How Did Ireland's Housing Crisis Get So Bad?
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- เผยแพร่เมื่อ 14 มิ.ย. 2024
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Despite the growth in its economy, Ireland is experiencing a major housing crisis. In this video, we'll explain why stagnant wages, institutional investors and lack of social housing are contributing to this issue and the political impact its having.
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1 - inews.co.uk/news/world/how-eu...
2 - europa.eu/eurobarometer/surve...
3 - ec.europa.eu/eurostat/statist...
4 - gfmag.com/data/richest-countr...
5 - www.ft.com/content/e1cfecd4-e...
6 - www.housingagency.ie/data-hub...
7 - www.irishtimes.com/business/2...
8 - businessplus.ie/news/house-pr...
9 - www.irishtimes.com/business/2...
10 - static.lsm.lv/media/2024/01/l...
11 - www.irishtimes.com/ireland/ho...
12 - www.statista.com/chart/25261/...
13 - data.oireachtas.ie/ie/oireach...
14 - www.statista.com/graphic/1/41...
15 - ec.europa.eu/eurostat/documen...
16 - www.irishtimes.com/business/e...
17 - ec.europa.eu/eurostat/databro...
18 - www.irishtimes.com/business/2...
19 - legalblog.ie/real-estate-inve...
20 - www.bloomberg.com/news/articl...
21 - factcheckni.org/articles/have...
22 - www.irishtimes.com/news/socia...
23 - www.economicshelp.org/blog/73...
24 - www.euronews.com/2023/12/01/w...
25 - www.bbc.co.uk/news/world-euro...
26 - www.independent.ie/business/i...
27 - www.politico.eu/europe-poll-o...
28 - www.sinnfein.ie/what-sinn-fei...
29 - www.sinnfein.ie/housing-4
00:00 Introduction
01:02 Context and Data
03:00 Why It’s Gotten Worse
06:03 Why They Won’t Work
07:25 Nebula
Irish here, I'm 28, have a government job and live in my granny's box room.
I make too much to apply for social housing but I can't afford rent for even the smallest of apartments.
It's all so very tiresome.
Friendly reminder that only the National Party will put you, and the Irish in general, *first.* Be it on immigration, multinationals or houses, you *deserve* to live safe and sound in your own country.
I feel you california is the same it's unsustainable
@@HighFlyingOwlOfMinerva Last time I checked they were giving hotel rooms to migrants in Ireland but they let native Irish people to struggle with the housing crisis the government is a joke
@@HighFlyingOwlOfMinerva the explicitly racist and homophobic party, that in some way are the reason for the Dublin riots via provoking people and spreading misinformation
You're not alone friend, about 80% of our generation are stuck in the same situation unfortunately.
In 2009 I was 21 and living in a house share with my mates. There was a huge recession at the time, none of us had jobs, but still could afford rent easily with money to spare.
Nowadays 70% of people in their 20s/30s are living at home with their parents, despite having good jobs. Disgraceful. Young people have really been failed by our government. I don't know how they can show their faces in public. Greed caused this. Allowing vulture funds to go ahead, driving up the rent.
Hey, people used to always do this...
In fairness 2009 was right after a housing crash, loads of speculation in the market caused its supply to exceed demand.
I do think allowing building at the rate pre 2008 would solve a lot the housing shortage in a few years though
It is hilarious how people see it as a problem....IT IS WIN FOR BOOMERS
Most voters own houses...globally politicians have to keep the housing crisis....and blame it on immigration....
any politician who will dare to reduce house prices will be out of Power.....
Putting the phrase "highest GDP" and "wages haven't grown/lagging behind" in subsequent sentences shows how ridiculous GDP as a metric (for Ireland) is in the first place.
Its not just ireland, its the same everywhere
@@nenasiekIt is especially so in ireland because of its tax haven status... Similar to some states in the united states as well
The 'GDP' measurement needs to be scrapped altogether its ridiculous its a complete illusion that means nothing to the average person in the country. Like here in the UK if you look at GDP Britain is still in the top 7 countries in the world, but in reality if you look at actual poverty rates and standards of living, Britain would be one of the poorest countries in the developed world currently.
Nah you just don’t get the equation. It’s mostly returns to capital that grew over that time, return to workers (wages) just hasn’t kept up with real output sooooo. The total income measurement is fine what matters is keeping note that most of the productive growth went to owners of capital not workers
@@samuraibeaver7502so that means living standards are collapsing
Great
28 from Ireland here.
It's bleak. Buying a house is just a dream for most working people. Rent, taxes, and high prices eat away at your wages. Social and entertainment amenities are closing because of high insurance. The healthcare system is a joke. GDP figures have no relation to the actual domestic economy. Majority of people my age that I know have either already left for Australia, or are seriously considering it.
No health system in Ireland. No cops seen day or night too. Mental prices. Emigration best option..
Yet our health system is ranked 1 place higher than the UK with their beloved NHS where you can wait weeks in some areas just to see a GP, I can get one within hours@@Prodrive1
Where do all the penniless refugees live? In America Americans live homeless while immigrants get free housing as long as they aren’t white. The government is replacing white people
The insurers pushed for PIAB in the early 2000’s on the grounds that it would lower insurance costs. What an utter lie.
Australia I would avoid because of climate change.
I was in Dublin recently and I saw so many homeless. I was quite suprised
It's not surprising.
Dublin is Dire, Dark, Depressing and Dead. Donezo. FineGael and FiannaFáil and their economic policies of vandalism are entirely to blame
And it has been creating fertile ground of well connected brexit-lite fascists who only put their sights on conspiracies of gay people and dark skinned people as a threat to replace the white Irish straight man 😬🙄
And our neoliberal politicians who sold us out will get what's coming to them. That's why they put in more effort preparing their next step of their career in the EU Commission or in the private sector who have been given work on the behalf of the state externalised by those same politicians
Yup non national like the Ukrainian and unvetted men are given everything before the Irish. But it wont last, Ireland is at a boiling point and that anger will have to go somewhere.
@@TookieMacSpookie and boom the racists have arrived. Did you even watch the actual video?
@@TookieMacSpookie I'm an immigrant. I live in Ireland for 8 years and love it. Pay my taxes. Actually contributed to creating jobs for 6 people because I convinced my employer that Ireland is a good place to expand their business.
Your anger is justified but misdirected - Please talk to your government and live me and my family out of it. My kids consider themselves Irish and we'll fight to stay. Cheers.
