Sir, – I am writing to express my concerns regarding the pricing and clarity around the so-called “affordable” housing units at Oscar Traynor Road in Dublin.
The actual prices for the one-bedroom, two-bedroom, and three-bedroom units in the Oscar Traynor scheme are €325,000, €450,000, and €500,000 respectively.
These are the prices that Dublin City Council has stated in the brochure for the scheme, which also notes these are the market values.
Despite claims from Government representatives that buyers can secure these units at reduced prices, these assertions are misleading and simplistic.
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Consider one of the three-bedroom units priced by the council at €500,000.
If a buyer can only secure a mortgage of up to €400,000, the remaining €100,000 will be covered by the council under a shared equity scheme. This amount is not a discount but a deferred loan that still needs to be repaid by the buyer. The buyer is still committing to pay €500,000, just through different financial arrangements.
In essence, the Oscar Traynor scheme is offering units with prices have been set to align with market value, without any discount.
It is important to note that this situation is not unique to the Oscar Traynor scheme or Dublin City Council but applies to all the other schemes launched under the affordable purchase housing initiative designed by the current Government.
The initiative, in its current form, does not make housing genuinely affordable as it does not reduce the overall cost burden on the buyer. It merely offers “affordability” as a convenient marketing slogan.
I hope this letter clarifies the realities of the so-called affordable housing schemes and prompts a re-evaluation of what truly constitutes affordable housing.
It is imperative that both the public and the Minister for Housing understand how this scheme operates and the financial implications for prospective buyers. – Yours, etc,
CARLOS LARA GONZALEZ,
Dublin 9.