Homeless charity launches campaign to legislate against ‘vulture funds’ threat

The homelessness charity says Government action is needed following figures which showed up to 47,000 homes are now owned by vulture funds.

Vulture funds are generally hedge funds or private equity firms which buy debt in the pursuit of profit.

The Vulture Shock campaign calls for a limit on the sale of residential debt to international funds; the closure of tax loopholes; the removal of ‘sale of property’ as grounds for termination of a tenancy; and a stronger code of conduct on mortgage arrears.

Mike Allen, director of advocacy at Focus Ireland, said the Central Bank of Ireland had indicated it was not satisfied with the Department of Finance’s approach to the regulation of vulture funds.

He told the Irish Examiner: “Focus Ireland is calling for Government action to stop more vulture funds swooping on Ireland for the easy profits to be made by exploiting tax loopholes and weak legislation.

“This serious threat to Irish homes first hit the headlines this year when a vulture fund bought an apartment complex in Tyrrelstown and tried to evict the tenants. It is shocking to realise that whether you own or rent, vultures could swoop on your home in this way.”