I had always been puzzled by the upward only rent law, I thought there must be some reasonable explanation for such an apparently unfair law.
All became clear on the Frontline last Monday as Ann Hargaden, of Lisney’s Estate Agents, literally squirmed in her seat as she tried to justify this law.
If this law is changed, she warned, it will have devastating effects on international investors coming into Ireland to buy property from NAMA.
When that argument failed to convince Hargaden’s line of thought became even more bizarre.
Think about it, she argued. Who’s going to be hurt by this? (if the law is changed to allow rents to go down). The taxpayer, she triumphantly declared, will pay.
The taxpayer is now the landlord. The taxpayer owns the banks, the taxpayer owns NAMA. If property depreciates in value it’s the taxpayer who will suffer.
So it’s all clear to me now.
The upward only rent law is a scam put in place by our corrupt political system to protect and enrich those involved in the property market at the expense of taxpayers.