Committee to recommend tax on developers’ windfall profits
18/03/2004 - 09:51:46The Oireachtas committee on the Constitution is reportedly set to recommend the use of taxes and development levies to help the State recoup some of the profits made by property speculators whose land is rezoned.
Reports this morning said the committee would also recommend that local authorities be given the power to compulsorily acquire land from speculators for significantly less than its market value.
The recommendations are contained in a draft report compiled by the committee following a year-long examination of the housing crisis in Ireland.
Property developers have been accused of contributing to the crisis by hoarding rezoned development land in order to keep house prices artificially high.
