Brendan Ryan (Labour)

The social housing groups have said it would take 30 years to end local authority waiting lists. They held a press conference yesterday, but they did not wave this Bill around and say it was a major contribution to their problems. Let us not get involved in selective quoting. I had a similar experience with the Minister when he held a different portfolio in the previous Dáil. He quoted Senator McDowell, who was a Deputy at the time, in a profoundly selective manner, but we did not fall out over that misquotation and, therefore, I will not take this one too seriously.

The fundamental problem with the legislation is that the language in which it is dressed is clouded by the dealings of the major party in Government with the building industry. One must wonder why it took three years for the previous Administration to do anything about the spiralling cost of housing. When there was a fundamental problem with under-supply and excess demand, why did Fianna Fáil not do something immediately instead of calling for the universal remedy to all our problems? The party has two universal remedies. One is to use the three wise men when faced with one crisis and the second is to employ the services of Peter Bacon when faced with another.

Dr. Bacon is called in repeatedly and the party then ignores the things it did not like about what he had to say. With regard to the supply of land, he said the Government should reduce capital gains tax to 20% and inform landowners that after a while it would be increased it to 60%. The tax was reduced to 20% and nothing has happened since. The reason for the legislation is that masses of planning permissions will wither at the end of the year. Planning permission has been granted to people who have been rewarded with a 20% capital gains tax and the Minister for Finance also signalled last year they would never have to face a penal rate of CGT if they did not dispose of or do something with their land.