Tuesday 28 February 2017

Coveney's tax refund won't help anyone if it comes in before many more houses are built

Donal O'Donovan

Donal O'Donovan

Housing Minister Simon Coveney Photo: Tom Burke
Housing Minister Simon Coveney Photo: Tom Burke

Plans floated by Housing Minister Simon Coveney to give first-time home buyers a leg-up through "generous" tax refunds should be approached with extreme wariness.

There's nothing wrong in principle with Government supporting home buyers. Experience in the nineteenth and early twentieth centuries, and again in recent years, is that left to its own devices, the market won't produce affordable homes for ordinary workers.

In the great scheme of things, homes, especially in places where land values are high, quickly become unaffordable.

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