Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

We need to look at the optimal use for land. If we allow for more apartments to be built on that land, then it will be possible to sell more apartments and make more money. It is possible therefore that the price of land might increase. It is also more expensive to build higher so more costs are incurred and the economics of that need to be considered. If we look at it purely with regard to land, we would be building one home per piece of land because that would keep the price at rock bottom. There is a need to look at an economic model of the different factors relating to land and its optimal use.

The Deputy asked a question about possible delays. We are dealing with a shortage which needs to be fixed in a sustainable way. There is no point in us building to arbitrary height caps which would see us facing much bigger challenges with prices, affordability and commuting distances 30 years in the future because we did not build enough homes in places where we could have at a time when we knew we could have if we had changed the law. If it means someone waiting for the last six months for the public consultation to finish and delaying putting in a planning application, which I understand, but it also means we will get 30% to 50% more homes on a site which will be there for the next 100 years, we have to do that now to protect ourselves in the future.

With regard to land hoarding, €300 million worth of land is liable for the vacant site levy which kicks in on 1 January 2019. That will only increase. The €300 million accounts for 140 properties but there are 300 now on the register. We need to do more work but €300 million worth of land is not a small amount. That will only rise next year because the levy is more than doubling and we have doubled the number of houses on the register to which that will apply.