Retail Excellence Ireland (REI) has said that the Upward Only Rent Review Bill proposed by Senator Feargal Quinn and was passed by the Seanad yesterday 'must be made law' by government.
The Bill was passed in the Seanad by 23 votes to 22. It will now go to the Dáil, where it is expected to be defeated.
Commenting David Fitzsimons, Chief Executive, REI, said the Seanad's decision to pass the Bill was "significant", with Seanad members "very aware of the untold damage being done to family businesses and jobs because of the continued existence of upward only rent review clauses.
"The Bill proposed by Senator Quinn is very fair and balanced and provides for a temporary reduction in commercial rent to a market level."
It is expected that the government will quote Constitutional issues as a reason not to pass the Bill, however Fitzsimons said that "the Bill in no way undermines Constitutional property rights. It is a fact that many large private landlords and pension funds have refused to grant tenants any rent relief and have overseen a significant level of business failure and job loss.
"The last 6 years have proven that a cohort of landlords are unwilling to work in partnership with their tenants. NAMA have provided some relief to tenants but only when that tenant business is on its last legs. Furthermore NAMA cannot compel landlords who’s loans are in NAMA to grant rent relief to struggling tenants."
© 2014 - Checkout Magazine by Stephen Wynne-Jones