The new president of the Dublin Chamber has said the government needs to do more to tackle a lack of affordable housing, poor transport, and faltering water and energy connections in the capital.
Speaking at the Chamber's AGM dinner at the Convention Centre Dublin, Stephen O'Leary said widespread optimism among member companies could be derailed if Dublin's "growing pains" are not addressed by government.
"It is clear to us that cities will remain the drivers of future growth, and indeed city life, with the benefits of higher densities, are inherently more sustainable," the incoming Chamber president told attendees.
"Irish workers continue to be negatively impacted by the issues around housing. The business sector cannot grow or retain talented people if there is nowhere in Dublin for them to live
"Young workers are presented with a bleak picture of rising rents, living with parents and a stark reality that home ownership is further away than for any previous generation. This impacts social cohesion, wellbeing and productivity in the workforce.
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"The government's Housing for All strategy is a step towards a more sustainable housing market but is the target sufficient given the demand? We need a more ambitious target for Dublin if government is to address the deficiencies in the housing market."
Photo (l-r): Mary Rose Burke, CEO of Dublin Chamber, Stephen O’Leary, Leo Varadkar, and Frank O’Keeffe, managing partner, EY.
Stephen O’Leary (39) is founder and managing director of Olytico, an online media and social media monitoring and analysis company. The firm employs eight people and booked a net profit of €116,000 in 2021.
The Chamber president went on to say that the Planning and Development Bill would help to reduce barriers to investment in housing and infrastructure. The bill proposes accelerated timelines or planning decisions and judicial reviews, and a restructuring of An Bord Pleanála.
He added that investment plans for the Metrolink, Luas and DART would only be credible if they are delivered on time and within budget, and expressed support for Eirgird's plans to upgrade and enhance Dublin's energy grid so that businesses and households can benefit from decarbonised electricity generation.
"For individual firms, the challenge remains the high capital cost of investing in new and improved technologies to reduce emissions, and we believe more can be done by government to support this transition," O'Leary told the 600 attendees.
He also used his speech to reiterate the Chamber's call for the introduction of a 20% rate of capital gains tax for investment in indigenous firms.
“More must be done to support entrepreneurs, who take a personal risk to develop the indigenous firms of the future,” he said at the dinner, where Taoiseach Leo Varadkar was the guest speaker.
Recent research by Dublin Chamber and Savills found Wednesday is the most popular day to work from the office, with occupancy rising from 10% on Mondays and Fridays to high of 70% in the middle of the week.
Photo: Dublin Chamber president Stephen O'Leary (left) with Taoiseach Leo Varadkar. (Pic: Conor McCabe)
