Mayo View: Is 'Housing for All' a bit of a myth

After months of debate over last May's controversial report by the Housing Commission on Ireland's housing crisis, the views of the new Housing Minister, James Browne, have now been articulated.

The most damning findings of the commission were that by comparison with our European partners, Ireland has one of the highest levels of public expenditure for housing yet is achieving one of the poorest outcomes.

Subsequent data from the Department of Finance also revealed that claims by the outgoing government that it would build 40,000 new homes by the end of 2024 were not actually achievable.

Both revelations contributed to creating a public perception, correctly in this case, that the FF/FG-led administration, which has since been re-elected, was not making the necessary inroads to address the housing crisis despite claims to the contrary.

This fact can be seen clearly in counties like Mayo where relatively little has happened to address current needs - and there remains no solid evidence of major housing investment being on the horizon.

Against this background, it was interesting to hear Housing Minister James Browne speaking on the matter at the end of a lengthy debate in Dáil Éireann on March 19.

He says he wants to deliver 50,000 homes on average per year up to 2030.

But there's a snag: This will require an estimated €20 billion in development finance each year.

And, as he pointed out, "it is an unassailable fact that a large proportion of this must come from international sources."

He further elaborated: "Without attracting the supply of appropriate private finance to complement the State’s unprecedented level of investment in housing, we risk exacerbating supply and affordability challenges, particularly in the private rental sector."

Now the big question is: Where is this money from international sources going to come from if our banking sector is not prepared to financially kick-start the private construction sector in view of past experiences?

The conclusion, by this observer, is that the government's Housing for All programme is developing into a bit of a myth despite the best intentions of those responsible for it.

And, needless to say, the political ramifications down the road will be far-reaching.