More tax breaks for developers in Budget 2026 is not the solution to the housing crisis and risks repeating mistakes of the past, according to Social Democrats TD Rory Hearne.
Deputy Hearne, who is the party’s housing spokesperson, said:
“It has been reported today that the government will reduce VAT in the Budget for new apartments in a bid to increase housing supply. This failed approach is straight out of the Fianna Fáil/Fine Gael playbook and continues a long tradition of the State rolling out the red carpet for big developers and investment funds.
“Ironically, it comes at the same time as one of Ireland’s largest homebuilders, Glenveagh, announced soaring profits and revenues. For the first six months of this year, the company’s revenues jumped by 125 per cent to €341.6 million, while gross profit rose by 141 per cent to €66.8 million. Based on these figures, the profit margin per house built is close to 20 per cent.
“In the Dáil next week, I will introduce my Developer Profits Transparency Bill. This will introduce a requirement for property developers who are in receipt of State subsidies to publish annual financial statements.
“Where developers are receiving public money, there has to be transparency on the profits being made.
“Instead of offering further tax incentives to developers, the government should be building affordable and social homes at scale on public land, delivered by Approved Housing Bodies, local authorities and builders directly employed by the State.
“This could be funded through a Homes for Ireland Savings Account (HISA), as proposed by the Social Democrats, to leverage some of the €160 billion in Irish savings for investment in public housing.”
September 25, 2025