Pity victims of ghost estates
Published 22/10/2010 | 05:29
THERE could be no more stark evidence of the stupidity that underwrote the property bubble than today's revelation that developers were given millions in tax breaks to build thousands of homes that nobody wanted.
There could be no more graphic symbol of the social devastation wrought by the property crash than the thousands of unfinished housing estates lying empty all over the country.
Tax breaks and other incentives fuelled a building frenzy that has rendered Ireland's recession deeper than most, and the banks were happy to jump on the bandwagon, with today's crippling consequences.