Ronan Lyons

A recent conference at Trinity College Dublin disproved President Michael D Higgins's portrayal of economics as a field dominated by a "hegemonic discourse".

Surpassing the government’s target of 33,000 – as seems possible by 2025 – will be far from sufficient. Realistically, the country needs to be building at least 45,000 homes per year and probably closer to 60,000 homes per year for decades.

The pandemic understandably squeezed the number of second-hand homes listed for sale. But why has the market not recovered since?

When we observe the yield on housing rising, some might be tempted to see that as evidence of a tilt in power away from labour and towards capital. But instead, it is a reflection of a housing system – and in particular a rental system – that is short on supply.

In the last few months yields have reached a three-decade high. While the sale segment finds some semblance of balance, the rental segment continues to struggle.

Whether policymakers know it or not, trying to minimise vacancy is trying to bring about a system that puts housing before people. If it came to it, which would we rather have: people with homes, or homes without people?

In its parallels and its obvious differences, Mongolia can help Ireland understand itself better - particularly when it comes to building public infrastructure and housing.

The average listed price of a property in the first three months of the year fell for the first time in a decade. And given the twin threats of rising inflation and rising interest rates, the downward pressure on demand is unlikely to end any time soon.

We know we need homes. The question now is whether the State will take on the roles needed to make those homes a reality.

The country’s housing stock should adapt to reflect a changing society – rather than force society to adapt to its constraints. Unfortunately, this has not happened over the past decade. Our model is antiquated and is making a bad situation even worse.