Ireland's apartment housing delivery has significantly dropped

Minister for Housing James Browne has stated that the delivery of apartment housing in Ireland has significantly declined. He emphasized that "radical thinking" is essential to address this issue and improve housing supply. Browne pointed out that private sector funding is crucial to solving the housing crisis. The Government has already allocated €6.5 billion for housing this year, but believes that an additional €20 billion is necessary. He stressed that the remainder of the required funds must come from private investors. During a discussion in the Dáil, Browne faced criticism from Opposition members regarding the Government's handling of the housing crisis. They referred to a report indicating that only 17 percent of the target for 5,000 apartments in the Croí Cónaithe Cities scheme was likely to be met. Opposition TDs highlighted issues in their constituencies, including rising rents and house prices. Browne recognized the significant drop in apartment approvals, which fell by nearly 40 percent last year. He promised to take "significant action" to rectify the situation. Some critics expressed concerns over the reliance on institutional investors. They questioned the extent of subsidies available for developers. Browne mentioned the possibility of using a new State savings scheme, similar to one in France, to fund affordable housing. He acknowledged that while private financing is necessary, it often expects profits. Browne is committed to examining all options comprehensive to tackle the housing supply issue. Additionally, Browne intends to address the problem of unregulated short-term lets that put pressure on rental and homeless sectors. He described the profiteering from legal breaches as "unacceptable" and stated that new legislation will be introduced, along with a register managed by Fáilte Ireland. Sinn Féin's housing spokesman proposed a straightforward solution: to amend the Planning and Development Act to impose fines on platforms like Airbnb for non-compliance with planning regulations. Browne indicated that he would consider this suggestion and bring a fresh perspective to enforcement efforts.