A section from FOI documents pertaining to Nama, obtained by journalist Gavin Sheridan, from the Department of Finance.
Mr Sheridan obtained the NAMA Advisory Group minutes from March 2012, and a NAMA internal document on its strategic plan.
In relation to the section highlighted above, Mr Sheridan asks on his website The Story:
Is this a plan to constrain housing supply to increase land/asset values in favour of NAMA?
Anyone?
See the documents obtained and Mr Sheridan’s blog post in full here
Previously: Nama And The Rise In Property Prices
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Control of availability of land to manipulate prices? Where did I see that before? Did it end well?
State control would bring down prices by making and available.
Private sector control without effective oversight. Where did I see that before? Did it end well?
What you should consider is that NAMA (and the State by extension) want to maximize their profit on the sale of NAMA owned land. Does that sound like lower land values are in their interest?
This has been the essential contradiction in NAMA’s remit from the beginning.
Wait, I’m confused. Is NAMA conducting a firesale like Mick Wallace et al have been complaining about, or is it hoarding land like this latest random whinge seems to imply? Or perhaps people just really really like complaining?
Control doesn’t always imply constraint. Right now private developers are sitting on land banks in Dublin doing nothing with them. We have a housing crisis and land is artificially hoarded.
Derelict and brownfield sites need to be freed up for housing development.
Having a REIT control it means proper investment in long term rentals which is part of a mix of solutions needed.
NAMA could change all that by just releasing all the land. Alreadyits at over inflated prices. Crashing the prices slowly and I mean slowly takes people out of negative equity and forces the developers hand. They realise they must sell if they are to make any money otherwise its a long long waiting game.
Minutes of a meeting where somebody tries to come up with a plan to maximise the return to public money – I’d almost saying somebody was doing their job
This is a draft proposal. What was in the final proposal?
Jeez, people complain about all the ghost estates around the place and now they complain when people try to control supply to avoid having ghost estates. Damned if you do….
+1
Ghost estates are not about wider supply & demand – they are about stupid planning & development decisions on a local scale.