Use it or lose it tax suggested for 'land-hoarders'

A prominent economist has suggested a new 'use it or lose it' tax to encourage land owners to build homes.

Use it or lose it tax suggested for 'land-hoarders'

A prominent economist has suggested a new 'use it or lose it' tax to encourage land-owners to build homes.

Former economist with the ESRI John Fitzgerald has said a shortage of supply is driving the current housing crisis.

He wants to see the Government penalise people who horde vacant land that could be used for property development.

Mr Fitzgerald has said land owners should not be rewarded for doing nothing.

“One thing which I think would help on the tax side is not giving away money but increasing taxes and having a ‘use it or lose it’ provision on property so if you are not using it then you pay say 3% of the value.

“The fact that land is profitable near cities, is because of the city, not because the land-owner has done anything to make it more valuable.”

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