RICHARD BOYD BARRETT has urged Housing Minister Eoghan Murphy to stop so-called vulture funds evicting 17 tenants from a south Dublin apartment block.
Those living at the St Helen’s complex in Dun Laoghaire have been served with notices to vacate by two investment firms which own the properties. Those companies have said that they need the tenants to leave their apartments to refurbish the complex. They will then have the opportunity to re-rent the properties.
However, tenants have remained unconvinced at this prospect and believe they will be charged much higher rents when they try to move back in. As things stand, landlords can only increase rents by 4% in Dublin. However, this rule does not apply if significant refurbishment has been carried out.
TD for the area Richard Boyd Barrett has written to Minister Murphy. Barrett said that ”vulture funds should not be allowed to exploit loopholes in the law” and that he has asked the minister to close such loopholes.
Some families face being put out of their homes by the start of next month, something which Barrett believes makes the situation even more serious.
He added: “Some are due to be evicted in the first week in September, so it is very serious for them.
“It is the view of the residents that the vulture funds are being dishonest about the renovation works that they say needs to be carried out on the apartments. They believe they will be evicted and then the rents will be increased.”
Apollo Global Management or Deutsche Bank have yet to comment on the claims.
With reporting by Christina Finn
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