Senator Burt: Affordable Housing Is A Priority
Senator David Burt, the Junior Minister of Environment, Planning and Infrastructure Strategy, spoke in the Senate yesterday [June 22] about Government’s recent housing initiatives and the importance of providing affordable housing.
Senator Burt said, “We as the government must cater to all in society, not just persons who already own one or more homes with one or more apartments to rent. Lower rents throughout the island will mean that citizens will have more money to spend on consumer activity which will in turn assist our economic recovery.”
“Lower rents mean that Bermudians will have more money to save for their future. When landlords compete for tenants, they will spend money to renovate or upgrade their apartments which provides more economic activity and provides better living conditions for our people.”
Senator Burt’s full statement follows below:
Madam President
I speak today to share with this Honourable Senate the many recent achievements of the Bermuda Housing Corporation in fulfilling their mantra that: “Every Bermudian should reasonably expect to have a safe and adequate place in which to live.”
I only hope that I can speak as forcefully on this subject as our former colleague Senator Burch did, so that members and the public can be aware of the energy and effort that this government, via the Bermuda Housing Corporation is putting into housing our people.
The Bermuda Housing Corporation, or ‘BHC’, is continuing to address the needs of the community by engaging in partnerships with other Government agencies such as the Cross Ministry Intervention Team (CMIT) to assist “at risk” families; the Corrections Department in establishing a half way house for released inmates; and the Child and Family Services Department and Court Services to ensure that all Bermudians have safe and adequate dwellings to call home. BHC is responsible for managing multiple rooming and transitional houses across the Island to assist those in financial or social distress who are in need of housing assistance.
Madam President, in any country, providing affordable housing is considered a top priority…and as the Junior Minister speaking for Housing in this honourable chamber, I can assure you and the Bermudian people, that this Government has made it ‘Priority Number One’. The team at BHC are in the business of offering a hand up rather than hand outs, and are constantly working to ensure safe, comfortable and affordable housing is available to all Bermudians in need.
Madam President, BHC currently houses 628 clients through various programs – such as BHC owned properties, private sector rentals, rooming houses and emergency housing. According to the Government Task Force on Housing, there were 191 vacant and derelict locations around the Islands of Bermuda.
BHC is keenly interested in bringing these properties back on line for the benefit of all Bermudians and will be rolling out suggestions for bringing these properties back into operation in the months ahead. This initiative will form a key component of an updated Housing Policy that the Ministry of Environment, Planning and Infrastructure Strategy will produce.
Madam President, there have been a long list of successful Government Housing initiatives such as the Loughlands Development in Paget, where 96 families have taken possession of their own homes for the very first time; the Harbour View Development for Lottery winners in Southside, St. David’s where 30 families have moved into their completed homes and a further 56 families will soon take possession of their Lottery dwellings in the Southside Development; and the purpose built Rent Geared to Income (RGI) property at the Perimeter Lane Development in Pembroke East, affording 38 families the ability to rent Bermuda Housing Corporation properties while paying only 25% of their household income for rent, while also participating in a mandatory savings programme of 10% of their income. The BHC has also formulated plans to increase the stock of Rent Geared to Income Properties across the Island.
Madam President, continuing the trend of providing housing units for Bermudians, at the end of August, 24 (twenty four) Grand Atlantic units will be available for sale by those wishing to purchase their own homes or downsize to an ocean view property. This housing development on the beautiful site of the South Shore in Warwick, will comprise of 60 (sixty) two bedroom / one bathroom homes and 18 (eighteen) three bedroom / two bathroom homes. Bermuda’s traditional building methods have been utilized for the construction of the first phase condos.
Madam President, the Grand Atlantic Development is bordered by the Southlands Park which is soon to be Bermuda’s newest National Park with access to a beautiful south shore beach. Residents will eventually have full access to Beach and Park areas for their relaxation and enjoyment.
Madam President, in addition, I am pleased to inform that BHC is in the process of partnering with Ascendant Group so that the units in the later phases of this development will have a sustainable theme.
In the event of a power outage, these units will be self sufficient in terms of basic energy requirements. 54 (fifty- four) of the 78 (seventy- eight) units will have a renewable energy component built into the design, including gas appliances and solar hot water. The incorporation of an alternative energy system is in line with the Government’s stance of recognizing methods of embracing alternative energy for the country and thereby reducing the Island’s reliance on fossil fuels and reducing our carbon emissions.
