Pearse Doherty (Donegal, Sinn Fein)
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The Minister's argument does not stack up. While I agree with his point on the black economy, one could argue that the scheme will encourage a black economy in certain areas where property prices exceed the new threshold. One could also argue that people are being incentivised to borrow more money. The key issue is that the ostensible purpose of the scheme is to increase the supply of starter homes. The Minister referred earlier to three-bedroom semi-detached starter homes costing €300,000. Now, in trying to justify his arrangement with Fianna Fáil, he is stating that starter homes in Dublin cost €500,000.