"Has the asylum-seeker crisis led to the rise of small-town millionaire landlords?"
"For one extended family the Ipas system has led to revenue of over a quarter-of-a-billion euro."
"Everyone from TDs to barbers and wedding planners now has a stake in the industry, flipping old properties and pitching them to the Department of Justice."
"Commercial providers may have hit a goldmine but will the system continue to reward those with a couple of million stowed away in the bank, or will the Government intervene?"
The Ipas asylum accommodation system has created substantial revenue opportunities for private providers and property owners. One extended family earned over a quarter-of-a-billion euro through Ipas contracts. Elected representatives, barbers, wedding planners and other local businesspeople have acquired properties, renovated or flipped them, and pitched them to the Department of Justice for asylum housing. Commercial providers report significant profits, turning asylum accommodation into a lucrative market. Questions remain about long-term sustainability, potential market concentration among wealthy investors, and whether government intervention or policy changes will limit returns to those with substantial capital reserves.
Read at Irish Independent
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