@user-zb8ss9xb1b unfortunately Ireland is a country with infrastructure at its limits in terms of how many people it can handle so many of us hold disregard towards immigration and many hold high disregard towards asylum seekers as a result. Racism is never right but the truth that more people shouldn't come here is still the reality
I moved to Dublin in October 2023 and had to leave it after 50 days. It’s impossible to find a room, let alone an entire house/apartment. I ended up in slum apartments 😢
And you were lucky to even get that.
Sorry to hear that. Did you not source accommodation before you arrived and did you have a job lined up already?
you cannot sources an accommodation before arriving...you won't be given a place by an agent / private landlord unless you sent references AND meet them face to face. ZERO change unless you do both@
@@rinnin no, that would have made too much sense
Did you have a job and accommodation lined up when you arrived?
I've seen flats in Westport for not much less than London. It's insane.
You wouldnt be able to leave cause we hardly any public transport lmao
@@kristofermccormack6 Ah now, there's a few trains to Dublin every day. What more could you ask for?
Hey there! Another dude from Westport here. I found it to be much cheaper than Dublin tbh.
Má tá Máthair an Diabhail míshuaimhneach tá muid i bponc
I don't speak barbarian.@@dazpatreg
Say it with me again: "GDP is a useless measure of Ireland's economy: use GNI at least or, better yet, modified GNI, which is an even more conservative and realistic measurement of the Irish economy"
That's why the Government uses modified GNI for budget planning purposes.
CCP disagrees. GDP bragging rights > solvency.
GDP is a useless measure in general.
@@jameshenry6855helps get an idea of how wealthy a country is as a whole which can be useful for estimating potential military production potential
@@jameshenry6855 "wtf, i didn't get the memo" xi
The problem is always the same: when houses become an investment and corporations are allowed to own and speculate on them, problems begin.
I think it might have something to do with deindustrialisation
I’m 42, I watched the economy crash, I’ve lived through debilitating employment uncertainty and wage stagnation. I’ve watched house prices ticking up by the day. I’ve watched FG/FG swerve round the most patent contempt for the population. I am watching those among my generation still adrift slip into hopelessness and nihilism. Right now, I’ve spent years accumulating a fortune (to me) towards a house deposit but every day my dream of a stable and respectable home slip further out of reach. The schemes that exist which I am practically expert on only help those who don’t need help.
We are in 2007 again. Two speed economy, massive affordability problems and social problems on the rise.
If the government of the day hadn’t allowed the construction sector to burn to the ground, they could have begun rebuilding the social housing stock that was badly needed at the end of the boom. It would have solved two shameful problems.
Thing is, we never left the 07 crisis
As someone who is twenty lots of people my generation smoke or vape, drink, use narcotics like mad because of the hopelessness.
Same. I've been saving like a Trojan for 12 years and I'm in a worse position than I was then!
I drive a 16 year old car, don't eat in restaurants, don't go on holidays. Don't drink, don't smoke.....I also work a side gig on Sundays.
And it's still not enough!
It's no life. It's disgraceful.
@@Ligerpride Sad to read that, hope it turns out for the better soon
@@LigerprideI am assuming your case is worse than you present it as it sounds not too bad if drudging.
Living in Ireland. And can confirm this is a very good video.
the real issue is rather simple and never addressed. there is a straight up lack of housing and space in cities. most buildings are single families houses or at most 5 story apartments which is really inefficient so the prices within the cities get really high as each property has a higher share of land cost. Also there is a shortage of builders
The institutional investors are trying to build apartments over 5 stories but the Dublin government won’t let them because “it’ll ruin the skyline of the city”
Build up! (and build actual nice urban streets & buildings, not commieblocks in parking lots).
Especially within walking distance of rail stations.
We have also taken on 248k asylum seekers and 800k migrants
@chollyappleseed1969 I mean yeah for a country that is litterally at housing capacity to accept more people is just a bad idea. however there is a really simple solution. accept them if they work in construction and can help build more apartments but don't tell us irish that because whatever would we do without our precious gardens
@@chollyappleseed1969And the number of Irish lowered as well
Whenever I hear people call Ireland the richest country in the world I laugh
Its one of these "technically" its true but. Yea it is but all that wealth is in the corporations that don't pay taxes, don't contribute much to ireland or its people and just use ireland as an off shore tax loophole to do business in the EU.
Ireland is not richest in world, no one said that, we are just third highest in GDP per capita behind top two countries and it doesn't mean it wealthy
In reality, from living in multiple countries around the world - Ireland is easily my favorite and has a superb standard of living. Its the safest, albeit very expensive nation that I've lived in. There is a lot of wealth in Ireland. The issue is bad Governing when it comes to basic social issues like housing yet its obvious that Ireland is a place that is moving forwards - whether they get things right now, or in 5 years is down to Governance but its all moving in one direction. Talk to the average Irish person and they will complain but its their past time. Maybe from their history. They are used to moaning and complaining no matter how good or bad something is, they will find a fault. Give an Irish person a compliment and they will tell you that whatever you complimented is 'shite anyway' or 'pennys hun' if its related to clothes (which is in reference to a cheap clothing store). Yet, as an outsider, its very clear that Ireland is a beautiful, prosperous country in comparison to most of the world. Its still building its transport network - and has a lot to do there but look at what it was like 10 years ago, or even 20. Transport networks cost billions and billions and yet Ireland is finding a way to build this after being bankrupt only a decade ago. I mean, its almost idiotic when you hear these Irish people complain so much after what the country has been through. I'll never understand it. The country I'm from doesn't even have a functioning health service, and we have no middle class jobs. Our entire careers are focused on emigrating to a country like Ireland so we can earn more and build wealth. Irish people really need to leave their country to see what they are moaning about and get some perspective from the real world.
We're a tax evasion money washing machine with an added dose of plastic paddy tourist traps, and a civil democracy trapped by self serving charlatans and the threat of capital flight.
irish gdp isn't even irish owned money. its just foreign investments that coubt towards gdp and the money immediately leaves ireland
Dublin man here. Approved for a mortgage before the pandi. During the lockdown i was out of work so that fell through. Fair enough. House prices doubled making it impossible for my family to even consider buying. We're emigrating. I've lost faith and it broke my heart.
After the 2008 bubble burst, the Irish government took vast amounts of property (complete or under construction) into state ownership. The entity was the National Assets Management Agency, or NAMA. It would have been quite clever for NAMA to have kept all the housing for use by the citizens who were paying and still are paying for it through higher taxation and levies. It was all sold off at knock-down prices. Genius or what?
