{"id":1901,"date":"2022-09-22T09:01:48","date_gmt":"2022-09-22T08:01:48","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/punitive-tax-on-vacancy-dereliction-and-levy-on-investment-funds-needed\/"},"modified":"2022-09-22T09:01:48","modified_gmt":"2022-09-22T08:01:48","slug":"punitive-tax-on-vacancy-dereliction-and-levy-on-investment-funds-needed","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/punitive-tax-on-vacancy-dereliction-and-levy-on-investment-funds-needed\/","title":{"rendered":"Punitive Tax on Vacancy &#038; Dereliction and Levy on Investment Funds Needed"},"content":{"rendered":"<p><em><strong>Housing Minister Darragh O\u2019Brien is failing to meet any of the targets on delivering affordable homes while house prices and rents are at record highs<\/strong><\/em><\/p>\n<p>A punitive 10% tax on vacancy and dereliction should be introduced and a levy imposed on investment funds, according to Social Democrats Housing Spokesperson Cian O\u2019Callaghan.<\/p>\n<p>Deputy O\u2019Callaghan was commenting after the Social Democrats launched their alternative budget.<\/p>\n<p>\u201cProlonged vacancy and dereliction, of residential homes, cannot be tolerated in the middle of a housing crisis. This is especially true when letting or refurbishing these homes is the cheapest, and most environmentally friendly, way to quickly add to the available housing stock.<\/p>\n<p>\u201cA vacant homes tax has long been promised by successive governments but it never materialised. It is now time to introduce one with reel teeth \u2013 and provide a genuine incentive for the owners of these homes to bring them back into use.<\/p>\n<p>\u201cThe Social Democrats would immediately introduce a vacant homes tax calculated on an annual basis as 10% of the value of the property. This would be levied on any residential property that is vacant for more than 12 months. Fair exemptions would apply. A commensurate tax would apply to derelict properties.<\/p>\n<p>\u201cThere is broad agreement that a windfall tax should be imposed on the obscene profits that energy companies are generating from the energy crisis. Similarly, we have a housing crisis in this country that is earning a small cohort of wealthy investors lavish profits.<\/p>\n<p>\u201cAggressive tax avoidance by Irish Real Estate Funds (IREFS) saw their effective rate of tax fall from over 17% in 2020 to just 5.9% in 2021.<\/p>\n<p>\u201cThe Social Democrats believe we now need a levy on investment funds to allow them to contribute to resolving a housing crisis that has earned them excessive profits for years.<\/p>\n<p>\u201cA levy on the profits of both IREFs and REITS should immediately be introduced to ensure that funds pay a minimum effective tax rate of at least 25%.<\/p>\n<p>\u201cIn relation to providing support for renters, the Social Democrats would ban rent increases and provide a tax credit equivalent to a reduction of one month\u2019s rent.<\/p>\n<p>\u201cWhen it comes to construction, an annual target of 10,000 social homes and 10,000 affordable and cost-rental homes would be set.<\/p>\n<p>\u201cIt is clear that Housing Minister Darragh O\u2019Brien\u2019s Housing For All plan is not working &#8211; he is failing to meet any of the targets on delivering affordable homes while house prices and rents are at record highs.<\/p>\n<p>\u201cThe Social Democrats believe we need a new approach and that approach is set out in our alternative budget.\u201d<\/p>\n<p>September 22, 2022<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Housing Minister Darragh O\u2019Brien is failing to meet any of the targets on delivering affordable homes while house prices and rents are at record highs A punitive 10% tax on vacancy and dereliction should be introduced and a levy imposed on investment funds, according to Social Democrats Housing Spokesperson Cian O\u2019Callaghan. Deputy O\u2019Callaghan was commenting [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[278,10,7],"tags":[],"class_list":["post-1901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cian-ocallaghan","category-housing-crisis","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Punitive Tax on Vacancy &amp; Dereliction and Levy on Investment Funds Needed - Social Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.socialdemocrats.ie\/punitive-tax-on-vacancy-dereliction-and-levy-on-investment-funds-needed\/\" \/>\n<meta property=\"og:locale\" content=\"ga_IE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Punitive Tax on Vacancy &amp; Dereliction and Levy on Investment Funds Needed - Social Democrats\" \/>\n<meta property=\"og:description\" content=\"Housing Minister Darragh O\u2019Brien is failing to meet any of the targets on delivering affordable homes while house prices and rents are at record highs A punitive 10% tax on vacancy and dereliction should be introduced and a levy imposed on investment funds, according to Social Democrats Housing Spokesperson Cian O\u2019Callaghan. 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