Eoin Ó Broin (Dublin Mid West, Sinn Fein) | Oireachtas source

I will just make this point, please, Chairman.

A piece of land has different values depending on what one does with it. If it has 100% social, it has value: A, if it is 20% social it has value: B. What is hidden in the joint venture model is the ability of a developer, who is one's partner and is bringing the finance, to extract additional value from the land, by pricing it in to the units that are sold on the open market. What members should be really clear about is that 60% of this land, if it is done like O'Devaney, will allow the developer to extract the full market value of the land in the sale price to the poor unfortunates who have to buy overpriced homes. I would like to hear more from the Land Development Agency as to how we are going to be guaranteed that in the first instance the State, the taxpayer, but also the affordable and the private home purchaser is not going to be a source of very significant value extraction by developers.

The final point is a very good one made by Deputy Casey.