Taoiseach criticised for saying more private investment needed to fix housing

Taoiseach Micheál Martin has been criticised for saying that more private investment is needed to address the housing crisis.

Fianna Fáil and Fine Gael have come under pressure on housing after claiming that around 40,000 new homes would be built in 2024, when the final figure was 30,330 homes.

Mr Martin said that more private investment is needed to boost rental supply as the State is already investing “huge” amounts to subsidise the sector.

Opposition politicians have criticised his comments as “doubling down on the disastrous policies” the parties had adopted to date.

Average rents in Ireland increased by more than 85 per cent in the 12 years to 2022, the third highest increase in the EU.

In the 12 months to May last year, rents increased by 5.9 per cent for existing tenancies and 9.1 per cent for new renters.

A 2 per cent cap on rent increases per year in certain areas, also known as rent pressure zones (RPZs), was introduced in 2016 to attempt to dampen spiralling…