LABOUR TD Ciarán Lynch has said that recent progress on eliminating upward-only rent reviews is to be welcomed.
“I welcome the progress made by the Labour/ FG Government in getting rid of upward-only rent reviews in the retail sector, once and for all.
“The retail sector has suffered two-fold from the property bias of Fianna Fáil’s economic policy. First, retailers saw revenues plunge after the dramatic collapse of the property bubble; and secondly, they have found themselves trapped in upward only boom-time leases, with recession levels of consumer demand.
“This toxic combination has resulted in the loss of an estimated 50,000 retail jobs over the past two years, and the closure of long-standing businesses in our cities, towns and communities the length and breadth of Ireland.
“Labour has been highlighting this issue for almost two years, and the new Programme for Government includes a commitment to enact legislation to abolish upward-only rent reviews for all commercial leases.
“Speaking on RTÉ’s Frontline programme last night, Justice Minister Alan Shatter indicated that his Department had forwarded outline proposals in this regard, to the Attorney General, and that she was now examining them. I welcome this development which I think represents real progress.
“I will be pressing the Government to ensure that legislation comes before the Dail as soon as possible, so that shop owners can finally get out from under the tyranny of upward-only rent reviews,” he said.