A brainstorming session aimed at addressing the island’s shortage of homes yielded suggestions, including “blue-sky” ideas, now released by the Bermuda Chamber of Commerce one month on from its forum on the topic.

Creative proposals included enabling the Government to seize derelict properties under the powers of “eminent domain”, or compulsory acquisition of private property for public use.

The compilation of feedback came with negative and positive comments on the idea, with some calling the proposal vulnerable to abuse and questioning how the Government would manage such properties, and supporters suggesting strict guardrails.

The chamber emphasised that its “deep dive on housing” did not endorse any specific policies, services or providers.

In the forum’s immediate aftermath, the group suggested it could take the island 30 years at least to build sufficient new homes needed to accommodate Bermuda’s “utopia” increased population figure of 70,000.

The chamber estimated the island’s population had dropped to 56,667 by the end of last year, significantly below official estimates.

Outcomes from its brainstorming session included a “Residential Development Order”, similar to the Government’s Tourism Investment Order, to jump-start developments through incentives such as cutting customs duty.

The concept was floated for larger-scale developments, with “ten or more units that are for long-term rentals”, and with dwelling size to be “capped to ensure they remain within a reasonable price point, rather than targeting a specific price”.

Land tax could be waived for ten years, and the developments could be subject to a limited, minimum-revenue government guarantee “for a three-year period post-construction of 50 to 65 per cent of the required rental income to mitigate speculation risk”, with the Bermuda Housing Corporation to get management rights to at least 10 per cent of units in a given project.

It garnered 42 per cent “yes” votes from participants, with 43 per cent saying more information on the proposal was required.

The forum zeroed in on amendments to the Landlord Tenant Act 1974, including a “clear eviction process for non-payment of rent”, which received the most support from participants — at 87 per cent.

The second-most popular proposal, at 74 per cent, was simpler dispute resolution, with a rental authority instead of using the courts.

Other improvements to the law included clarifying repair obligations, with a clearer definition of “essential repairs”, and mandatory written tenancy agreements.

On rent control, the chamber highlighted that 52.3 per cent of total units fell under controls and 76 per cent of apartments fell within the annual rental value of rent control — a total of 14,128, accounting for 83 per cent of all rent-control units.

The most favourably received suggestion was a tiered approach to rent control, separating “houses/apartments and apartments/condos”.

The housing presentation expanded on a concept introduced at the forum by Marico Thomas, the chamber president.

The conversion of a cruise ship into accommodation was called a “quick fix, outside-the-box idea” that could deliver housing relief for 1,230 passengers over five to ten years before the vessel was sold on.

The chamber’s summary proposed a $40 million price tag for a vessel built in 1996, charging tenants $900 a month.

The document also addressed the issue of healthcare-related housing, in the context of hospital patients remaining on wards after their time of discharge because they lacked accommodation.

It stated: “When we don’t have the right housing, we misuse the our most expensive real estate — hospital beds.

“As the system clogs, costs go up across the board and strike every corner of society. The public pay through higher insurance, more taxes and personal hardship. The housing backlog fuels a growing health and fiscal crisis.”

The report added: “We must determine what kind of homes we need, where we build them and who they serve.

“In this case, that means aligning housing policy directly with healthcare realities. Hospitals should be for healing, not housing. People should be cared for in the appropriate place, with the appropriate level of care and at appropriate cost.”

It suggested a “continuum where housing options match levels of medical need”.

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Housing Presentation.pdf

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