Mick Wallace (Wexford, Independent) | Oireachtas source

If it does not build social housing, rents will continue to be exorbitant and house prices will remain too high. That is at the root of the problem. The Government cannot expect the private sector to solve its problems. Those involved in the sector do not want to build now and the Government is stating NAMA will do it instead. Those involved in the private sector do not want to build because they cannot possibly compete with NAMA's sales and those of the banks, both of which have sold houses for less than half of what it costs to build. There is a value on a property or a house which is at least worth what it costs to build. However, I have seen NAMA sell a lot of properties for less than half of what it costs to build them. Does this represent good governance? The Government has told us how wonderful and fair it is, yet it has allowed this to happen. It is allowing the taxpayer to pick up the tab and the US vulture funds to reap the rewards. Is this a great government? It is not.

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