Utter madness to sell Irish Glass Bottle Site to private developers in light of Covid-19 crisis and downturn in construction sector
State should directly build 100% social and affordable
People Before Profit TD Richard Boyd Barrett has said that it would be “utter madness” for NAMA to allow the sale of the Irish Glass Bottle Site to proceed in the wake of the Covid-19 crisis and the downturn in the construction sector.
People Before Profit’s statement comes in the aftermath of the tender process for the site closing on Monday.
The TD said that NAMA should keep control of this site and the state should directly build 100 per cent social and affordable housing on the site because the private construction sector and developers have proven that they will only build when it is profitable for them and will only build properties that are wildly out of the price range of many ordinary people.
He cited the situation at the Cherrywood development in his constituency which was sold by Nama to developers Hines and has taken over a decade to even commence.
He added that the price that the state could recoup for the sale of this land would most likely be vastly reduced because of Covid-19.
He said: “For the state to consider selling this site, at what will likely be a reduced price, is utter madness because the private sector have a track record of only building when they deem it profitable for them and when they do they build property that is wildly out of the price range of the majority of people.
“We see news today from Goodbody Stockbrokers that the construction industry has slowed down, even before the onset of Covid-19, with a rate of growth in the first three months of this year slowest since the end of 2013 and with completions set to amount to less than 18,000.
“For example, Cherrywood, in my area, has taken over a decade to even get going on construction. The amount of delays due to developers flipping the property has led to a hugely protracted process that has resulted in zero completions to date at the site in the midst of a chronic housing crisis.
“Instead of entrusting this vital site and housing infrastructure that we so desperately need to the likes of Johnny Rohan and Hines who are only concerned with profit maximisation, NAMA must hold on to this site and build directly 100% social and affordable housing on it.”