Sinn Féin says a redress scheme should be established, to help carry out necessary works on over 100,000 apartments built during the Celtic Tiger boom.
A landmark report has found that 34,000 apartments were built with fire safety defects - while other structural and water defects were evident in thousands of other units nationwide.
The paper, which was commissioned by the Housing Minister Darragh O'Brien, also found it was not feasible to hand a penalty to individual builders responsible for the poor construction.
Instead it said a 'general levy' for the entire industry should be considered.
But Sinn Féin housing spokesperson, Eoin Ó Broin, told The Hard Shoulder the remit of the pyrite redress scheme could be extended.
"Really because these defects happened on the Government's watch - they happened because of light-touch regulation introduced in the '90s just before the Celtic Tiger by Fianna Fáil and Fine Gael - the State can't walk away from this.
"Therefore I think the single, most important element to this report is there has to be a redress scheme.
"There's a number of ways of doing that.
"The most sensible and quickest way to do that is to take the Pyrite Resolution Board... and simply repurpose that vehicle and allow it to continue its work.
"But to start to tackle the legacy of fire safety and water ingress defects".
Deputy Ó Broin says the industry will have to step up.
"The enormity of what industry did hits you over and over again.
"So the idea that we would just say 'That's OK folks, industry gets to walk away cost-free' is not acceptable.
"Industry has to play a part in this.
"I think Government should look very carefully at whether it's a levy, contribution or a tax to try and find a way to ensure industry makes its contribution and it's not passed on".
'No doubt in my mind'
In response, Housing Minister Darragh O'Brien says he will consider introducing a levy on the construction industry.
"One of the options that is outlined is a levy, but there are others also that are outlined.
"There's no question that a large part of this issue was caused by some people who are still in the sector, who have built homes here.
"There's no doubt in my mind where the culpability and a large part of the culpability lies.
"Having said that, I need to be able to be allowed to take time to review the report itself - which I'm doing - to assess the recommendations, to talk them through with my colleagues, that we will come forward with a package that will help homeowners and that will be funded".
