In this episode of the Inside Business Podcast, Cork-based developer Michael O’Flynn shares his views on the Residential Zoned Land Tax (RZLT), which will come into effect in 2024, replacing the existing vacant site levy.
The new tax aims to increase housing supply by encouraging developers to build on land owned, rather than hoarding it. While O’Flynn explains that he’s in favour of the overall idea, he doesn’t agree with the way it is being implemented and applied by local authorities.
“It’s conceptually good, but the application is dysfunctional and illogical,” he tells podcast presenter Ciarán Hancock.
Calling it a hopeless plan, the property developer says, “it hasn’t been thought through” and will have “unintended consequences”.
O’Flynn who owns 24 properties in Cork city and county, has received an exemption for 12 of those sites, but must appeal the remaining dozen with An Bord Pleanála.
Later on, Ciaran is joined by Environment editor Kevin O’Sullivan and President of Engineers Ireland (EI) John Power to discuss their latest electrical energy review.