NAMA is the biggest scandal ever inflicted on the Irish people but is never mentioned by the corrupt Irish MSM. NAMA massively overpaid for the properties and sold them back for peanuts to the same people who forfeited on loans to pay for them in the first place. You couldn’t make it up, the corruption was incredible, carried out by FFG as usual.
Hindsight is 20-20. When NAMA had to take over stressed developments there was no market for them and the irish economy was suffering! We needed the institutional investors to recover the sector.
Nobody could predict the Irish economy and the world economy would be so buoyant for the last 15 years.
@@donfalcon1495 Complete rubbish. NAMA was set up to bail out the corrupt builders and developers and ensure they got the properties they wouldnt pay for back for peanuts. NAMA should have held on to them and used them for the good of the Irish people but of course NAMA was just as corrupt as the politicians in FFG who set it up to rob the Irish people blind.
NAMA returned a surplus profit to Irish taxpayers of €5 billion overall. It served its purpose.
When it was created, Ireland had the opposite problem - ghost estates, too much housing, bloated construction industry, etc. Not one person then predicted this total reversal of fortunes with the economy doing so well and population rising dramatically inline with that.
Yup NAMA and corruption. Deliberate raising of the property values by the government.
One major issue is the fact that it is remarkably easy to block planning permission for new housing developments. A recent example is a Pub blocking a new social/affordable housing development in Dublin because it would adversely impact the view on their back garden. NIMBYism is pervasive, which makes dealing with the supply side very difficult.
You guys scream blue NIMBY murder to the 11th degree. It's a big issue, especially in recent months of a former FineGael politician found to have been manipulating the complains process in order to bribe developers - which lead to the closure of the Tara Lead and Zinc mines
But NIMBYISM no where near as damaging as the policies that recklessly allowed open and volatile global market investment. It's outright corruption and socioeconomic vandalism
don't forget about our general dislike of apartments because we need our gardens and so our cities look like giant suburbs
As well as the height limit being so fucking low. Nymbyism is such a poison.
@@theblackmailguy875 That would be a bit less of a problem if the infrastructure was in place to make commuting from further out (like the netherlands) more tenable, but it’s not really the case. Normally a commute from Naas for example to dublin should be trivial, but it’s not. But, yes, density is a major issue.
I agree this is a big factor. You would think twice before starting a new development when the stupidest reason can block it for months
The Irish GDP "miracle" is a problem by itself
because it's fake
I don’t live in Dublin anymore and my parents sold our house a bit before COVID, and it’s gone up hundreds of thousands since 😂
'A bit' is doing a lot of heavy lifting there. House price increases in dublin have slowed significantly because nobody can afford to buy. The high end of the market is seeing decrease of prices by hundreds of thousands and the lower and mid range would never have increases like that in a 4-5 year period unless they were heavily renovated and upgraded.
@@seanfinnegan1942 he said the house was sold a bit before covid, like perhaps a few months before, not that the price has gone up a bit
I moved into a New Build in the midlands just over a year ago, all houses in the estate have gone up by €100,000 and we're over an hour away from Dublin.
I felt a bit ripped off when I bought but now I'm delighted. I'm not selling or anything but I wouldn't be able to get it now 😅
@@sirgavalot Yeah like ~1 year before or smt like that
House prices in Dublin have rose about 15% since 2019, what were you living in a house worth a few million or what LOL@@oliverqueen5883
The “anti immigrant“ movement you mention is specifically about bad government policy regarding housing, its all part of the same issue. To invite lots of people in when you already have a housing crisis adds insult to injury and sends the signal that the government thats supposed to represent you actually resents you and would rather look after people from other countries. Thats why there is an anti immigrant sentiment.
Yeah, you can't really separate the two issues. Like we can debate the optimal levels of immigration and house-building. But obviously you shouldn't import more people than there are available homes. That's just madness.
Xenophobe.
@@andybrice2711But it does increase GDP and that's all that some people care about
Remember to vote for the National Party coming elections, as they're the only party who put the Irish *first.*
@@HighFlyingOwlOfMinerva i cant up here, unless we do a referendum first anyways.
Portugal is having a severe housing crisis too, this is quite sad.
Is that limited to the coast ?
I know a hand full of people in Ireland who moved to Portugal and Spain for the sake of better living standards only to find out that it's no longer true.
I know one amazing lady, a nurse who commutes twice weekly on ryanair between Ireland and Spain as it's easier to crash on a couch around shifts with their coworkers and have a comparatively affordable home in Spain
That's how bad of a shape Ireland has been led to.
@@toyotaprius79 i can imagine, i'm have a friend who lives in dublin and he says that the situation is terrible, he has lived there for about 5 years now, here the thing is not as bad but its still bad yk, rotting houses and small T1 costing up to 5x they should be costing, this is horrible man
It's not as bad as the irish one, as the graphs in the video show, but it has the same roots - lack of new construction, lack of social housing and institutional investment (helped by the golden visas in our case, and by no taxes on the irish side)
Funny how the problems look very similar, at its scale, in two very different countries
@@miguelcardoso1903 true
The housing crisis in Ireland has been bad for a long time. I did a semester abroad in Galway in 2016 - something like 10% of the student body at NUIG was international students, 2,000 out of 20,000 or something like that. Each and every one of them were scrambling to find housing and the landlords were making a killing off of it. One of the landlords asked a student I met for 1500 euros a month when his previous tenants were paying 1000 and that was eight years ago. I myself ended up staying the entire semester in a hostel in the city because I couldn't afford anything else.
I moved to Galway late last year and housing is a joke, landlords can evict u whenever for no reason, cost of living is ridiculous and traffic is unbearable. Nothing for young people to be at besides drink and drugs, so many scumbags as a result. Not to mention the travellers looking a fight every night out, I’ve been started on 5 times since November. If it weren’t for the women I’d be gone already.
Welcome to the new host. Nice to see that channel is growing.
I’m just here for the “It’s the same in my xxx country” comments.
Canada checks out. Our latest scheme is to cap international students... no one thinks it will work
Where is this XXX Country.. it sounds fun, asking for a friend
@@natedogg890next to YYY sea.
Canada
America is trending the same..with million dollar homes in places that lack any economy whatsoever.
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you're careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advice but get buying, cash isn't king at all in this time!
You are right! I've diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks,
ETF and bonds.
