Ireland: Pressure mounts on Donohoe as FF also backs plan to hit 'cuckoos' with levy - PressFrom - United Kingdom
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IrelandPressure mounts on Donohoe as FF also backs plan to hit 'cuckoos' with levy

09:50  16 september  2019
09:50  16 september  2019 Source:   independent.ie

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Back pressure (or backpressure) is a resistance or force opposing the desired flow of fluid through pipes, leading to friction loss and pressure drop. The term back pressure is a misnomer, as pressure is a scalar quantity, so it has a magnitude but no direction.

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Pressure mounts on Donohoe as FF also backs plan to hit 'cuckoos' with levy Finance Minister Paschal Donohoe. Photo: Gareth Chaney, Collins

Fianna Fáil has signalled its backing for a plan to hit so-called 'cuckoo funds' with a levy when they purchase blocks of new houses and apartments.

Housing spokesman Darragh O'Brien said his party would "certainly" look at the proposal from Independent Alliance ministers, as Fianna Fáil prepares to intensify its own Budget talks with Finance Minister Paschal Donohoe.

Further talks are due in the coming days with the Dáil returning from its summer recess.

Independent Alliance Cabinet ministers Shane Ross and Finian McGrath want a levy placed on investors each time they buy multiple new properties. A draft document from the Alliance proposes a 10pc levy on the block purchase of new houses and apartments by investors.

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Pressure (symbol: p or P) is the force applied perpendicular to the surface of an object per unit area over which that force is distributed.

The plan would target so-called cuckoo funds, which include large institutional investors such as pension funds, private rental firms and real estate investment trusts (REITs). Alliance sources say it will be pushed strongly in Budget discussions given public disquiet over the issue.

Pressure mounts on Donohoe as FF also backs plan to hit 'cuckoos' with levy Fianna Fáil’s Darragh O’Brien. Photo: Tom Burke

Cuckoo funds are being partly blamed for pushing first-time buyers and other families out of the housing market with the number of non-household purchases of homes increasing by 60pc this year.

While the proposal is likely to meet with resistance from Fine Gael ministers, Mr O'Brien signalled his party's interest in the plan as it prepares for further Budget talks with Mr Donohoe this week.

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This is due to an increase in hydrostatic pressure , the force per unit area exerted by a liquid on an object. The deeper you go under the sea, the greater the Many animals that live in the sea have no trouble at all with high pressure . Whales, for instance, can withstand dramatic pressure changes

"The tax treatment is something we'd be looking at," Mr O'Brien said.

"The levy is something we would look at."

Fine Gael needs Fianna Fáil's support in order to pass the Budget, which is due on October 8.

The Dublin Fingal TD said the proposal alone would not be sufficient to tackle the issue and pointed to his own legislation, the Planning and Development (Amendment) (First Time Buyers) Bill.

This would set aside a third of new development land for first-time buyers.

It would also apply to the purchase of developments by the State and approved housing bodies.

Alliance Ministers say that the 10pc levy on the combined price of each multiple purchase of a block of houses or apartments could be ring-fenced and put into a fund to build social housing. It would not apply to investors who provide funding to build housing developments that are never intended for sale on the open market.

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Lévy processes whose increments have stable distributions are known as stable processes and, in particular, is a stable subordinator. Writing the moment generating function as , the Lévy -Khintchine formula can be used to calculate , from which we obtain .

The Donohoe Companies is led by a team with an extensive and successful track record. Senior leadership have broad skill sets and deep experience in the local real estate market.

Mr O'Brien said that his party would focus not just on the tax treatment of such funds, but also on ensuring that a percentage of properties are made available to first-time buyers.

He said that while there is a role for institutional investors in the housing market, their current presence was posing a "massive threat to our home-ownership rates" which have fallen below the EU average.

"When Eoghan Murphy talks about a continental model, we actually have that already. It's a serious issue," he said.

"We believe in homeownership. We have to see changes in this area."

The Government has defended the presence of institutional investors in Ireland.

In June, officials disagreed with the UN special rapporteur on housing's claim that Ireland was "turning housing into an investment" which leads to "decision-making that is investor-centric, rather than tenant-centred".

The Government told Leilani Farha in its response that "it is also important to recognise the positive effects that institutional investment can have in terms of the supply of housing".

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