Tánaiste and Minister for Finance Simon Harris has hit back at Opposition claims that the Residential Tenancies Bill, which begins its passage through the Seanad today, was a boon to corporate landlords.
People Before Profit TD Richard Boyd Barrett said "property speculators, corporate landlords and vulture funds" will be "rubbing their hands with glee" after the Residential Tenancies Bill, which would change the rules around the duration of tenancies and rates for rental properties, was passed by the Dáil last night.
Speaking during Leaders' Questions in the Dáil, Mr Boyd Barrett said: "They're set to be able to ratchet up rents and make even more profits on the backs of the housing misery of huge numbers of working people, young people and students in this country."
He raised the case of a young couple seeking a rental property, whose chances of finding one were now "absolutely gone" due to the bill.
Mr Boyd Barrett also referenced a report from charity Simon Communities, which found that there were no properties available to rent within the standard Housing Assistance Payment (HAP) limits across 16 areas surveyed.
Responding, the Tánaiste pushed back against what he described as Mr Boyd Barrett’s "corporate landlord capture" claim.
Mr Harris said: "This is in the space of misinformation. Small landlords make up 88% of all landlords in this country.
"They're providing 44% of all private tenancies, and these reforms are explicitly designed to help retain landlords while improving tenant security.
"We have to do both."
Mr Harris said small landlords and landlords "are not the enemy of the public good, as often portrayed by the far left".
"Who’s going to rent the homes if there’s no landlords?" he asked.
Mr Harris said he took the point on HAP limits, and said there is a commitment to review the scheme in the Government's Housing Plan.
Read More: No properties available within standard HAP scheme limits in December
The Government has said that it is introducing the legislation as part of an effort to attract more investment in the property market.
But Labour Party leader Ivana Bacik said there was no evidence that the bill will succeed in increasing housing supply.
Ms Bacik told the Dáil that while her party welcomed some of the "positive" aspects of the bill, these were "undermined by the provisions which enable rent hikes".
She said the "real truth" with the new legislation is that there is "no evidence" that it will work in relation to increasing supply.
"I’m hearing from landlords in my own constituency who tell me they’re leaving rental properties, they’re not going to rent out anymore.
"Why? Because of the uncertainty and the enormous number of changes," she told the Dáil.
Ms Bacik called for a State construction company to be set up in order to ramp up the Land Development Agency and deliver housing at the scale that is required.
The proposed legislation passed its final stages in the Dáil last night with 80 votes in favour and 70 against.
During a five-hour debate, no amendments put forward by the Opposition were accepted.
They had proposed 69 changes. A number were debated but rejected by the Government.
Two Independent TDs, who support the coalition, failed to back the legislation.
Danny Healy-Rae voted against the bill while Gillian Toole abstained on the second stage vote.
Both had previously said that they would support the Government on a case-by-case basis.
The Opposition accused the coalition of rushing the legislation through the Dáil.
The Government intends to introduce the measures in the bill on 1 March.
They include a minimum duration of six years for new tenancies in an effort to give renters more security of tenure.
There would be no changes for existing leases.
The legislation would also allow landlords whose properties become vacant to reset rents to market rates.