Do you mind sharing info on the adviser who assisted vou?
"Mayra Femia Hetrick" is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence mv result. She provides entrv and exit point for the securities I focus on.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
The large population increase over the last decade should also have been noted
What??? Are you racist or something???
But it's racist to notice how more people equals less housing and worse wages
@@dioniscaraus6124 Is that what they're actually calling racist or is it the focus on immigrants?
@@dioniscaraus6124 come on surely importing over 500k people in the same length of time they built 100k houses will have nothing to do with it, u must be hitler
Population increase is a good thing necessary for continued economic growth. The issue is a near halt to new developments in the immediate aftermath of the recession. Over five years of no new builds with a growing population was bound to lead to a shortage 15 years later. What’s needed is a removal of the blocking of new development especially in city centers. People want affordable practical homes but one person claiming it’s ruining the area can block an entire new development from leaving the planning stage
I'd say the population increasing by about 100,000 people in a single year and over 1.3 million people over 20 years has not helped. In the 20 years prior to that it went up by 400k, this is a 3x increase and its only climbing. Assuming 2 people live in a single residence and this continues (and does not go up which is what the trend line says it will, and fast) then what's that, 961 new places to rent or buy A WEEK? - not likely.
Other counties have these horrible things called blocks of flats and can cope, i'v been to ireland and although unspoilt and beautiful it might need a bit of a rethink
We have blocks of flats and we had a huge amount in Ballymun. The ballymun ones were knocked down because of drugs and crime. Flats = drugs and crime as usually no infrastructure goes with high density living
Mass immigration main reason we have a crisis in housing and crime too.
Ireland actually has fairly relaxed planning rules, or used to, if you want to build a huge bungalow in Donegal, anywhere; you can!
Ireland actually has fairly relaxed planning rules, or used to, if you want to build a huge bungalow in Donegal, anywhere; you can!
Ireland actually has fairly relaxed planning rules, or used to, if you want to build a huge bungalow in Donegal, anywhere; you can!
The fact that the entire developed world has a housing crisis makes you wonder what is truely causing it and why it can't or wont be solved.
Same combination of factors: Slow house-building. High immigration. Investors hoarding land. And property-owners lobbying to keep this status quo for their own financial gain.
Vaguely conspiratorial 🫨 lol. But in addition to what @andybrice2711 points out - the ‘decision maker X market’ relationship is hard to ignore. The parties with Centre Right fiscal policy stances are the parties who’ve been in power for the past 30-40 years. These people are insulated from and oft benefit from the housing crisis. There’s simply no incentive to fix it. Especially when the housing crisis pushes up them and their voters property value.
The market has winners and losers, that’s all there is to it.
Because older people outnumber young voters. Why would a politician cater to young people and get 30% votes when he can cater to pensioners/ boomers and get 60% guaranteed
Also solving housing issues would take years if not decades, and be very unpopular among house owners/ investors. Meanwhile getting support from people 50+ (not old but start thinking about retirement) is easy and pretty much instant. Freeze/ lower retirement age (like polish govt did a couple years ago), increase pensions, promise money for healthcare.
This spending ofc. causes inflation and further tax burden on working people
@@Mic_Glow but now the urgency to solve it is coming from those voters that’re stuck living with their adult children + the multinationals saying they can’t expand because it’s impossible for new recruits to find homes.
@@Mic_Glow And it's not just older home-owners. Now it's gigantic property investors and investment banks buying up swathes of land too.
They're not primarily in the construction business. So I suspect they'll be lobbying for planning laws and housing policies which restrict supply and drive up the value of their own portfolios.
I'm 20, and I'm scared for my future here in ireland. I don't want to leave my country my whole family is here
I'm usually proud to say I'm Irish but there's absolute nothing these days our country does right for our citizens anymore. Horrible housing prospects, no infrastructure outside of Dublin, a dumping ground for multinational corporations who want to avoid paying as little tax as possible and a completely gutted hotel and tourism industry for the sake of taking in hundreds of thousands of refugees who will never have anywhere to live.
Would you rather be British? Xd
Once the younger generation has had enough it will change. Just got to hope the hate doesn't spiral into blaming immigrants instead of blaming the mega corps. We're living through new colonialism.
Really? “Absolutely nothing” right?! So all the free treatment medical cards, tax return for renters, HAP rental subsidies, child allowance, dole, back to work scheme, social housing, lowering university fees to around €2k pa etc etc is not good for citizens?
@@JasonAtlas which mega corps do you blame?
Well, you guys did it to yourself 🤷♂️
@@jamesmcgarry1229 You mean the social housing people are left waiting sometimes literal decades for? My mother was one of them. Medical cards are great for a visit to your GP (assuming you can even get an appointment within 2 weeks) and then you're put on a waiting list for years if you need any kind of treatment in hospital. The country is in a shambles. Completely unaffordable to live in, corrupt, useless and spineless politicians and being filled to the brim with hundreds of thousands of more people there's no room for.
There just hasn't been much of ANY building at all in Ireland. Not just social housing, but even ordinary housing. Good reporting. The foreign "investors" are a serious issue and really, Irleand as a decade of house building to catch up on!
At 2:25 it's Estonia and Lithuania as far as I can tell not Estonia and Latvia..
No
@@Upholstered_ It is though. The graph is shit but if you count from left to right it's should be lithuania, not latvia.
There were other mistakes with the graphs too - different numbers said by the narrator to the graph - human error by the graphics team
None of Sinn Fein's policies will solve the housing problems. Not to mention, if you look at where every political party stands on the issue, they are all "promising" the same thing.
The simple solution is to build more houses, then build more after that. Ultimately tho that will hurt the NIMBY's among us who block planning or those that have "invested" and expect their investment to endlessly rise in value.
On Planning. Serious investment is needed in the Electrical, Water, sewage, road infrastructure and public transport as they are the biggest hurdle blocking planning. Pumping stations and treatment works are more often than not at max and not being upgraded fast enough for the few projects that are going ahead. Electrical connections have a 2 year or greater wait for new projects due to the number of zombie projects ahead of them mostly from the "green revolution". Getting the funding to upgrade the grid and resolving these delays and the admin associated would go a long way to speeding things along.
Even if they want to build more who is actually going to build? Ironically the anti immigration is hurting house builders and the first jobs to go are always in the building trade. Inflation has hurt building badly. The price of Timber for example has more than doubled over the last 2 years. At one point quotes given 4weeks+ were being revised and not honoured due to how rapidly prices were increasing.
