Housing:Affordable houses built or bought by local authorities should be sold at construction cost, though stamp duties should not be cut, Sinn Féin has proposed in its new housing policy.
In some places, affordable homes are too expensive for potential purchasers, with one-bedroom apartments in parts of Dublin sold under the scheme costing €250,000 and more.
"What is needed is a robust package of intervention measures to reduce house price inflation and curb the appetites of private developers," Sinn Féin said.
Condemning property speculation, Sinn Féin wants capital gains tax to be brought back to 40 per cent from 20 per cent, while a windfall tax should be imposed on sales of zoned land.
A statutory ceiling should also be placed on the price of land zoned for housing.
Unlike other parties, Sinn Féin has not recommended changes to stamp duties. Instead, it said €500 million should be ring-fenced annually to build social housing.
All tax incentives encouraging private investors in the Republic should be abolished, while curbs should be put in place in Northern Ireland to ensure that houses sold to occupants by the Housing Executive cannot be quickly sold for profit.
Local authorities should be able compulsorily to purchase derelict properties, or those left vacant for a year, or more, though a "fair and transparent" appeals system should be created.
Sinn Féin demanded the return of rules that required developers to include social and affordable housing in each estate - a measure dropped after opposition from builders and many potential buyers.
Changes made in 2002 allowed developers to build or pay for low-cost housing elsewhere and have "done nothing to create a better social mix".
Repossessions jumped by 20 per cent in the Republic last year to 2,600 cases, as mortgage-holders came under pressure from interest rate rises.
