Sir, – It is startling to note that the levy will be in place for “the foreseeable future”, according to the Minister for Finance (“Concrete levy to be cut to 5 per cent and delayed until September next year”, News, October 18th).
It is revealing also to note the effect of the levy on the building costs of a dwelling or apartment, with such increases, as always, falling to be borne by the blameless new home purchaser.
We are told that the levy of 5 per cent is estimated to raise €32 million per annum to offset the anticipated compensation bill of €2.7 billion.
If “the foreseeable future” cited should extend to the period calculated as necessary to recoup all of the estimated compensation cost (€2.7 billion) at the rate at which the estimated annual levy amount is raised (€32 million per annum), this would suggest a minimum required period to effect full recovery of the compensation outlay of the order of 84.376 years.
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This probably corresponds to a time frame of two or three generations.
Surely, as a society that prides itself on its sense of fairness and equality, we must question how an industry that is largely responsible for the root cause of the defects in this instance can be allowed not only to argue for a levy reduction but also to insist on the ultimate cost being borne by future homebuyers via increased pricing of homes.
As a senior citizen, I will not be affected.
I do, however, sympathise with the younger generations who are already effectively on the hook, as it were, for the cost of the 2008 bank and housing crash, as well as the current housing market deficiency. The State and the construction sector are now adding to these burdens via this additional offensive levy now being conveniently foisted on them. – Yours, etc,
FRANK SLOWEY,
Gorey,
Co Wexford.