LABOUR TD Ciarán Lynch has welcomed progress on dealing with the issue of upward only rent reviews.
“I welcome the announcement today by the Minister for Justice that there is to be a comprehensive overhaul of the tenant and landlord law. There is no doubt that this area needs to be streamlined and reformed.
“I have repeatedly highlighted the particular difficulties that have arisen with regard to upward only rent reviews in commercial properties and I believe this that this is a situation that must be tackled urgently.
“In this regard, I welcome the commitment given by the Minister today, that his comprehensive review of the tenancy law will not in any way delay progress on abolishing upward only rent reviews, in line with the commitment in the Programme for Government, and that this will remain a priority.
“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 I will be continue to press 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.