The Government's decision last week to keep its foot firmly on the neck of residential investors was hardly surprising as it struggles to keep the housing crisis off the agenda in the run-up to the next general election. Surely it's only a matter of time, however, before some disgruntled investor takes a constitutional action on the grounds that he is discriminated against, compared to his friend buying huckster shops or any other commercial investment and being allowed to offset the rental income against the mortgage. What was originally one crisis - the market running away from first-time buyers - has rapidly developed into two crises as rents go through the roof in Dublin, and skilled workers coming into the country are unable to find rental accommodation.

Although Hooke & MacDonald and other agents have been shouting about this problem it doesn't seem to have moved either Bobby Molloy or Charlie McCreevy. In the meantime, a few hundred investors who have bought properties since Bacon 1 almost three years ago are effectively subsidising the rental market by paying hefty taxes on their monthly rent roll. Surely this anomaly should be addressed in the Finance Act, which is shortly to go before the Oireachtas.