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Affordable housing: 'Taxing high end real estate transfers could fix the problem'

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DUBLIN IS FACING a shortage of affordable housing along side a luxury real estate boom.

In global cities across the world, wealthy investors are buying up property and letting it sit vacant as a form of bank account. A luxury housing building boom is being fuelled by wealthy investors looking for diversified asset holdings. This is pushing up land and housing costs for everyone else.

A high percent of these housing units will sit empty or rarely occupied. In one luxury residential tower in my hometown of Boston, only 21% of the units are considered the occupant’s principal residence. Most serve as elegant piggy banks, destinations for wealthy investors from around the planet who are spiriting money out of their home countries and seeking stable markets to hold value.

Economic volatility

As global stock markets rise to precariously high levels, more and more wealth will exit into real estate as a hedge against a downturn in the securities marketplace. Similarly, as economic volatility grows in many........

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