Deputy Mary Lou McDonald- speech from 25 Feb 2026

Taoiseach, in just four days your rent hike bill comes into effect. Your legislation allows landlords to hike up rents to the market rate and renters will be hit with massive rent increases, the likes of which we've never seen before. We know that corporate landlords and vulture funds are rubbing their hands in glee, popping champagne corks at the thought of the huge profits they stand to make as a direct result of your legislation. They're not even hiding it. It's here in black and white. In a presentation to their investors by Iris Reit, the largest corporate landlord in the country with thousands of properties, this presentation sets out what they can now do as a result of your new rent hike bill. And they've told investors that they will be able to increase new rents by a staggering 25%. They're predicting a 25% potential rental income uplift with minimal added costs. That's a direct quote, Taoiseach. This paints a frightening picture of the size of the rent increases coming down the tracks due to your decisions. The property funds are set for a bonanza. This company is telling their investors that they stand to make an extra 21 million euros in rents every year once your legislation flows through. And just imagine what that means for renters faced with the 25% hike in rent. What would this mean for somebody paying the average rent? Well, it means having to find more than 5,000 euros extra a year. That's just to cover this increase. Taoiseach, do you know any renter able to afford that kind of increase on their already extortionate rent? Because I certainly don't. Two weeks ago, I warned that your legislation would give a big payday to corporate landlords. And you said that I was wrong. You said that this was all about providing stability for renters. Now, how in the name of God is allowing renters to be hit with a 25% increase providing them with stability? But of course, your legislation was never about stability for renters. It was always about feathering the nests of the big property funds. And now Taoiseach, you've been found out. Now we see the proof straight from the horse's mouth. The biggest corporate landlord in Ireland is saying out loud the very thing that you denied. They will make a fortune from your legislation, all on the backs of renters. This is a recipe for a disaster in the lives of workers, of families, of our young people. And you're doing it with your eyes wide open, with all the proof of who will benefit on the table for all of us to see. Now, I'm going to ask you to ask you to ask you to ask you to ask yourself what the largest landlord in the country is saying. That they will be able to hike new rents by 25% as a result of your legislation. An increase that will be a breaking point for so many. This is what your rent hike bill is facilitating. You simply cannot allow this to happen. So will you now intervene to stop renters being crushed by these massive increases? Thank you, Deputy Tisha. First of all, all those renters in existing tenancies, will have their rents increased by 2%, not 25%, 2%. And existing tenancies will not be impacted negatively as a result of the changes. And remember, the changes arose out of an analysis undertaken by the Housing Finance Agency. And why did it do an analysis? It did an analysis because the Housing Commission said we needed to create certainty, clarity and stability in the rental market for the long term, and that there would be clarity around that. And that's the fundamental issue. But the Minister has balanced that with greater security of tenure for tenants in terms of the six years. Essentially ending no-fault eviction, where a landlord can end a tenancy without the tenant having done anything wrong. And so therefore, that is a very significant protection for tenants. Security of tenure, but also the national regulation extending or present to the entire nation. And those involved in social policy, the academic world, have acknowledged and have articulated that this indeed is a very significant increase in rental protection. The Housing Commission called for this. The ESRI called for this. They were looking for a 4% cap on rents. That's what they recommended. We said no. We'd go for 2% in relation to that. And this bill will give far more legal protection to renters than they've ever had in the history of the state. That is the bottom line. And it was interesting that quite a number of people representing property interests threaten constitutional action in relation to this bill, because they don't like the security of tenure that's provided and the protections that are provided to renters. And there's been a lot of disquiet, actually, among many representing landlords around these changes. And that's been articulated on quite a number of occasions. We have about 513,000 people renting now, made up in terms of different categories, obviously, from public to the private sector. But the over 290,000 people who are currently renting will not have their tenancies impacted. And you know that. And I think that is the key element to this. And, of course, what we're endeavouring to do, yes, we do want to bring investment back into the market, because we have not been building enough apartments to date. Supply is the key instrument we have to moderate rents in the medium term. Let's be under no illusion. We need more apartments. We need more housing. We got 36,000 houses last year. We need to get to 50,000 a year. The state is allegating about 9 billion. And the state is the main actor in the market at the moment. Through supporting cost rental, through supporting affordable housing, and through the building of public housing. So the state is the main player in house building at the moment. The Department of Finance estimate we need to be spending about 20 billion per annum between public and private sector investment to get to that 50,000 houses that the ESRI say we need. Some say we need even more. And so we have to have a balanced approach to protecting renters, and particularly those in existing tenancies, giving them greater protection in terms of security of tenure, but also then facilitating a far greater degree of construction, particularly in cities, of apartments. Because our density is not where it should be, in brownfield sites in particular. And everyone I thought in the house were agreeable to greater investment. See, this is on you, Taoiseach. There is no balance here, and the biggest landlord in the country could not be clearer. They know that they can hike rents by 25% as a result of your rent hike bill. They know that they will make an extra 21 million euros in rents each and every year. And that means millions into the pockets of corporate landlords, and it means thousands out of the pockets of renters. Security of tenure, my eye. Those are the hard facts, Taoiseach, and you know that. It's here in black and white. We're talking about here the biggest rip-off of renters in a generation. This sends a shiver down the spine of every renter right across the land. And it is directly because of your decisions, your choices, Fianna Fáil and Fine Gael. Your legislation is causing this to happen. And I've asked you to take responsibility for that. And I've asked you, and I'll ask you again, will you intervene now that the writing's on the wall to stop these massive rent increases? I could have said a number of things, Deputy. You know, your own party has had a fair degree of engagement with the property industry over the last while. Deputy O'Brien has been very active in meeting with IBEC on behalf of the Property Industry Ireland, with Highland Real Estate Ireland Limited, with the CIF, with Glenvae Properties, Vulcan Consulting, and so on, and so on, and the property industry Ireland. And it's interesting, in his meeting with the IBEC on behalf of the property industry, what were the matters discussed? What were the matters discussed? To introduce incentives for investors to catalyse apartment construction, to extend existing permissions, legislate to prevent issues, and so on, and so on. And promising, of course, the sun. It's like the daily stockbroker's meeting a year or two and above. But the core question is this, Deputy. Supply is the key. I'm sure you would agree that supply is the key. Deputy, I didn't interrupt your leader. I just want to make this point here, Deputy. Supply is the key issue. Sign up, but I'm going to finish my point here. Supply is the key issue, Deputy. Time is up. It has to be noted, Deputy. It has to be noted, Deputy, that you've objected to 3,000 apartments in the last while. And that's your contribution to renters in this country and to people who need housing. You've objected to 3,000. I respect you totally, but I would also ask you that you would respect my right to reply. It's not being facilitated. Deputy, this is the House, Tisha. They didn't listen in the time that was allowed. We have moved on to Deputy Owen Kenny. No, there is no point of order. I am within the point of order. Your time was up. Thank you, Tisha. Deputy.