Exposed - 2,100 Homes That Are Owned By Vulture Landlords

Just tens days after being launched, the #TrackTheVultures project has already identified over 2,100 Irish homes that are owned by private corporations. Spread across 13 housing developments in Dublin and Cork, these ‘property assets’ are home to an estimated 5,000 people.

Beacon South Quarter, Sandyford, Dublin 18.

The largest development identified so far by #TrackTheVultures project is Clancy Quay, an 845 home development in Islandbridge, Dublin. The two smallest portfolios consist of just 12 homes each in Spencer House and East Arran Street, both in Dublin City Centre.

No matter the size of the housing development, or its location, all 2,100 homes have one thing in common - extortionately high rents. Since they emerged in Ireland less than a decade ago, vulture landlords have deployed extremely aggressive rent-pricing strategies and played no small part in driving rents to their current record highs.

At a conservative average rent of €2,500 per month, the featured 2,100 homes are generating €5,250,000 in rental income per month, or €63,000,000 per year, for the vulture landlords. Registered Real Estate Investment Trusts like IRES REIT and Hibernian REIT pay a rate of 0% tax on this rental income. And even non-REITs pay minimal levels of tax due to the low rate of corporation tax and multiple tax loopholes.

Of course the vulture landlords aren’t just making a killing from charging extortionate rents. They are also amassing ever greater wealth as the overall Irish housing market continues to inflate. At an average price of €300,000 per home, the featured 2,100 homes are currently valued at a staggering €630,000,000.

The Lighthouse, Dún Laoghaire, Co Dublin.

Vulture landlords that bought housing and development land at rock-bottom prices from NAMA and the private banks in the immediate aftermath of the collapse of the Celtic Tiger have now made extraordinary profits from both the rental market and the flipping of housing and development land.

City Square, Gloucester Street, Dublin 2.

Unsurprisingly, the prospect of super-profits has attracted international capital to Ireland like vultures to a rotting carcass. The bulk of the 2,100 featured homes are owned by US, German, Canadian and other multinational corporations which manage global property assets worth tens of billions of euros.

With such deep pockets the vulture landlords have been able to buy entire housing complexes from NAMA, the banks and private developers before they even get to market. In parts of Dublin the vultures have bought 100% of the new apartments that have been built in recent years. Those who would have historically bought these homes to live in - individuals, young couples and those looking to down-size - are now unable to do so.

East Arran Street, Smithfield, Dublin 7.

The corporate takeover of Irish housing hasn’t happened by accident or because there was no alternative model of housing available. It has happened because of the deliberate housing policies of successive government which have included Fine Gael, Fianna Fail, Labour, The Green Party and a host of independents.

Xavier Court, Sherrard Street Upper, Dublin 1.

The creation of NAMA, the bailout of the private banks, the reshaping of taxation law, the gutting of the planning process, the undermining of public housing and many other actions were all designed to assist the corporate takeover of housing. Gombeen politicians blindly following the a discredited neo-liberal capitalist ideology.

Cooopers Court, Robert Street, Dublin 8.

The alternative to the wholesale corporate takeover of housing is a new system of Universal Public Housing, or UP Housing for short. Under such a system the state would take the lead in developing new housing, which would then be open to everyone to rent at an affordable rate linked to their income and with absolute security of tenure. You can find out more about UP Housing here.

In the battle for housing justice, information is power. Over the coming weeks, the #TrackTheVultures project will catalogue every Irish housing development that is owned by a vulture landlord, every housing development that is under construction for a vulture landlord and every housing development that is coming through the planning for a vulture landlord. This hugely important information will be available for the public to access here on the Éirígí website.

Park Lodge, North Circular Road, Dublin 7.

The fight for housing justice can and must be won. The corporate takeover of Irish housing can and must be reversed. A new system of UP Housing can and must be created. We in Éirígí For A New Republic are fully committed to the fight. If you’re ready to join us please get in touch today - here. Bígí linn.

Harty’s Quay, Rochestown Road, Cork City.