Video: Éirígí Activists Rebrand I-RES Signage
Éirígí For A New Republic activists re-branded signage on the hoarding of an I-RES site in Sandyford, Dublin yesterday (July 26th). The same site was previously targeted by Éirígí activists in November of last year.
Speaking from Sandyford, Éirígí’s Brian Leeson said, “I-ROB is an accurate description of the philosophy that underpins the entire I-RES business model. This company exists for the sole purposed of exploiting desperate tenants and the state alike.
I-RES was one of the first REITs to be established in Ireland following the introduction of enabling legislation in by Fine Gael and Labour. It was also one of the first vulture landlords to snap up heavily discounted homes and development sites from NAMA.
I-RES is now the largest private landlord in Ireland with over 3,700 homes in Dublin and Cork. The company has previously stated that it intends to build a portfolio of at least 5,000 Irish homes.
About 750 of those homes are in the DLR area, in Stillorgan, Sandyford and Cabinteely. And I-RES has advanced plans to build almost 600 more apartments on three sites in Sandyford.
From the outset I-RES has implemented an extremely aggressive rental price strategy by continually breaking through previous rent ceilings. Where I-RES have led, other landlords have followed, collectively driving rent to the current record levels.
The I-RES 2019 annual report placed the total value of the company’s properties at a staggering €1,359,000,000 (€1.36bn) and the rental income for the year at €50,000,000 (€50m). That amounts to almost €1,000,000 per week in tax-free rental income.
We in Éirígí have been consistently highlighting and challenging the vulture takeover of housing. We will continue to do so in the coming weeks and months as part of our wider housing campaign.
I’d encourage anyone that wants to join the fight for housing justice in south Dublin or anywhere else to get in touch with us today.”