Sir, - On the subject of the Bacon report and subsequent legislation, the main argument against favouring first-time buyers over speculators seems to be that the shortage in rental accommodation will be accentuated.
There is no serious shortage of rental accommodation. There is, however, a serious shortage of reasonably priced rental accommodation - as a result of the said speculators having the advantage on property purchase, very much helped by tax incentives that should have been abolished at least five years ago when it was apparent that the market was healthy and needed no further boosting.
If things had not been driven out of control, many of those who now pay exorbitant rents would have had the opportunity to buy, thus lessening the need for rental property and generating a much healthier owner to property ratio. The new measures are very much overdue; the horse bolted a long time ago. - Yours, etc.,
Eithne Holmes, Grantham Street, Dublin 8.