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Comment #4920692 by Kevin Ryan

Kevin Ryan Mar 27th 2016, 10:41 AM #

Why is Tyrrelstown used to illustrate this article? The developer/landlord there has made clear they were always reluctant landlords, always intended to sell when prices recovered, and the element of overseas funding made no difference to their business plan.

As for the rest of it… there is no chance of an Irish government removing the ‘sale of property’ grounds for terminating residential tenancies. And that will have nothing to do with lobbyists for vulture funds, but the power and influence of Irish landlords and the domestic property industry in general, well represented as it is in Dáil Éireann.

There’s a strange sort of alliance building up around “vulture funds”. The native property gombeens are far more likely to engage in unlawful evictions, retaining deposits, failing to maintain properties, etc. and it suits them to deflect blame away from their bad behaviour by pretending the only big problems are a lack of supply and the evil foreign vultures. They want the field back to themselves and feel sore these foreigners have made money in their market. Meanwhile, the Irish left sees foreign institutional capital and reacts predictably. It’s like watching a protest against McDonalds for causing heart disease, when the protesters are largely made up of Irish chip shop owners.

The real shame of the sale to vultures was the very deep discounts and the stories about corruption now leaking out. But that horse has bolted, and the same problems would have been there, probably even worse, if it had been purely domestic vultures picking over the insolvent bones of 2009-2015.

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Read the article where this comment appeared:

Vulture funds pick and peck and they're not finished yet

Vulture funds pick and peck and they're not finished yet

The vultures arrived in Ireland after the crisis when they realised there was a lot of property up for grabs at knock down prices, writes Michael Byrne.

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