The inability to introduce structural reform continues to undermine Government interventions in the housing market
Taoiseach Simon Harris at a media briefing on Tuesday, where he addressed the issue of delaying the residential zoned land tax. The residential zoned land tax was included in the 2021 Finance Act as a measure to increase housing supply by encouraging developers to build on suitable land rather than hoard it.
The reason being given for this is to try to find a way to exempt farming land which lies within an area zoned for housing. This is a reasonable goal, but it is an issue which was clear since the proposal was first aired and should have been dealt with already. So should some other issues in the legislation which were criticised by the Housing Commission and others as likely to cause difficulties. But now we are told that the tax will not commence next February.
Land hoarding and unused planning permissions for new homes – estimated recently at up to 80,000 – are a key blockage in the housing market, as recognised by a string of expert body. A number have recommended a wider tax on land to try to address this. The idea of the residential zoned land tax was a more modest concept, but – implemented properly – it could help to address the problem.
The inability to coordinate this kind of policy reform and the unwillingness to upset vested interests remain key problems in addressing the housing crisis.
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