mad idea, impossible to implement fairly and would reward many who didn't bother saving at the expense of those who had.
They could allocate €50m to stamp duty refunds, and give it to the most deserving.
The most deserving , or the most reckless ?
I am already subsiding the banks that spent beyond their means, I don't fancy subsiding anyone with a better house than me.
a further selective subsidy might keep people in their homes, and so relieve the taxpayer of the cost of rehousing them.
The state does help these people. In principle, I would prefer not to subsidise people, but if some form of subsidy or stamp duty refund or tax rebate, is less than the cost of rehousing them, I would opt for it as a practical solution.
How would we know that they would spend a rebate to pay off their mortgage and not use it to buy a new car etc ? People with property already have gotten Nama to prop up prices. I would resent my taxes going to prop up the financial assets of any more people who gambled and lost.
You seem to be confusing Negative Equity with Mortgage Default.a further selective subsidy might keep people in their homes, and so relieve the taxpayer of the cost of rehousing them.
Hi Canice
You are quite right. If someone has a well-paid job, they are not getting housing assistance. But we are not really discussing these people.
There are many people out there who have the combination of high debt, negative equity and no or low salary. The state does help these people. In principle, I would prefer not to subsidise people, but if some form of subsidy or stamp duty refund or tax rebate, is less than the cost of rehousing them, I would opt for it as a practical solution.
"What would happen in 10 years time if the property was no longer in negative equity and the owners hadn't sold it?."
Brendan,
Many of those in negative equity have paid large sums of stamp duty at the time of purchase. Given the probability of a new property based tax becoming a reality in the future, would it not be an idea that the government refund all stamp duty paid by those in negative equity only on condition the refunded sum is immediately put against the outstanding mortgage.
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