Lastly public transport. There is no point building new houses if your commute is 2hours+. A novel Solution would be upgrading the rail between Belfast and Dublin. Electronification, better signalling, removing the "temporary" speed restrictions with the aim of getting journey times below an hour opens up Northern Ireland and their relatively affordable housing. That includes areas like Belfast, Lisburn, Portadown, Lurgan, Newry as places to live. Improving the lines towards Limerick, Cork, Wicklow and Galway would also go a long way.
Ultimately training people in all the building and engineering skills required then getting the money to invest in supporting infrastructure and building more houses as and when possible. This isn't a single term solution which is why no government wants to do the ground work to find their successor get voted in and take all the glory. They would rather come up with half baked schemes and throw a fist full of cash hoping this time something magical happens
I think with regard to railways all future intercity rolling stock should be comfortable, two power cars and rest are coaches, with guard’s and luggage van with proper meals also potentially sleeper trains.
I study in Dublin and I can confirm this really does affect people on the ground
In the Netherlands houses cost about the same. You cannot get a house for the asking price. You would have to overbid by over 10%, usually about 20% to get the house
Are homes sold at auction there? That's common here in Australia. Agents are notorious for under quoting.
@@deanstyles2567 no, broker. And they deny you if you dont give a higher bid. So, lets say, 10 people go for a visit. And the person offering the highest amount gets the building/home. Normally the price is set and when you are the first to pay the price, you get the house, make up contract etc. But auction,no not like that. Lets say a house costs 475000 euro (almost 560000 usd), you get the house in normal times. Now, with the housing shortage, you have to bid 10-20% extra to even be considered (if another buyer wants to give more, you dont get the house). Appartements being sold for 400-500k euros in practice was normal last few years, whilst they were listed for 355k or so.
@@deanstyles2567 Amsterdam is in the millions for a 25m2 appartement
@@deanstyles2567 depends on where you want to live. There is a big difference between inside the city, or rural areas
@@deanstyles2567 you can get a house for about 200-250k if you want to live in a rural area, where most people dont want to live. Rural as in small town or so
In Ireland, where big international companies can make the economy look richer than it really is for most people, using GNI (Gross National Income), gives a more realistic picture of how much money Irish folks actually make and spend, giving more insights into a real-life issues like the tough housing market and why regular wages aren’t keeping up.
Just to give more insights, GNI is important because it changes a country's GDP by adding money that comes in from other countries (like what immigrants send back home) and taking away money that goes out (like profits big companies send overseas or what foreign workers in the country send back to their families)
Ireland has one of the most centralised governments in the world. Other countries have housing policies at the subnational level so that constituencies can react without the involvement of the national gov, but all housing decisions in ireland go through one agency
We have a very decentralised government. Only Dublin the the west is the rest
Only eu nation without regional fiscal autonomy so... 100% centralised. Localism is the proper way but hey this is backward IRL.
It's a smallish country with a smallish population. Most countries with state or provincial governments that have real power are considerably larger, as it is expensive to run multiple tiers of government.
@@Dave_Sisson Portugal is roughly the same size as IRL and has fiscal autonomy. All EU nations have it except Ireland. If the others can do it, why can't we. It is all about control and keeping dublin ahead of Cork, Limerick etc. Politics. Bad politics.
@@Prodrive1 Even Malta and Luxembourg?
The only factor that drives increases in rent is demand, and demand is driven by population. As the supply of rentable units decreases the cost to rent available units goes up. Increases in population via immigration of course drives rent prices higher.
A correction to your video, Landlords in Ireland do have to give a reason for eviction. And ending tenancies can be lengthy and complicated
A big issue is lack of infrastructure. There are no trains or trams in Ireland outside Dublin. None of those fancy underground trains either. All the jobs are in Dublin because its the only place with the infrastructure. Because its where the government is. So thats where all the houses are. But one small city can't hold 6m people.
Could you do a video on the housing crisis in Estonia aswell? Seeing Estonia on the top of the rent chart peeked my interest.
6:03 the graph shown is for increasing housing applications whilst talking about decreasing affordable house building... both are probably good points to make but showing showing them simultaneously confuses the message. Otherwise good video well enunciated.
There are so many errors in this video. It's not true that landlords can evict tenants "without having to give a reason". Well, it's only true in the first 6 months of a tenancy. After the first 6 months a tenancy becomes indefinite by default (called a Part IV tenancy) and a landlord can only terminate based on a limited number of grounds (sale, needs property for own use or that of family member, substantial refurbishment, tenant isn't paying rent, etc). The vast majority of "institutional investors" are actually councils and social housing non-profits like Cluid and Peter McVerry. The right to buy social homes was introduced in the 1930s in Ireland, it's not an 1980s innovation like in Britain.
Yeah, but slumlords have immunity to the law, as they can remind angry tenants that it's either tolerating their slum or living on the streets.
@@anonmouse15Or in emergency accommodation if lucky
Correct. Unless you're willing to go through with an illegal eviction and end up in court trouble for the next couple of years it's actually fairly difficult to evict tenants in Ireland even after they have continuously not paid rent.
Source: not a landlord myself but I know a few people who are and they have nightmare stories of problematic tenants destroying the place. The landlords getting away with everything are these vulture corporate funds.
I hope you've been thorough with this one lads
The slow planning system is honestly the main issue. institutional investors were more or less necessary in the early to mid 2010s due to the austerity we had to undergo to get our borrowing rates down after the Celtic tiger crashed.
Congrats for the new hire :D
Funny how housing is the only industry where supply and demand principle doesn't apply.
Almost like a supernatural anomaly.
It's because land is a finite resource, we can't just make more space in city centres when we need more. There are economic incentives to block further housing development as a landowner as that increases your property prices with minimal effort. If you have money, just throwing it into property just prints money and until that is fixed, this problem will only get worse. Other investments like company shares carry inherent risk and the housing market should mimic that. Obviously if you're buying a home to live in, the value of your property doesn't really matter after you've bought it, it's those using it as a money printer driving up prices.
@@conalllynch7840 Then we don't really have a housing crisis per say but a urbanisation crisis.
It's ridiculous to claim lack of social housing when it's already above average in peer group.
Why not then also blame lack of work and study from people who can't afford housing.
Remember it doesn't matter what the average in peer group is.
I made about 50k a year but still wasn't able to properly take care of my family of 4. I was prepared to commute anywhere..