Madam President, the Government is committed to using the resources at its disposal to house its people. However, if you listen to some members of the opposition in the Media and in other places, you would get the idea that they do not want the government to provide housing or put the dream of home ownership in reach of more Bermudians. When you criticise the governments work, one must then believe that you oppose it.
Madam President, this is personal. As a 32 year old Bermudian, most of my peers, including myself, don’t own a home of their own. Many of my friends appreciate the efforts that the government is making in this space and are grateful for the chance to own a quality affordable home.
A few months ago I was able to join one of my friends in watching a football match at his new house in Loughlands. The pride he felt inviting people to his home was palatable. The hard work that he’s put in over the years of educating himself and working long hours paid off as he was able to access affordable home ownership provided as an initiative of this government.
When members of the opposition make such irresponsible statements about the effect these houses may have on rents, I would like to remind them that there are still many Bermudians that do NOT own their first home. There are many that are still trying to take the first step. It is our mission as a government to do what we can so that more people can share the joy that my friend did when moving into his home.
It is the same joy and pride that families moving into Harbour View Village in Government Subsidized housing, funded by government borrowing, have felt and will feel. It is the same dignity felt by those living in Perimeter Lane, with their rents tied to their income to allow them to save for a home of their future will feel. And it is the same pride that Bermudians will feel when they move into the homes at the Grand Atlantic Development.
We as the government must cater to all in society, not just persons who already own one or more homes with one or more apartments to rent. Lower rents throughout the island will mean that citizens will have more money to spend on consumer activity which will in turn assist our economic recovery.
Lower rents mean that Bermudians will have more money to save for their future. When landlords compete for tenants, they will spend money to renovate or upgrade their apartments which provides more economic activity and provides better living conditions for our people.
Madam President, This government is justifiably proud on its record of housing and will continue in its mission to ensure that “Every Bermudian should reasonably expect to have a safe and adequate place in which to live.”
Thank you, Madam President
I cannot believe that the OBA would prefer to protect people that are getting rents as income versus encouraging ownership of properties by Bermudians. Yes it is true that some people do need the rents to assist with their mortgage payments, but the government’s role is not to protect that income, but moreso to ensure that Bermudians that want to own have homes built that are attainable.
The PLP government has shown their commitment to fulfilling this by their numerous developments all over the island.
Well said Senator Burt.
While the motive is noble, market manipulation by the government will end in failure.
It has already sucked what liquidity existed out the market by discriminating against those who marry (gasp) non-Bermudians and by preventing Bermudians selling to non-Bermudians.
While I would like nothing more then to say you are wrong. I simply can’t.
Plus, you have a bunch of folk saddled with half million dollar mortgages and a shrinking employment market.
Given the same gover(n)ment’s approach to IB and tourism (sadly lacking in the latter and downright hostile in the former) the means that people are spendig less as jobs dry up.
Then you end up with local banks holding mortgages that presumably the gover(n)ment will have to bail out to prevent a total collapse. Except, the gover(n)ment doesn’t have any money either. We can barely keep up our loan interest payments.
So, David Burt, noble, but you didn’t really think this through did you?
The PLP hav really done a number on this country. Idiots.
And who’s fault is it that the real estate market is overpriced and has become unattainable to the AVERAGE Bermudian?
Good job Gov’t for provide affordable housing.. Lord knows if it were up to some people they would rather exploit the average Bermudian by making them pay outrageous rents for mediocre dwellings and make housing out of reach for the majority of the country (which it currently is)….
Homeownership gives one a sense of empowerment, do you know how frustrating it is living in our beautiful country and not being able to own a piece of it.
Cut with the BS, with this initiative Government recognizes that affordable housing is a major issue in Bermuda and is doing something about it, IMO they have thought it through..
Funny though, I dont hear people bickering about private developers who are still building condo developments and charging $800k+ for units that are similar to the ones at the Government scheme…
Whose fault? Well, largely Bermudians taking advantage of a healthy economy.
Don’t misunderstand, I think affordable housing is a noble and necessary goal. However, it’s not a panacea for all of our woes and must be part of a broader economic plan. That plan doesn’t exist.
Economically, we are going backwards. PLP tinkering with the market is having disastrous effects.
no matter what the PLP do, people like you will think of the negatives and not the positives. Im sure your well off and have property already, or thats what it sounds like to people reading your posts.
