Everything Ireland has done to try to make housing more affordable has been a bizarre scheme to do so while increasing prices. Help To Buy was, to be blunt, incredibly dumb, but it did help increase home prices while giving some people (first time buyers) a little bit of money.
No, crashing the property market would be economically and socially catastrophic. We know this for a fact, because it happened 16 years ago and we're still feeling the effects.
What is required is that the many legal and financial barriers that exist to the economically-viable building of apartments and houses need to be dismantled. If we could have tens of thousands of new dwelling places made available each year, the asking prices for housing stock would start to gently decline. Society as a whole would accept this as a social good.
Hard disagree. I lived through the last recession (here in Dublin Ireland), and life was better for most people across most dimensions. Whether it would have been sustainably so is a broader argument. But cheap buildings led to a massive cultural renaissance that was effectively killed (by council and government dictat) five years later.
The only place in the developed world where housing prices have declined (or even remained stagnant) over the long term is Japan, a country in long term recession.
