Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I move amendment No. 113:

In page 120, between lines 25 and 26, to insert the following: “Report on introduction of measures to combat hoarding of land

74.The Minister shall, within 6 months of the passing of this Act, prepare and lay before Dáil Éireann a report on the introduction of measures to combat the hoarding of land needed for development, examining the options for and efficacy of a vacant property tax and land value tax.”.

This amendment seeks a report. It is timely and worthwhile, and possibly a bit overdue. It relates to what taxation measures could be introduced to combat the hoarding of land needed for development, examining the options for and efficacy of a vacant property tax and land value tax. There are a number of issues here, including the cost of construction, and we know that land is a significant component of the value. The availability of land for development is another issue, with the question of whether it is beneficial to sit and hoard land, waiting for appreciation of value as opposed to developing it. The vacant property tax was introduced, its rates was increased, and the report would examine whether that needs to be reviewed to force behavioural change to either develop or release land onto the market. Given what we have rehearsed in this committee, in many other committees and in debates in the House about the housing crisis, it is timely that this would be examined before next year's Finance Bill.