" The unprecedented number of refugees arriving in Ireland has put pressure on the country's housing crisis, despite generous offers to host Ukrainian families. " I'm not sure how that results in cutting demand for building housing. The article is basically saying there's a crisis with few reasons offered.

How / why / what would be cutting demand for building housing? Demand is the last thing I'd be worried about. People need a place to live, and they need the housing to live in, so there's always going to be demand for building it.