A call has been issued for the introduction of a radical vacant homes tax to address the chronic lack of supply in Ireland's residential property market.

Labour representative Senator Rebecca Moynihan said: "The figures published today do not come as any major surprise but they are none the less alarming, and highlight once more the chronic issue of undersupply in the residential property market. With house prices continuing to spiral it is clear that current Government strategy is not working and we have had many experts confirm that the much heralded Housing for All strategy may also fall short of delivering an increased supply of homes for people.

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"There are several ways in which the Minister can take immediate action to address this crucial issue of supply, but he must grasp the nettle of the many properties lying dormant throughout the country. It is high time to consider a vacant homes tax for properties that are lying empty. We know there are around 200,000 of these dotted around the country for example, which could be tapped as a means of addressing the housing crisis.

"Budget 2022 gives the Minister yet another chance to change. A strong vacant home tax must be delivered in the Budget that will actually bring former homes and empty apartments back into use. There can be no more foot dragging on this. Examining and reviewing it is not good enough. Institutional investors can't be allowed leave properties vacant. I welcome that the Minister is taking on board Labour's recent proposals on the Kenny report in the form of a 'land value sharing' clawback of up to half the increased value of zoned land but again, implementation will be key.

"Household incomes are not keeping pace and the cost of living in Ireland continues to soar. This not sustainable, and as well as driving people into homeless, it is eroding people's morale, it is forcing them to work to barely get by, it's another symptom of Ireland's two-tier society."