"Dezoning" to hit Nama

recedite

A review of planning across 34 city and county councils found that in 2008 42,000 hectares were zoned for residential purposes — enough for 4m extra people on top of the 4.4m population at that time.
An Taisce further claims that 40% of the €75bn property portfolio transferred to Nama was categorised as “development land” which will be reclassified to agriculture over the coming years. This will result in the value of Nama’s development land plummeting from a paper figure of €30bn to a single-digit figure, costing tens of billions in losses for taxpayers over generations.

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And even more annoying...One of Minister Hogan's first acts when he took over from John Gormley was to mothball the planning inquiries which the latter had initiated. So we will never know the identity of the individuals that profited most from the inappropriate rezonings.

Cookie_Monster

a paper figure of €30bn to a single-digit figure

really, valued at 9 euro at the most, really???
:pac:

Icepick

It's not like they would be able to sell it (otherwise).

recedite

Hmmm..... lets assume they mean < €10 Bn

antoobrien

Cookie_Monster wrote: »

really, valued at 9 euro at the most, really???
:pac:

That has to be the biggest bargain in the history of humanity.

So whose arm do I have to chop off to get my €10 bid in for all this land?

Nothingbetter2d

antoobrien wrote: »

That has to be the biggest bargain in the history of humanity.

So whose arm do I have to chop off to get my €10 bid in for all this land?

yeah but they'd get it all back in the form of household taxes, water taxes, stamp duty, and capital gains taxes. can you afford to pay all that?

antoobrien

Nothingbetter2d wrote: »

yeah but they'd get it all back in the form of household taxes, water taxes, stamp duty, and capital gains taxes. can you afford to pay all that?

read the op - it's land, not houses etc - so the household & water rates won't apply (unless I build something on them that uses it).

I think I can afford the stamp duty and CGT on €10.

recedite

If you want to be pedantic, €10 is not a single digit figure either.

Back when Nama was conceived, they vehemently denied that it was "a bailout" for developers and their banks. It was supposed to provide a "temporary floor" or backstop for the property market, and later on as values rose again it was supposed to turn a modest profit for the taxpayer.

It seems pretty obvious now that the taxpayer was sold a lemon. Some person or persons received a financial windfall when all this agricultural land was inappropriately or corruptly rezoned to building land.
Now when it gets dezoned back to agricultural again, Nama takes a hit on behalf of the taxpayer that can never be recouped.

FG were the biggest beneficiary of "corporate donations" of any political party in the run up to the last election. It was around this time that they lost their enthusiasm for a ban on corporate donations. And the first thing Minister Phil Hogan did when he took office was to put the kybosh on the planning inquiries initiated by previous Minister Gormley. Plus ca change....

antoobrien

recedite wrote: »

If you want to be pedantic, €10 is not a single digit figure either.

So we can't put in a higher bid? I mean I'm sure a bid 11% higher that the supposed value would be acceptable. Way to take the fun out of it....

Pete_Cavan

I dont think rezoning would "hit" NAMA, most of the land in question will probably be more valuable as agricultural land in short to medium term anyway.

Scofflaw

recedite wrote: »

If you want to be pedantic, €10 is not a single digit figure either.

Back when Nama was conceived, they vehemently denied that it was "a bailout" for developers and their banks. It was supposed to provide a "temporary floor" or backstop for the property market, and later on as values rose again it was supposed to turn a modest profit for the taxpayer.

It seems pretty obvious now that the taxpayer was sold a lemon. Some person or persons received a financial windfall when all this agricultural land was inappropriately or corruptly rezoned to building land.
Now when it gets dezoned back to agricultural again, Nama takes a hit on behalf of the taxpayer that can never be recouped.

FG were the biggest beneficiary of "corporate donations" of any political party in the run up to the last election. It was around this time that they lost their enthusiasm for a ban on corporate donations. And the first thing Minister Phil Hogan did when he took office was to put the kybosh on the planning inquiries initiated by previous Minister Gormley. Plus ca change....

But everyone agreed the Greens were the epitome of evil, so clearly whatever they did needed to be rolled back!

cordially,
Scofflaw

antoobrien

Pete_Cavan wrote: »

I dont think rezoning would "hit" NAMA, most of the land in question will probably be more valuable as agricultural land in short to medium term anyway.

Shh, if we can get it on the cheep....