Just had a quick look back at what was posted about the earlier, failed 'Living City' initiative. I wonder will this scheme actually address any of the obvious issues that caused all the previous ones to fail?
Another failed intervention. Presumably there are people well paid to come up with this stuff in national and local government, yet loads of basic problems with the scheme were pointed out here as soon as details of the scheme were announced.
Either we are all brilliant or those in government are morons. I'd love to know how much all the work that went into framing this scheme cost.
From the IT article:
Owners can claim relief only for the years the house is their principal private residence. If the property is sold within the 10-year period, entitlement to the relief stops and the new owner will not be able to claim it. The scheme is also available to the owners of historic commercial buildings, who will be able to apply for capital allowances over a seven-year period on the refurbishment or conversion of a property. The amount of tax relief available under the commercial element of the incentive is capped at €200,000 for any individual project.
The council hoped the measure would reduce the vacancy levels in the city centre, particularly in the upper floors of buildings, often left empty when the ground floor was used as a shop.
“If we don’t grasp the Living City Initiative we are never going to grasp living in the city and reusing our buildings,” council conservation officer Nicki Matthews said.
The council has yet to complete a survey of the vacancy levels in the city, but surveys on Aungier Street indicate a likely upper floor vacancy rate of 40-60 per cent.
“In the north Georgian core upper floors of buildings are predominantly vacant and empty. This is our opportunity – we have an amount of vacant buildings that could be used for homes in Dublin,” Ms Matthews said.
Dublin Civic Trust has said a cap of 210sq m on the floor area of eligible houses meant many of the houses in the designated area are excluded.
“This excludes the majority of Georgian housing in Dublin, and the very properties that need the incentive most, especially on the northside,” trust spokesman Graham Hickey said.
So they are looking principally for owner-occupiers who will redevelop inner city Georgian buildings - particularly the upper floors - and live there for a decade to actually benefit from the tax relief? Will these properties really be suited to young families? Shouldn't they have aimed the scheme at the type of people who would actually be very happy to live in city central locations without gardens or parks, namely young, unencumbered adults, students or workers?So they have the wrong incentive structure, they are aiming it at the wrong people, it's very restricted geographically, it seems complex to take advantage of, and they are surprised that the uptake is so poor.