According to tomorrow’s SBP the government have approved a bill that will have a ‘use it or lose it’ clause for development land with the loss of zoning after 5 years plus financial penalties. Also included is the compulsory acquisition of the land for public projects, including housing and schools at a little over agricultural values rather than development value.
The government is moving on this due to the cost of acquiring land for infrastructure projects which is eating up 25% of total capital spending.
The government is relying on the ‘common good’ restrictions to private property rights in the Constitution.
After 5 years? FFS.
Excellent move. We should have had this ages ago.
I haven’t seen the detail but if it does what kerrynorth says it will do it should be applauded. The devil is in the details however and sounds like there will be an inevitable constitutional challenge.
What a let off for the specuvestors.
What we really need is a property tax on unused land. The Yanks have it, the Brits have it, we bloody well should have it as well.
It’s a good move, to be welcomed. The detail will be very interesting. 5 years is a reasonable timeframe - of course it would have helped if it was introduced 5 years ago.
Too late for this bubble, but may help limit the next one, after the Supreme Court has had its say.
Bolt, doors and stable are the words that spring to mind.
The cynical side of me is forced to wonder whether this might be Cowen’s opening gambit…
He is going to max up the capital spend - make no mistake. There have been some scare stories lately about various road projects - 2Pack has a heads up on these and they may well be true [currently] - but Cowen’s MO will be to jack up the capital spending account and to borrow to fund it.
Now, if that’s his plan, and I believe it is, the obvious next move is to look at bang for buck. Up to now, the landholders and noisemakers have held all the aces. This has pissed Cowen off no end (as Finance Minister).
He knows what he wants to do, and this is an essential tool to make his plan succeed. It would not have been spoonfed to the SBP without his approval.
I’m just dyin to read the detail … 
Arise and Hail Leader Cowen 
I see this being tied up in court for ages.
Yep, me too. But it’s a start.
Can they just rezone the land as agricutlural and then buy it at “The market rate”, or can they not rezone land without the land owners request?
Hence the five year limit
This law of eminent domain is really what the country needs.
I mean this sincerely: thank god the greens are in govt.
There will be a big battle to stop this, though. Will be interesting to see if it gets through - they may kill it at this early kite-flying stage.
What, Communism?
Nah, It’s probably means that land will be bought to put up stuff a community needs like schools, playground, swimming pools etc. This would be a welcome change to such stuff being sold in order to throw up apartments.
It means the government won’t be forced to hand over billions of my taxes to poxy farmers for their land every time they want to build a prison.
Agricultural value already enough in Ireland.
This isn’t Cowen’s doing. I can’t believe it but Trevor Sargent was promising this bill if they got into power - and the greens are actually gonna try and get it through. He said it during one of the B-leaders debates on rte. I may have to start pledging allegiances to the greens if they keep doing sensible things…hmmm.
They’ll do more than plenty stoopid things to frustrate your newfound love of them…
You don’t seriously believe the Greens are going to force anything ??!! 
Unfortunately, I fully expect as much too.
Hehe, of course. It will only sail if Cowen doesn’t stamp on it first and that will only happen if it suits the direction he wants things to go in anyway.