Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

We have not yet set the reduction of vacancy over a multi-year period. The Department and I will turn our minds to this as we evaluate the performance of the tax. I will look at the reduction of vacancy we have seen with the implementation of the vacant property tax in other jurisdictions. I will see what reduction has happened there. We can compare that with the reduction in vacancy I believe the tax will deliver. There is another aspect we can look at. As the Deputy may be aware, there is a measure in place regarding the normal level of vacancy that should operate in a well-functioning and normally functioning housing market. We will look at whether our level of vacancy converges on that equilibrium level of vacancy within a housing market. We have not set those targets and we certainly have not yet set them over a multi-year period.