Kudos for the new host, so charming and well-prepared, perfect voice for the microphone!
Unchecked immigration combined with a lack of accompanying infrastructure investment.
Its not complicated, and Ireland was warned. Their politicians had too much personal money invested in property though.
Immigration in Ireland is not "unchecked" in any way, unless you mean from the UK or EU where citizens have automatic right to live in Ireland (as Irish people have an automatic right to live in those places too).
@@krombopulos_michael its published on the news that "unchecked" non uk/non irish migrants come in everyday from Northern Ireland across the border. Yes they might have legally crossed the border by not being asked for a passport/ID on a train or bus but doesnt mean they are entitled to move permently to Ireland
@@traceymarshall5886link to the "news"?
There reasons are: The Banks won't lend for housebuilding after the financial crash. Inflation has made construction very expensive. Caps on building heights reduces supply. Very bad planning including restricting "urban sprawl", which just means restricting house building. And there's probably 2 or 3 more reasons i can't think of.
Greed. Opportunism. Shamelessness. A lack of common decency. Nimbyism.
So destroy the countryside?Yeesh.
@@johnnotrealname8168 This country is over 99% green fields. We have plenty of countryside. Far too much of it and not enough homes.
@caezar55 Sure, which is why no-one leaves.
@@johnnotrealname8168 The comment is clearly referring to urban building. Nobody mentioned the countryside.
I swear, in almost every country with housing issues, the story is 90% like this: landlords buy out houses, inflate prices so much no one can buy/rent them and the market crashes. Not just in Europe, but in the US as well from what I know.
That’s not really what’s happening. Ok Ireland there’s high demand for housing and low supply. Because of that prices have gone up. There’s also been huge losses of rented accommodation in Ireland due to regulations the government put in place which further decreases supply. If they remove at least some of the barriers stopping development of more accommodation prices will start to change
Loved this new host, great for listening while I am at work.
this seems to the problem in Ireland, Canada, and Australia. Countries that "on paper" should have plenty of land for their population but because there is so much concentrated wealth in their largest cities (Dublin, Melbourne, Sydney, Toronto, Vancouver among others, all ranking very high in the wealthiest cities per capita in the world), it makes the demand and the ability to spend money on bolstering that demand extremely high causing housing prices in those cities especially to increase exponentially.
I can only speak for Dublin and Sydney where the issue is planning regulations more than anything. More high density housing would accommodate growing populations without the prices going nuts.
I love this new presenter, she has clear voice and is very easy to understand!
Errrr... Portugal. The housing situation is insane, particularly in Lisbon.
Great video.
Please do a video on the Danish housing crisis. As Denmark created strict immigration laws it actually shows that exponentially rising housing prices also happen there, possibly.
I think deindustrialisation shares quite a bit of blame. We really are going back to an economy of four hundred years ago.
I think that Copenhagen is on the path to experience a housing bubble, as the last time i checked the prices in Københavns kommune the smallest sh*tboxes far from the center start from 1,2mio kr. Despite that Aarhus and the smaller cities are in much better situation yet.
Please do research the same crisis in the Balearic Islands. The situation is unsustainable.
The tourists should send their money and stay at home!
I'm from Cork, lived in Dublin for 5 years. Left Ireland a year ago and must say it's the best decision I've made. Will be nice to visit of course but doubt I'll ever live in Ireland again
@@fionahireland Not at all... Yes it was very easy, I found a place within a couple of days of arriving here and had loads of choice. Renting a nice one bedroom apartment in the city centre for €300 per month. Also much better quality of life here in my opinion. Living in Ho Chi Minh City, Vietnam. If you're considering it I'd say just do it
Ireland is so deceiving as the gdp and gdp per capita is so high but the country as a whole is not very well off
ngl, I chucked at 6:22, as it is indeed bad Government policies.
I feel like another major problem with the housing crisis is the Rural/Urban divide in the country (especially when it comes to the Green Party), something that I do hope TLDR does a video on in the future.
I feel one of Ireland's biggest problems is how hard it is to actually just start building anything. Housing developments can take years to actually start building. Infrastructure can take decades. Bangladesh opened a metro before we could even get past the nimbys. We're the only country in Europe who's main airport doesn't have a rail connection, and it's going to be 15 years more if we're lucky.
@@andrewbourke288I do not get why we did not build a separate line from Connolly or somewhere to the airport directly
The Green party policies represent most of Ireland.
@@OscarOSullivan No they don't - what a stupid statement. Greens are zealots and no kind of zealot belongs in government. Aside from their 'green ideas' they are all champagne socialists - 'socialism for thee but not for me'. Your other statement on Australia is also utter nonsense.
At the graph about "House prices & Rents" you say Latvia and show Latvian flag as 2nd highest increase in rent prices but it actually is Lithuania by graph
This is the best video this channel has ever produced... excellent work 👍
Im a school teacher and my wife an accountant . We left ireland because it would take way too much sacrificing to make our life in Dublin work.
Now we are abroad earning 30% more, houses half the price and taxed significantly less.
They have made a sad situation out of Dublin.
Rory Hearne’s book “Gaffs” on the topic is a great insight and read into the housing crisis what caused it, why it’s still ongoing and what can be done including examples of how these action plans have been implemented and worked elsewhere including many parts of Europe
The reality is frustrating and depressing but the more we know the more we can pressure and complain to our TD’s about actually addressing the issue when we have facts figures and data as rebuttal of their typical smokes and Mirrors Fine Gael and the coalition have fed us over last 20 years
Progressive democrats might play a big role in this
But the gdp keeps rising! Surely it will trickle down to us?? Right lads?!? Any minute now!
Even cars are expensive over here because we have a vehicle registration tax. Not to mention tolls on roads which we pay income tax and a separate road tax on. This country has every imaginable tax yet none of the benefits of comparable European countries.
Certain groups of people that 'reside' in Ireland are 'exempt' from taxing their vehicles! Look into it ..
Not only that, but whenever a housing estate is built vulture funds buy up most of the houses and rent them out at extortionate rates
“No fault eviction” is a misnomer. In Ireland Landlords can only evict for sale, substantial renovation, or for personal use.
Blaming funds is not entirely accurate either. Without BTR apartments the rental crisis would be much worse, and those apartment blocks were built specifically for funds to rent out.
You failed to address the huge oversupply at the 2008 crash, the financial crisis afterwards, and mass emigration of construction workers.
