Added land value will be shared with the State

Land value sharing harks back to measures recommended in the 1973 Kenny report. File Picture: iStock

"To build housing, we need land," is how Housing for All puts it. The answer is land value sharing (LVS) — the State securing a proportion of the increase in the market value of land once it's been rezoned, and then reinvesting it.

The value uplift of a development site would be tracked from a point of zoning or designation, to a point of planning permission. It would operate across new residential zoning, new urban development zones (UBZ), and zoned residential development land. The new proposals are to be delivered in the last quarter of this year.