Protesters gathered outside the Cairn Homes building site in Adamstown on Saturday to demand a ban on vulture funds buying up homes. The rally took place after weeks of anger about the buying up of whole estates by big investment firms, also known as cuckoo or vulture funds.
In January 2020 it was revealed that Cairn Homes had sold 229 homes in Shackleton Park to US firm Angelo Gordon operating under the name of Carysfort Capital. Earlier this year Cairn Homes sold another 150 homes that are still being constructed in Adamstown.
The government has subsequently announced that they will bring in legislation to restrict the sale of homes to these funds to 50% of any development. However, this does not include apartments. The protest was organised by People Before Profit.
People Before Profit TD for Dublin Mid West Gino Kenny said: “The sale of whole estates to vulture funds is completely unacceptable. Many people are working hard and saving to get a mortgage and now they are being completely locked out of the market by these companies. The same companies then rent out these homes for between €2000-€2500 per month. These rents are completely unaffordable for most people forcing many families to rely on HAP to make ends meet. This means that the state is effectively subsidising the massive profits of these vulture funds.”
Darragh Adelaide, a student from Clondalkin who joined the protest added: “As a young person I’m really angry about what’s going on in this country. I see my friends emigrate because they simply can’t afford to pay rents in Dublin. The only other option is to live with your parents, which is not possible for many and can cause huge strains on families. These vulture funds are coming in for the sole purpose of making profits off the housing crisis. We need more people to come out on the streets, when Covid is over we should all join together and demand an end to the housing crisis.”