“One course closer to the top”— Norris Burgess Sr

Recently there were some statements made that need a bit more context and community-wide discussion.The Bermuda Chamber of Commerce stated the following:

• Bermuda needs to increase our population to 70,000 persons

• Bermuda needs another 2,500 housing units to accommodate 70,000 persons

Reality

Both statements may very well be true. However, these are but some, not all, of the issues hindering property development and population increase:

• Many properties are tied up in probate

• Property transfer issues take extremely long

• Very little open land remains, causing high land and property prices

• Need for more local skilled tradesmen and women; ie, mason, carpenters, plumbers

• Construction prices are extremely high $500 to $700 per square foot

• Many landlords feel they do not have enough legal protection against delinquent tenants

• Many landlords claim that rent control, often based on pre-2000 rates, is not realistic in relation to the ever-rising costs of construction and maintenance

Unless most of the banks come off their high down payments that are near 20 per cent and high interest rates that are close to 10 per cent, it will be a significant challenge for most individuals to afford to purchase or renovate properties. Consequently, until and unless more private individuals/companies invest in real estate development, there will never be enough housing stock.

Brick by brick

Therefore, without any marked increase in construction, there can be/will be no marked increase in population. With that said, there are some ways forward that as a country we have to accept:

• Planning regulations tweaked to allow more multistorey residential units

• The Bermuda Housing Corporation must continue to be given the needed funds to renovate and build affordable units

• In the 2025-26 Budget, the Government has slashed duty/tariffs on all construction-related items to 10 per cent, allowing Bermudians to save on the materials needed

• Bermudian property owners who are in a financial position to do so should look into the viability of expanding existing properties — if not for rental, then for future family usage

• More Bermudians need to learn skilled trades such as masonry, carpentry, plumbing and electrical. These skills offer a variety of advantages: saving money on their own repairs, ability to start their own businesses, and increase local employment.

The reality is there is no one answer to fixing our housing challenges. However, we have to accept the global and local realities that with an ageing population we will need more residents on the island. Where the line has to be drawn is that we cannot do it at the expense of making our own Bermudians, of all socioeconomic classes, struggle to find somewhere to live.

The Government, via the BHC, is doing its part. The private sector, inclusive of individual property owners and companies, must do its part as well.

• Christopher Famous is the government MP for Devonshire East (Constituency 11) and chairman of the Bermuda Housing Corporation. You can reach him on WhatsApp at 599-0901 or e-mail at carib_pro@yahoo.com