The Abolition of Private Property… Karl Marx gets his way…. Again…
Marie Porter – Sov Indo
I wrote recently about how the Irish state was to allow financial institutions to buy back the mortgages of those unfortunate people who had lost everything. This was of course due to the malpractice and criminality of those same financial institutions, whom the Irish people bailed out with billions of Euro, which future generations have been left to foot the bill for in the decades to come.
I also wrote just yesterday, Feb. 14th, of how the Irish state now plans to give away public land to private developers to facilitate the building of more houses claiming that there’s a housing shortage whilst approximately 230,000 homes lie empty. This is even after the Irish government has deliberately sabotaged and destroyed thousands of homes over the past few years, so called ‘ghost estates’, because there were a shortage of occupants which in effect has not only destroyed perfectly good homes whilst people sleep on the streets, but has created the very shortage they now claim to have a strategy to solve.
Now it appears that these aspects, financial institutions and the private developers are combining to create a rental state where nobody will eventually own their own homes where corrupt financial institutions and collusive private developers will reap heavy rewards for their joint treachery and betrayal of the Irish people.
The above article shows this collusion quite clearly with the state’s biggest private landlord, not only raking in millions in profits from its rental portfolio as it stands, but set to increase that portfolio by a rolling credit agreements with financial institutions to build more apartments for rental to an Irish population who see the dream of home ownership as just that… a dream. This in effect becomes a closed shop for huge property rental enterprises. Nobody can possibly compete with them.
Ires Reit, is a subsidiary of the Canadian Corporation Carpreit with vast rental property investments in Canada and Holland but not solely restricted to domestic rental properties. They are also involved in the residential healthcare business and many other sectors.
It’s quite obvious when you look at the acquisitions in Dublin by these vultures that they move in once a domestic property market has been destroyed by financial institutions in collusion with national governments.
How does a Canadian multi-national corporation become the biggest private landlord in the state with its interests expanding dramatically in a country that’s on its knees economically?
The only reason it can afford to invest multi-millions of Euro in a devastated economy is because the conditions have been created to facilitate it; namely the deliberate destruction of the Irish economy by the same financial institutions now taking advantage of their treachery in collusion with multi-national corporations and government. Of course, financial institutions will now rake in millions in interest payments on loans to these corporations.
The process of selling property at astronomical prices to the Irish people was followed by the crash of the economy, the crash in house prices and mass repossessions by the same parasites which created the problem.
To add insult to injury, the newly dispossessed former home owner has now been forced to pay those financial institutions, through taxation for generations to come, in the form of bailouts, for their own criminality whilst having to go into the private rental sector… Those same financial institutions who sold high are now buying back at bargain basement prices and are set to charge rent in perpetuity; rents which will forever increase.
The Irish people will be trapped in a system where no alternative to the private slumlord exists.
David Erhlich is the CEO of Ires Reit and seems to be their condescending mouthpiece who apparently feels ‘sorry’ for the Irish people while raking in millions of Euro in profit, for his company and himself, due to, indirectly at worst, being complicit in the creation of the conditions which have created their misery.
This is the extent of his sorrow…
‘What’s also wonderful is the strong performance of Ires Reit, which has rewarded him handsomely – last year he earned €753,000, including a bonus of €376,500, as well as an attractive share option package.’
Nice work if you can get it from the misery of other people’s misfortune.
Ires Reit, an offshoot of Canadian investment group Capreit, first got involved in the Irish market back in 2014 through Capreit’s acquisition of 338 apartments for €42.2 million (or an average of just €124,852 each) in Smithfield, Inchicore, Sandyford and Tallaght at a Lloyd’s auction.’
How does a foreign corporation become Ireland’s biggest private landlord in 2 years?
Nice to know all that NAMA funding went to a good cause… and it’s so profitable for private slumlords.
‘On its outlook for the coming year, the company noted strong market demand and continued shortage of housing would help support the rental market, with strong pipeline of future acquisitions available through NAMA and private market opportunities.’
I guess that ‘pipeline’ is access to the crooked Irish officials in the Irish government. Where there’s a pipeline there’s bound to be a steady flow of profit helping to oil the greasy palms of corruption.
Huge profits and easy money from the pockets of the Irish taxpayer…
Again, how do you manage to get a hold of massive funding, buy vast quantities of prime Dublin real estate, get it all rented and turn €30.8M profit in less than 2 years without some form of collusion between all parties concerned well beforehand?
And here comes the next stage which the government is helping to facilitate yet again…
‘The scale of IRES is hard to grasp. It controls 2,288 apartments around Dublin, and plans to double in size in the years to come. While it has assembled its portfolio largely by buying in bulk from the likes of Nama and other banks trying (to) offload assets, it is now planning to build several hundred apartments at developments it owns in the likes of Sandyford in south Dublin. And if that isn’t enough, IRES has the firepower to spend around another €150m on future deals even without raising more cash.’
How can any government allow its whole housing strategy to be controlled on the whim of private investment companies? When the slumlord really takes hold it is he who controls the policies of government in relation to housing and they will not care one iota for any complaints from tenants because they won’t have to.
It seems that the Irish government won’t invest in slumlords…
They’ll just give them what they want…