Aidan Davitt (Fianna Fail) | Oireachtas source

Today I will raise a matter that I hope the Leader will bring to the attention of the Minister for Housing, Planning, Community and Local Government, Deputy Coveney. There has been much discussion about our housing issue, as Senators are aware, and the results and formulae we are trying to achieve in solving the housing crisis. There is a history of a certain approach working. There are many vacant houses, as we are aware, and the statistics are there to be seen regarding such houses. We have heard how councils could use their powers to buy houses, that we could get people to renovate or use compulsory purchase orders or other threats.

A far more suitable way to get houses back to the market that, for example, have not been in use for over two years would be to apply a reduced rate of capital gains tax. It is the way forward and it would encourage people to sell these houses. Currently, a third of whatever profit these people might make in their houses would go in capital gains tax. I would stress a reduction of the rate to 10% for housing units that are vacant, so it would not relate to currently occupied houses. If we reduce the rate on these properties, it would bring a steady flow of houses to the market that are not there currently.