Fine Gael have been accused of refusing to invest in housing, which Sinn Féin Junior Spokesperson for Finance, Jonathan O'Brien, described as 'dangerous and negligent'.

The Cork North Central TD was speaking following warnings from the OECD that 'another property bubble' was looming as house prices continue to skyrocket across the State.

Deputy O'Brien said: "Towns and villages across this state are still suffering from the effects of a devastating financial crash caused by government mismanagement and ineptitude. The OECD's statement will for many be eerily familiar.

"With this warning reality will hopefully be dawning on Fine Gael about the severe impact of their dangerous and point-blank refusal to end the housing crisis they have created in this State.

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"Earlier this week, the European Commission also singled out the government's inaction in the face of housing crisis as the cause of a potential bubble in housing.

"This soaring rise in the cost of housing is dangerous and unsustainable. Families across this state are suffering, with thousands more resigned to the indignity of homelessness. Quite simply, the government's refusal to build affordable housing, which has created severe social crisis, now threatens us with economic crisis.

"Instead of taking the urgent and obvious action of increasing the supply of affordable homes, Fine Gael, backed by Fianna Fáil, are instead committed to squirrelling away billions in the coming years in their so-called 'Rainy Day Fund'.

"As if to add insult to injury, in areas such as Dublin where the crisis is most acute Fine Gael has allowed foreign investors to gobble up available units, and charge extortionate rates which they can then write off against tax.

"This shameful negligence must end. The citizens of this state, who have given so much, should have basic financial security and a roof over their head. They cannot be failed again by a government unable to recognise, and deal with, crises of their own making.

"Sinn Féin has a plan to urgently invest and increase supply in social and affordable homes to bring down the cost of housing, providing citizens with the financial stability and public services they deserve."

(MH/LM)