He promised the practice would be phased out by 2025. “Allowing the private market to dictate the price of social housing is a shocking mismanagement of public funds - you might as well hand out blank cheques,” he wrote.Īt the time, Mr O’Brien said he did not need Mr Desmond to point out the problem as he had opposed leasing social housing since his opposition days. Mr Desmond said no other countries had such a strategy, which he said left Ireland “prey to greedy developers and international investors”. Mr Desmond described it as a “criminal waste of money” and said investment funds were “having a laugh at Ireland and making a lot of money in the process”. The practice of leasing social housing from private investors was sharply criticised by billionaire businessman Dermot Desmond in 2021 in a letter he wrote to Housing Minister Darragh O’Brien. At the end of the lease, the State has no asset and the tenant is at risk of eviction”. “Long-term leasing sees the State paying for a property over a 20 to 25-year period. He said while the Government pledged to end long-term leasing, the State is “signing up for more and more of these sweetheart deals with developers” which he called “exceptionally bad value for money”.
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