Right. People conveniently forget that evicting people is almost impossible for;
Anti social behaviour,
Damage to property,
Failure to pay rent,
violation of tenancy agreement, or crime by the tenants.
so-called "no fault evictions" became so because landlords found it impossible to evict bad tenants for any legitimate reason, and even now with no fault evictions, if a landlord seeks possession of a property, the minimum turnaround time is 6 months, and often up to a year, and in this time the tenant doesn't pay any rents.
The end result is that all the good tenants have their rents jacked up to pay for it.
where did all the "ghost estates" go??
There are great value low priced houses in Ireland just most of them have very low employment options or good transport links etc so only suitable for those who are retired or who can work remotely.
Two big points you’ve missed here. #1 is that after the 2008 crash, the central bank mandated mortgages of no more than 3.5x someone’s income (or a couple). #2, despite the fact that many many many people’s rent are higher if not double what they’d pay for a mortgage, banks don’t allow what you’re paying in rent to be counted towards your ‘ability to pay’. So this means lots of people are stuck in a situation where they could more than afford a mortgage (which would be collateralised by the house), but they can’t. And as a double whammy, they often will look at your disposable income (after paying this high rent) when they ‘stress test’ the payments. I know so many people here in this situation. Most just emigrate at this stage :/
A couple of years ago I moved to Ireland from England. I had a great impression of Ireland. So when I moved to somewhere outside Mullingar I was absolutely stunned by just how bad the services were. Health service in crisis, when I go to work I see so many homeless in Dublin, pretty much no public transport outside of the capital, terrible road surfaces and a national broadcaster that is just embarrassing. It is actually tragic because most Irish people want to work hard and want to build a great country. It is shame that the political leaders don't care about them.
One saying the grass is never greener on the other side. It was the same in California so I moved to England. Isn’t it funny Ireland has the same issues and it’s in the eu. lol
Sinn Fein have still not ruled out a full ban on institutional investors on property in Ireland, which needs to happen now. We also need to seriously restructure planning objections, as right now it’s far to easy for one person to object to building an apartment that will home 60-70 people
A full ban on institutional investors will stop all BTR building in the country and make the rental market even worse.
man planning permission is a pain. only fucks over people trying to get a house. whenever it's something industrial it goes through anyway
Hahah. Yeah could be a housing project and a local biddy says no.
The main issue is the blocking of new developments, Sinn Fein in particular are against these claiming they protecting the character of the city in the form of old low density inefficient housing. Their policies will only make it worse new rules for vulture funds are needed but blocking developments is only gonna make it worse scaring off potential investors.
@williamstaunton2731 sinn fein has said some crazy stuff not even that long ago (once mentioned a 100%tax for ) so I honestly have no hope for their policies
I like the new voice but sure, jack is "nostalgia"
The worst thing is, there are very few properties available to rent in Dublin and the surrounding area. Horrible situation.
It also would have been relevant to mention that we’ve had highest record homelessness and working homeless over the last few years since the foundation of the state at over 12,000 (and believed to be much higher not accounting for hidden homeless population that aren’t registered with NGO’s)
shes great!! calm professional easy-to-follow voice would love to hear her in more videos!
Australia: "YAY! We're misery buddies!"
Canada here too crying into my beer as well! Yay!
Bar the unbearable heat
You should do a video about Portugal housing crises as well and about chega political party its very similar to the Irish situation I think it would be quite an interesting video
I remember back in Athens, Greece in '14 - '15 when apartments even the newer ones were cheap as f*ck but owners wanted to get rid of the extra properties they had because of the vacancy rate was too high, the rents very low, unsustainably low(landlords couldn't afford repairs or evictions if needed). The government imposed a property tax, which made the empty homes more expensive to have, and persuated the people to sell them. After they created the golden visa program. At that time i managed to buy a studio for only 7000eur in a decent neighbourhood in Athens municipality and another one for 24000eur close to a university in 6th floor around 35sq meter. ...needless to say, now most apartments are already sold to local or foreign funds, the cheapest price to buy is 50000eur for a 20sq meter on the ground floor, cheapest rent for the same 280eur and the lowest salary is around 700eur after taxes, despite the inflation. I think many people regretted selling their homes at that time. Btw i think Ireland housing crisis is even worse, even compaired to the much higher salaries there! If someone is from South Europe and owns property in a city like me, he shouldn't immigrate to cities like Dublin or Amsterdam.
I am from Canada, specifically Toronto. We’ve played the blame game with investors, it didn’t work. It’s zoning here, and a chronic lack of it being built. Maybe that’s an issue in Ireland too?
And adding 1.154 million+ immigrants in a single year into an already stressed housing market.
@@mechano6505 that’s true, but housing prices were rising when population growth was at one percent during 2015-2019. Immigration isn’t helping, but it is not the cause of the crisis. The fact that up until 2022 you could only build a single family home in 70% of Toronto (with similar restrictions across the country) really limited construction. This recent surge in immigration actually helped tear down some of that red tape since now they know how unsustainable it is
@@maddoxmagennis1520 Also went from 0.7% to 1.4% AKA double population growth from immigration during that same time, but Toronto has always been unaffordable. The difference here is that there's a systemic shortage to the extent where the migration has spread to every urban center in the entire country, you didn't see massive housing price gains in Newfoundland or Alberta until the feds decided that not only were they not going to solve the problem, but make it much much worse by having none of their initiatives produce anywhere near the amount of supply necessary to meet in influx of demand all of that time, but then really go insane and having doubled it in 6 years over double it again in 1 year. I do not disagree that supply factors play a major role, but having not done anything to substantially aleviate any of that it's currently apocalytically bad when rents have doubled in about a year because the last thing we needed was a massive demand shock.
Everything they're doing now on the supply side they should have been doing 8 years ago for the already doubling of the population growth rate, now it's just comical how badly they mismanaged it and somehow we're still on track to bring in over a million this year with the only measures being capped student visas while still continuing to ramp up PRs and keep in increased limits on temporary workers while an increasing number of asylum seekers come in.
For reference, their 70 billion "national housing strategy" over 8 years has added a bit over 150k units, last *quarter alone* 430k people came in. Can you tell me how that math is supposed to work long-term?
Myself, my twin, and 5 other close friends from my town (Bray) have all moved to Berlin in recent years as a result of Irelands cost of living and scandalous rental market. About a dozen others are scattered across Europe and the rest of the world.
Ireland is just so unappealing for young people at the moment. I pay €350 for a room in a central part of Berlin, something which would cost 2.5x that in Dublin.
