Home Latest news Laws protecting tenants from vulture funds come into force today

Laws protecting tenants from vulture funds come into force today


The new laws, known as the Tyrrelstown Amendment, will provide renters with protection where a landlord or investor wants to sell more than 10 properties in a single development.

The amendment, which is part of The Planning and Development (Housing) and Residential Tenancies Bill,  was proposed following the fall out when an American vulture fund purchased an €89m loan from Ulster Bank which was secured against the Cruise Park estate in Tyrrelstown.

A number of families in the development were served with eviction notices following the change of ownership and the amendment was put forward in response to this crisis.

However, the amendment is not binding if the property owner can prove the selling price of the house/development would rise by 20% if there was no tenant in place.

Another feature of the new Bill means that rent increases are limited to 4% per year in several rent pressure areas throughout the country.

The Anti-Austerity Alliance – People Before Profit will this evening introduce a separate bill aimed at closing loopholes allowing a legal eviction ahead of a property sale or rent increase.

If passed the legislation will ensure a tenant can remain in their home under the same terms and conditions if a property is sold by either a landlord, bank or vulture fund.

A tenant will also be entitled to compensation of six months rent if they are evicted because the landlord, or a member of the landlords family,wish to move into the property.

Speaking at the launch of the AAA-PBP Bill yesterday homeless campaigner Father Peter McVerry said the homeless situation is going to get much worse in 2017 if banks and vulture funds are allowed to continue to evict tenants.

He said:

“It should be made illegal to evict people and families into homelessness, except in exceptional circumstances.

“The right to a home is one of the most fundamental human rights and to take away that right, because people are too poor to be able to pay for their own accommodation, is totally unjust.

“While the current focus is on housing those who are homeless, the most urgent issue is preventing more and more people, and families, from becoming homeless.

“Otherwise, trying to house those currently homeless is like trying to empty the bath with the taps on full.”