One of the costs of the economic crisis was the cloud of pessimism that accompanied it. The Government, many companies and private citizens were so focused on economic survival that little consideration was given to the possibility of an economic afterlife.
After the housing bubble burst, there were bust developers and banks, a collapse in house and site values, empty homes and ghost estates. So building stopped dead and emerging housing needs were ignored.
However, throughout the crisis, the population continued to rise, particularly those aged 30-40, in spite of emigration. At the same time, a depleted older generation – a legacy of heavy emigration in earlier times – meant few homes becoming vacant from deaths. The seeds of an emerging shortage were there.
Read the full story in the Irish Times
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