Sinn Féin has called for emergency legislation creating a compulsory code of conduct for banks and funds, where they are selling buy-to-let properties that are rented.

The party made the call after it introduced measures to prevent homelessness in Ireland and limit the rise in rents.

Mr Eoin Ó Broin TD outlined the emergency legislation needed to give families facing eviction.

Deputy O Broin said: "Over the last 5 years, housing in Ireland has become an increasingly unstable system with growing numbers relying on a private market that is both unaffordable and unable to meet their needs. As a direct result, many people are struggling desperately to afford rent and many have lost their homes. The state failed these people twice in not regulating rent levels to any degree and not recognising the need to address people at risk of homelessness.

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"Rents across the country has risen 10% in a year and Dublin rents have now surpassed 2007 peak levels. The risk of rent uncertainty is greater now than ever before. Rent might increase by 10%, but people wages will not.

"This is borne out by the nearly 6,000 people sleeping every night in B&B’s, hostels and hotel rooms because they have nowhere to call a home. Hundreds sleep rough on the floor of night cafes. Many more invisible homeless sleep in abandoned buildings, dark street corners or on the sofas or floors of a friend or relative. At least 1,800 of our homeless are children; children who must get up, go to school and learn about life through the prism of desperate need, isolation, and insecurity.

"The code of conduct needs to give sitting tenants an extended notice-to-quit period of up to twelve months and first option on becoming tenants in the property if is bought by a new landlord."

(CD/MH)