O'Keeffe slams 'property squatting' builders

I suppose its the best we can expect from Fianna Fail, ‘The Builders Friend’, they’ll talk about the problem, but god forbid they actually do anything about it !

Didnt the do something similar a few years ago when labour et al, pointed out that a number of developers were sitting on vast areas of zoned land while milking the poor ould FTB.

Where did they get these numbers from ?

We’re expecting house completions to almost half, but it will only result in a <10% drop in output. My Arse.

Hang on a second.

If builders are holding onto property and refusing to sell it, then they are making the clearest statement possible that they have faith in the value of the properties, i.e. it’s worth more to them to keep it than sell it.

It also curtails supply which should be holding up prices. What kind of messed up economics do you have to believe in to think that curtailing supply drives down prices?

Be careful what you wish for Batt.
If you think the market is depressed now, you really don’t want to see what would happen if all the builders started slashing prices and selling off their stock.

-Rd

Hope he is planning to be somewhere else by the end of 2008 so.