Property speculation problems

The Voice of the Left-Zminijietna - has welcomed the MLP proposals regarding housing and MCESD issues but considers these proposals as needing further additions.

Regarding the representation of economic and social bodies in Cabinet, Zminijietna believes this would ensure wider participation in the national decision-making process by such interests.

The MCESD itself should be more representative of civil society interests by incorporating representation from consumers, environmentalists and other social interests. Ultimate responsibility to give political direction for economic and social development would still rest with the democratically-elected government. However, the increased participation by civil society in such decision-making would be beneficial to the country as a whole.

Zminijietna welcomes the proposed Labour incentives for housing to subsidise first-time house purchases through a universal scheme and to extend loan repayment period to families of workers facing redundancies. Zminijietna also considers as fair the creation of a social fund from the refunding of grants and interest, once the couple sells its first property.

The Voice of the Left considers that Labour's proposals need also to address the problem regarding property speculation and the rampant increase in property prices. In this regard, property left vacant for speculative purposes should be taxed (for example from the third property onwards) and the government should intervene in the housing market.

The government should also increase investment in social housing and ensure that it is affordable to low-income earners.