People who own more than one house should be taxed in an effort to reduce prices for new buyers, but stamp duties should not be reduced, Sinn Féin will propose today.
"Houses have become about investment. It is not about homes anymore," Dublin South West TD Seán Crowe said, as he outlined the party's Dáil motion, which will be debated tonight and tomorrow.
"I would not be worried about calling it a wealth tax. There is a crisis out there, with people having to travel for longer, farther and farther away from their home areas," he said.
Sinn Féin will picket the Kildare Street entrance to Leinster House at noon to highlight its call that changes made to the Planning and Development Act, 2000, should be reversed.
The legislation originally ordered developers to put aside 20 per cent of all new estates as council, or low-cost, houses, but this was unpopular both with builders and those paying the full cost of the properties.
"What we are arguing is that there is a need for a social mix. We want to see a more equitable situation," Mr Crowe said.
Stamp duty, however, should not be cut, he said, because previous efforts have simply resulted in increased profits for developers rather than lower prices for homebuyers.
However, the Government should ring-fence a proportion of stamp duties and use them to build tens of thousands of low-cost properties, Mr Crowe said.