People Before Profit TD Gino Kenny expressed anger over the decision by Cairn Homes to sell a whole estate in Lucan to a vulture, or cuckoo, fund. It was revealed recently that a so called vulture fund is buying 229 homes in Shackleton Park in Lucan. The special purpose vehicle is owned by the Wall Street finance giant Angelo Gordon.
Gino Kenny commented: “This move is yet another step in the wrong direction for the housing market in the area. The wholesale purchasing of estates by vulture funds is skewing the market against families who are looking to buy a home in the area. The rents charged by the fund will more than likely be well above what most families can afford and those moving in will more than likely rely on HAP payments to subsidise the rent. “Rents in Lucan are well above the national average and we need the government to provide funding for social housing and real affordable homes. What we don’t need is more vulture funds charging extortionate rents and paying pittance in taxes.”