The Government's pledging that 300,000 homes will be built over the next decade, under their new 'Housing for All' plan.
The €4 billion per year plan says an average of 33,000 homes - a mix of social, affordable / cost rental, private rental and private ownership - will be built each year, rising to 40,000 by 2030.
It will see the introduction of the shared equity scheme and will eliminate penalties associated with the fair deal scheme.
Ministers say 90,000 social homes will be built by the end of 2030, along with 54,000 affordable homes.
However, the new housing plan does not include a vacant property tax or 'rightsizing' incentives.
The plan instead includes a commitment to examine the measures for the future.
The Government had previously considered introducing a stamp duty cut to encourage homeowners to 'rightsize'.
The plan released today only commits to developing a 'rightsizing' policy.
In terms of a vacant property tax, it says officials will "collect data on vacancy with a view to introducing" the new tax.
Overall, the new plan focuses on "four pathways" aimed at creating a more sustainable housing system:
- Support home ownership and increase affordability
- Eradicate homelessness, increase social housing delivery and support social
- Increase new housing supply
- Address vacancy and make efficient use of existing stock
There'll be a focus on ending long-term social housing leasing arrangements, with a shift to new builds for social homes.
It pledges increased access to affordable homes to buy, including "an enhanced Local Authority Home Loan Scheme, which will have an increased income ceiling for single people of €65,000 and lower loan interest rate".
Measures will also be introduced to reduce construction costs, while local authorities will be able to "purchase and resell up to 2,500 vacant properties in their areas".
New regulations around short-term letting will be put in place, and indefinite tenancies will also be introduced "to strengthen security for renters".
Hundreds of tenancies will also be introduced for people with a history of rough sleeping or long-term use of emergency accommodation.
Announcing the plan, Taoiseach Micheál Martin said: "Many people are struggling to access housing, whether they are trying to buy or rent.
"Today we are announcing the most ambitious programme of social and affordable housing delivery in the history of the State, with 90,000 social homes and 54,000 affordable homes to be provided by the end of 2030.
"I want to sound a note of caution - no plan on its own can solve our housing crisis. There is no easy or immediate fix.
"How I want Housing for All to be differentiated is the entirely new focus on and demand on delivery that's built into it."
He said the plan will involve a "whole of Government approach", as the problem cannot be solved by one department on its own.
The plan also says a new unit will be set up the Taoiseach's department to monitor and oversee the implementation of the measures.