And yet, 350€ for a room still is expensive
how many empty houses there are in Ireland? if there are few and not many empty houses then it means people are able to pay the rents, if they weren't able to pay the high rents, landords will drop the price. There are people with low income who still want to be able to live as their parents, in the same city, close to the center. You cannot have that, more successful people took your place. People who harder and dont wait for the government to give them a cheap but comfortable life.
I'm surprised they didn't mention restrictions on new supply of housing. New developments are frequently blocked.
And the related issues of high rise buildings not being allowed
This video glossed over the most important variable here: HOUSING SUPPLY. Institutional investors get into the housing market BECAUSE of scarcity, they are symptoms, not the root cause. The whole point of an asset bubble is that it's scarce enough to ensure never-ending growth for the investors, the way you pop said bubble is through more supply, in other words: BUILD MORE HOUSING.
The housing crises in the English-speaking world, whether it's the U.S/UK/Ireland/Canada/Australia/ New Zealand all have the same general root cause: inadequate home construction to population growth. For example: if 10,000 people are looking for a home and only 6,000 homes are available (and we're assuming only one person per home), then no matter what you do, unless you build 4,000 more homes (ideally a slight surplus) you'll always have a housing crisis, no matter how many subsidies you give to renters or rent control. This is like discussing wildfires without talking about hosing the flames. I'm quite disappointed in the coverage here
Deindustrialisation as well
Supply, supply, supply. It’s not complicated. Pre-fabs, get rid of Planning requirements, augment construction wages, restrict foreign ownership, cut tax on landlords. So many different ways to solve problem and they won’t try any of them. Ireland treats new ideas like they are poison.
Pretty uncritical of SF. Rent freezes seem to be a bad idea in the long term for example
Sinn Fein are a joke but they’re basically the only party in the republic that existed 20 years ago that haven’t been in government yet so they’re given the benefit of the doubt by an Insane amount of people.
A rent freeze shouldn't even be considered, because it causes landlords to take their properties off the market and there's less availability for renters.
Just nationalise all housing that is not mortgaged or owned outright and occupied all the time by the owner.
@@JamieOGman Landlords are already taking their properties off the market because of problematic tenants and the difficulty in legally evicting them. Many are content to just let the property sit and accumulate value before selling.
@@JamieOGman Also, any new property is priced at what would be considered 'four years time' rates .. as the landlord will not be able to just increase prices to match normal inflation rates - year on year. (like every other product and service).
Thank you for this video. As a Canadian. I see that this is our reality for the upcoming future.
@5:05 Nice Herbert Simms building there...
The Irish government spent a billon euro in 2023 housing asylum seekers. This proves that they have the resources to increase social housing supply (thus decreasing house prices) but just don't want to for whatever reason.
Also keep in mind most Irish politicians are home owners themselves who don't wanna fix the problem because it's making them money...
Housing Affordability index: 6 is amateur levels. Here in Switzerland, we are at around 12-13!
Need more balance in this video. Mentioned that people ignore pricing regulations, as if rent limits are a good solution. They are not.
2/3 "reasons" are objectively wrong.
Dublin has had a growing number of households and close to zero housing supply growth, it is likely the supply has decreased as locals combined units or converted them into office space.
When in a housing shortage any additional wages are simply captured by existing land owners.
Institutional investors converting owner occupied homes to rentals does not increase to society wise cost of housing. Someone will still be living in that unit as a renter. The institutional investors may or may not be the source of capital finding any new supply being produced. Absent that capital, would those homes be constructed?
Ireland has a pathological relationship with property from its post colonial experience. The wealth increase over the last 20 years has exacerbated this, making these issues worse. Unregulated one-off housing in the countryside is disgusting.
I'm in my mid thirties and stuck around after 2008, unlike a lot of people I knew. I've given up on the place now and have left. The ruling class of FFFG and their supporters should be ashamed of themselves. They never face consequences, they are content to have young people be raised like cattle for export.
And don't get me started on the livestock industry...
"all problems are from colonialism" lol you sound african
wdym the livestock industry theres less cows in ireland now than in the 70s, and the issue with housing is done on purpose to keep u renting forever, and yes bad policies play a big role but lets not pretend importing about 500k people since 2020 when theyve only built 100k houses in that time is not going to add to the problem at all, and before u talk im 18 and i hate ffg and also sf
It's over-regulation coupled with unprecedented immigration is the issue, we can't build houses fast enough to keep up with the population increase because of the red tape required to get planning and build, complaining about one off housing is literally the little green monster!
@@joeschipper2593cows take up morw land and resources then irish people. People should be ashamed
@TheDanieldineen Excuse me? Little Green monster? Your saying I'm envious? I grew up in one and don't want to live like that, ever. Low population density means rational, comprehensive public services can't be provided for. Drive around tourmakeady and see compounds being built on hillsides, people driving miles in SUVs for goods, kings in their castles whining about getting utilities provided, while beautiful landscapes are ruined while villages, towns and cities rot. It's a sick, mè-fein mindset, I'm alright Jack, screw everyone else.
And over regulation? You think just letting anyone do what they want wherever they want is a solution? Politicians pandering to these interests instead of governing is part of the problem, the likes of Micheal Ring and the claiming to look after the 'people of Rural Ireland'.
And the reason houses can't get built is because the sector was destroyed by the same greed that's going on now, a lost generation.
So sit there and moan about immigrants if you want, but don't think it'll solve anything without dealing with the pathology. It's the same sick little country, with or without them.
Dub here.
We are unwilling to build high-density housing and a proper transportation infrastructure to support this.
At best the government only offers demand-side solutions like help to buy, which only further increase prices through enabling people to spend more. Supply-side solutions are non-existent.
The problem is that house building can't keep up with population growth and household size shrinking. There are loads of jobs and loads of people immigrating to Ireland to take them because there are not enough people in Ireland to fill the vacancies. Simple supply and demand economics.
Average wages shouldn’t be used in any calculations. €48k is not indicative of what most people earn here.
Median wage is €45,537. It's pretty close to a typical salary, and there are plenty of industries paying a lot more.
2:20 its lithuania, not latvia, slovenia slovakia moment
If you think Ireland's housing crisis is bad here in Australia it is significantly worse with a rental vacancy rate of just 1.3% compared to Ireland's 4%. Yet the Irony is that so many people from Europe come here not realising how bad it is.
Interestingly this video compares the median house price to the mean salary. However the median salary is slightly lower being only 39000.