The document discusses the development of the Irish state in relation to housing policy and ownership. It notes that in the 1920s and 1930s, the Irish government aimed to promote home ownership through building grants and rates remissions for owner-occupiers. In the 1950s and 1960s, there was a push for private home ownership as a way to combat communism and social unrest. The 1966 Housing Act allowed many public housing tenants to purchase their homes, resulting in over 200,000 public units being sold into private ownership by the early 1990s. The global financial crisis that began in 2008 saw overbuilding and overborrowing inflate asset values in an unsustainable way according to the CEO of NAMA in 2011.