Proposal for state-backed savings scheme for social and affordable housing
The savings scheme is along the lines of a French scheme, called the Livret A, which has been in operation for decades and is consistently among the most popular savings products.
The party's housing spokesperson, Rory Hearne TD, rejected suggestions it was along the lines of the Celtic Tiger-era SSIA savings scheme, stating that money was not ringfenced for anything.
Deputy Hearne said the party's Homes for Ireland savings scheme could provide a real solution for the housing crisis that would give people hope that the "housing disaster" was solvable.
The TD for Dublin North-West said the current housing situation was "a social catastrophe and the biggest issue facing our country".
"We're saying to young people, the housing crisis does not have to go on, new policies can solve the issue," he said.
Deputy Hearne said such a savings scheme could channel some of the €163bn currently on deposit in Irish banks.
Increase to social and affordable homes
He said the funds would then be channelled through agencies like Home Building Finance Ireland or the Housing Finance Agency who would then provide favourable finance rates to local authorities and Approved Housing Bodies to build social and affordable housing.
Deputy Hearne said this would not provide "more shoebox apartments by funds", but rather much-needed social and affordable homes.
He pointed out that in France, some €19bn was provided for social and affordable housing in 2020.
He said if Irish savers amassed €1.5 - €2bn in deposits, this could be used to fund between 6,000 and 7,000 units per year.
The TD said the Government repeatedly claimed that the Opposition was not providing ideas to solve the housing crisis, and said "here's a solution".
Also speaking at the event was Professor of Social Policy in UCD, Michelle Norris who sat on the Housing Commission.
Professor Norris said the Commission had recommended that the level of social and cost-rental housing needs to be doubled – so around 20% of the population are living in the sector.
She said while a lot of public money was currently being spent on social housing, this was not matched by the building of social housing.
Housing waiting lists
She said people were spending years on social housing waiting lists, and there needed to be measures to promote counter-cyclical investment in housing, meaning that housing could still be built during an economic downturn.
She said the scheme in France had provided a stable, low cost source of finance for social housing providers.
"France has managed to double its supply of social housing to the levels of supply the [Housing] commission recommended for Ireland to about 22% of the population," Prof Norris added.
She said the Livret A scheme provides a really stable source of funding so the sector is not entirely dependent on government, and said it was suitable for the Irish context.
Professor Norris said the Housing Commission recommended in its report that the scheme should be underpinned by legislation, a Social Housing Act, to guard against privatisation.
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