““Ireland has made it very clear that it does not want rental,” he says. “We would never look at Ireland again. It’s an untrustworthy environment.
“We invested in the future there and it was just losing a lot of money. So it was a financial decision.”
Kenney’s contention is that the government’s policy of [enforcing a cap on rent increases](https://www.thetimes.com/world/ireland-world/article/are-rental-caps-crushing-irelands-housing-market-rx5dq3p80) has made it impossible for investors such as Capreit to operate profitably in the country any more. Other interventions, such as introducing a penalty stamp duty rate for institutional investors that buy entire developments, have signalled that Ireland is not open for business.”
demonspawns_ghost on
Good, fuck em. There’s too much money exiting the Irish economy and going overseas. And I suspect this company had a role to play in Canada’s current housing crisis.
WringedSponge on
Great news. Don’t let the door hit you.
Practical_Trash_6478 on
Won’t someone please think of the poor investors, thoughts and prayers, oh and fuck you!
Soectronis on
Whiney speculators moaning about regulation… a nice little PR written piece there. I’ll get the world’s smallest violin.
Icy-Lab-2016 on
Good riddance.
louiseber on
MarramTime on
Great timing. The government is short of opportunities to invest money in the country that will not be inflationary. If they substitute funding for property development from excess public funds in place of investment by property companies, that should have no impact on inflation. It should be capable of providing an attractive and secure financial return to the state through home sales, rent and cutting spending on rent supports. Everyone that matters wins.
Don’t let the shoddy quality overpriced rental door hit you on the way out
markoeire on
“Why is the government of Ireland protecting the wealthy? Why are the people that have the ability to pay rent, why are they rent-protected?”
Lol, if it was up to them, everyone would be beaten out the last cent out of them to support crazy profit rates
Powerful_Elk_346 on
I actually thought this was Waterford Whispers when I read it first.
jamesmksmith88 on
Does anyone actually know how property or investments work. It comes down to your in cost versus the net income, which will churn put a yield or return. What they’re saying is – the returns are artificially capped, and have likely shrunk with a) inflation and b) squeeze on net income. There is also the vast disparity between new build rent prices and market / capped rents., meaning going by caps – you’ll probably never hit your reversion. Now I’m not saying that I advocate relaxing rent control, as I think that’ll cause its own pressures on ordinary people but try at least understand an investors perspective rather than being a mere simpleton. We do need institutional investors, and the fact is – our input costs are humongous. If someone makes 10 to 15% return on resi, I’m all for it (they won’t by the way). The amount of risk you undertake is massive with planning, cost inflation, debt costs…one bad project could be curtains.
Hopeful-Post8907 on
Great
cyberlexington on
AHH poor diddums. My heart bleeds for the parasites not gouging more money out of people.
nedstarkin on
We are living in a truly delusional world indeed.
jamesmksmith88 on
Interesting that this has got a lot of down votes…it’s a fact. An unpopular albeit.
jrf_1973 on
Ireland’s not an airport honey, you don’t have to announce your departure, just get the f out.
Also from the Sunday Times earlier this year (March 31st 2024) “Are rental caps crushing Ireland’s housing market? As Scotland prepares to scrap its price controls on rental tenancies, institutional investors ask whether the Irish government should do the same”
senditup on
To all the people here celebrating this, are you sure that someone or something will come along to replace supply?
shinmerk on
This thread will be full of denial.
Those who wanted foreign investors out have got their wish.
22 Comments
““Ireland has made it very clear that it does not want rental,” he says. “We would never look at Ireland again. It’s an untrustworthy environment.
“We invested in the future there and it was just losing a lot of money. So it was a financial decision.”
Kenney’s contention is that the government’s policy of [enforcing a cap on rent increases](https://www.thetimes.com/world/ireland-world/article/are-rental-caps-crushing-irelands-housing-market-rx5dq3p80) has made it impossible for investors such as Capreit to operate profitably in the country any more. Other interventions, such as introducing a penalty stamp duty rate for institutional investors that buy entire developments, have signalled that Ireland is not open for business.”
Good, fuck em. There’s too much money exiting the Irish economy and going overseas. And I suspect this company had a role to play in Canada’s current housing crisis.
Great news. Don’t let the door hit you.
Won’t someone please think of the poor investors, thoughts and prayers, oh and fuck you!
Whiney speculators moaning about regulation… a nice little PR written piece there. I’ll get the world’s smallest violin.
Good riddance.
Great timing. The government is short of opportunities to invest money in the country that will not be inflationary. If they substitute funding for property development from excess public funds in place of investment by property companies, that should have no impact on inflation. It should be capable of providing an attractive and secure financial return to the state through home sales, rent and cutting spending on rent supports. Everyone that matters wins.
Bye [bye](https://64.media.tumblr.com/77ab1bd58d736851bcc94389935b0973/tumblr_n6bei0kusS1qdeyheo1_500.gifv)
Don’t let the shoddy quality overpriced rental door hit you on the way out
“Why is the government of Ireland protecting the wealthy? Why are the people that have the ability to pay rent, why are they rent-protected?”
Lol, if it was up to them, everyone would be beaten out the last cent out of them to support crazy profit rates
I actually thought this was Waterford Whispers when I read it first.
Does anyone actually know how property or investments work. It comes down to your in cost versus the net income, which will churn put a yield or return. What they’re saying is – the returns are artificially capped, and have likely shrunk with a) inflation and b) squeeze on net income. There is also the vast disparity between new build rent prices and market / capped rents., meaning going by caps – you’ll probably never hit your reversion. Now I’m not saying that I advocate relaxing rent control, as I think that’ll cause its own pressures on ordinary people but try at least understand an investors perspective rather than being a mere simpleton. We do need institutional investors, and the fact is – our input costs are humongous. If someone makes 10 to 15% return on resi, I’m all for it (they won’t by the way). The amount of risk you undertake is massive with planning, cost inflation, debt costs…one bad project could be curtains.
Great
AHH poor diddums. My heart bleeds for the parasites not gouging more money out of people.
We are living in a truly delusional world indeed.
Interesting that this has got a lot of down votes…it’s a fact. An unpopular albeit.
Ireland’s not an airport honey, you don’t have to announce your departure, just get the f out.
[oh no :(](https://youtu.be/8QTE8S9pD5I?si=Dsb4R9YJyMP03y6I)
Also from the Sunday Times earlier this year (March 31st 2024) “Are rental caps crushing Ireland’s housing market? As Scotland prepares to scrap its price controls on rental tenancies, institutional investors ask whether the Irish government should do the same”
To all the people here celebrating this, are you sure that someone or something will come along to replace supply?
This thread will be full of denial.
Those who wanted foreign investors out have got their wish.