Tuesday 25 July 2017

Nama must take the lead on land supply

Finance Minister Michael Noonan has warned Nama that it may be reinforcing a trend of land hoarding which is followed by other developers who are not selling land quickly enough. Photo: Mark Condren
Finance Minister Michael Noonan has warned Nama that it may be reinforcing a trend of land hoarding which is followed by other developers who are not selling land quickly enough. Photo: Mark Condren
Editorial

Editorial

We all know our current crisis on housing and homelessness needs a variety of policy measures to find effective remedies. Ultimately, it is about removing impediments to increasing the supply of suitable homes at affordable prices.

And one of those major impediments to increasing housing supply is an acute shortage of suitable building land. We already know that many developers are sitting on building land and waiting in hope that prices will rise.

Ironically, one of the culprits in this matter may be the very institution which was set up to deal with the mess left after our major property crash in 2008. The State's bad bank, Nama, which became one of the world's biggest owners of real estate, has now been told that it must lead by example on the question of building land supply.

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