that, but I wouldn't be surprised.

Any source for this?

L1011

ECEng wrote: »

Any source for this?

Read back up-thread. There were two initial sets of allocations for funding for Cluid to purchase different volumes.

Grayson

Scoundrel wrote: »

Yeah saw that absolutely disgusting stuff i wonder what the monthly rent will be 2k? probably more the reality of FF/FG Ireland and they wonder why young people vote for the shinners?

The ones in moyglare are 1893 for a two bed and 2184 for a 3 bed.

https://www.daft.ie/for-rent/u-maynooth-moyglare-road-maynooth-co-kildare/2503840

I hate SF and I'm disgusted that they're the main opposition. I really don't want them to be in power and at the same time I've had enough of FF/FG.

Tomrota

Grayson wrote: »

The ones in moyglare are 1893 for a two bed and 2184 for a 3 bed.

https://www.daft.ie/for-rent/u-maynooth-moyglare-road-maynooth-co-kildare/2503840

I hate SF and I'm disgusted that they're the main opposition. I really don't want them to be in power and at the same time I've had enough of FF/FG.

A SF government would have to go in with the social Democrats, labour and PBP. That government would probably tackle a wide range of left wing issues and be a lot better than FF/FG. Honestly, the democrats in the US are better than FF/FG. There is nothing worse than those two parties.

OwlsZat

Michael Bickford isn't the problem. It's our bronkers tax breaks for this kind of activity. Should be legislated against and priced out.

Scoundrel

OwlsZat wrote: »

Michael Bickford isn't the problem. It's our bronkers tax breaks for this kind of activity. Should be legislated against and priced out.

Absolutely they should be taxed out of it but more than that we need proper rent control and state intervention in the mortgage market to ensure affordability no more developer led policies. Private developers will never "catch up" with demand because if they do so their profits will go down simply put if we continue to treat houses as commodities rather than homes this will continue and if we keep voting for FF Fg Lab and the bicycle blueshirts the same will apply.

Scoundrel

Grayson wrote: »

The ones in moyglare are 1893 for a two bed and 2184 for a 3 bed.

https://www.daft.ie/for-rent/u-maynooth-moyglare-road-maynooth-co-kildare/2503840

I hate SF and I'm disgusted that they're the main opposition. I really don't want them to be in power and at the same time I've had enough of FF/FG.

Outrageous prices and these will be even more expensive i'd say. Unfortunately those are our choices i'd much prefer a proper left wing labour party with SD support myself but it ain't gonna happen.

lordgoat

10 years ago labour had their best GE result and where are they now? The people think they want something but we never follow through.

I am no way a SF voter and I've never voted FF or FG and have no plans to but I want change. This country has been run so poorly from as long as I can remember. Sure we score points for some items (recent referendums) but look at the execution of their implementation.

Housing, Agriculture and Climate, Infrastructure Policy for example are all so poorly thought out, intentionally vague and overall weak.

2ndcoming

lordgoat wrote: »

10 years ago labour had their best GE result and where are they now? The people think they want something but we never follow through.

I am no way a SF voter and I've never voted FF or FG and have no plans to but I want change. This country has been run so poorly from as long as I can remember. Sure we score points for some items (recent referendums) but look at the execution of their implementation.

Housing, Agriculture and Climate, Infrastructure Policy for example are all so poorly thought out, intentionally vague and overall weak.

Labour's leadership decided to go into government with FG at that election and in doing so alienated their membership, their traditional voters and the electorate at large. They've been political also rans ever since.

It has little to do with the public's appetite for an end to FF/FG's neoliberal policies. Every election this century has seen their vote diminish to the point they have gone from getting 68% between them in 2002 to 49% last year. The more their traditional voter base ages out and is replaced by better educated, younger voters and the longer their politics remain wedded to failed economic ideologies of the 1980s that can have no possible outcome but increased inequality the more their vote will continue to dwindle.

lordgoat

2ndcoming wrote: »

Labour's leadership decided to go into government with FG at that election and in doing so alienated their membership, their traditional voters and the electorate at large. They've been political also rans ever since.

It has little to do with the public's appetite for an end to FF/FG's neoliberal policies. Every election this century has seen their vote diminish to the point they have gone from getting 68% between them in 2002 to 49% last year. The more their traditional voter base ages out and is replaced by better educated, younger voters and the longer their politics remain wedded to failed economic ideologies of the 1980s that can have no possible outcome but increased inequality the more their vote will continue to dwindle.

Oh I know why Labour didn't do well since then, the point being they are the party that should now be at the fore, based on ideals and having a large History in Irish politics.

I'd also say a lot of younger voters are fed up with FF/FG in general and are looking to vote for anyone else. I think they are also in for a surprise if they believe the policies (and I use the word lightly) of SF are going to make massive differences to them.

Anyways back on topic for me now.

OwlsZat

A member of the extended family is building an estate in Drogheda. They've been firing up the houses and was sayin if anything is left rough. The joke is made that the people who will be living there will be used to fair worse! Only the council and housing charities can afford the nonsense prices and it's become a Celtic tiger style piss take.

Anyways, they are building more Mariavilla houses. Wonder is that the last of what's allowed in the planning. I was reading in the specs they are sold with astroturf lawns. Not seen that before. The astroturf seems to rub some people the wrong way, wonder what the residents think?

Is that the housing pipeline for Maynooth exhausted?

Anyways, things could be worse, the Apartment block at the end of the Westfield Leixlip development is truly awful. The residents were up in arms about it, and rightly so. Another move that should frankly have been illegal.