Im sure YOU have nothing to worry about with affordable housing because you could “afford” yours.
Psssstttttt,
first off ur name doesnt make you sound very educated. Second if you cut down on draw maybe u could afford housin. Third, dont u understand where his comin from, we agree in the effort to house less fortunate bermudians, just dnt feel its an economically sound decision mate!
PS: weve all burnd erb, just dnt advertise it wen ya tryin to make a point seeen
So when does helping citizens own property, which will become an investment over time does not equate to being economically sound?
Is having a population in which the majority does not own their own home (valuable asset) and rents seem economically sound?
wen that property becomes undervalued due to A. the price it is being sold at and B. the people and community that developes from grouping together cheap housing (they used to call them Ghettos, but thats a bit harsh and not exactly politically correct). Finally C. the main reason is that now the privately rented places will no longer have tenants, removing money from the hands of landowners…. yes some of this money does go to lower income individuals (who have a larger marginal prepencity to consume which is a bonus seeing that they circulate a larger % of their income) but only a fraction of it… plus to build new residences costs $$$, money that goes into materials, mortar and concrete, not into the economy…. sry its just the way it works….
and im not sayin that we should have, “population in which the majority does not own their own home (valuable asset) and rents” at all, where did you infer that from…. im sayin lowering the costs to rent houses will not at all help the economy, especially if the goverment is payin for them to be built- the last thing we need right now is more govt dept man come on….
So sand… do you think the market is fine the way it is?
Housing has a huge effect on financies for the vast majority of Bermudian families, so I think it does play a part of a broader economic plan.
Of course it is not the golden cure for our economic woes, but dont downplay the fact that it will help Bermudians.
You are missing my point. If building affordable housing (gover(n)ments can borrow money cheaper than the rest of us) or subsidising mortgages was happening in an environment where everything else was “hunky-dory” then I wouldn’t even comment. Getting people onto the “ladder” is laudable for all reasons made here by many people.
The problem is that everything isn’t hunky-dory. By tinkering with ownership (not being able to sell to non-Bermudians, discriminating against those that merry non-bermudians) the PLP have negatively impacted the liquidity in the housing market. That, taken in isolation, might not be a bad thing (I can see that argument although I don’t subscribe to it) but it’s not in isolation.
It’s in an environment where folks are losing jobs, where the gover(n)ment is hostile to our lifeline (IB) and hopeless on tourism. People are ending up in negative equity situations and, unable to meet payments are falling into arrears on the one asset they have, with no hope of realising that asset.
@Well can you provide a link to prove what you are saying about the OBA as you say:
“I cannot believe that the OBA would prefer to protect people that are getting rents as income versus encouraging ownership of properties by Bermudians.”
I must have missed this.
LOL
Yes, I must have missed that too! Please tell me why the OBA was even mentioned.
And might I remind us all that the reason rents are OUTRAGEOUS is because GREEDY BERMUDIAN LANDLORDS jacked them up when they realized they could take advantage of International Business people. Nice job – it’s us, the working poor Bermudians who suffer. Thanks. Thanks a lot.
I truly believe that rents and prices of homes will continue to decrease in the near future.
It was unrealistic for some to believe that the housing market would be sustainable at this level forever. Prices are too far high for the average Bermudian.
Putting many into negative equity situations, and with fewer jobs around that’s not good. Well done PLP.
I can look for the official link, but there were remarks from an OBA MP which indicated that government should be protecting the interests of homeowners who use rents to pay mortgages.
They should be doing both.
And you have issue with that? Ok, so the guy that relies on his $1,500 apartment income to help pay his mortgage, but can’t rent it out compliments of the econcomic down turn. He is now down $1500 each month – goes further in the hole. Defaults on his mortgage payments. House gets foreclosed. He looses his house, has no money and has lost everything he has put into it to date. And the guy this affects most? The middle class guy who worked his a$$ off just to make the down payment – the guy who brought into the 5% down at the bank and thought the glory years of the 90s and early 2000′s would last forever. Is the OBA right to look at protecting their interests? Absolutely!!! Yes, affordable housing should be available for all, and homeowners should be protected where possible, but market manipulation will indeed burst the bubble faster than it is already leaking IMHO
It was Grant Gibbons who made comments the other night that Government was competing with Bermudian landlords by flooding the market with low cost housing. And he does have a point.
@ Real Talk thanks for pointing that out just wanted to know if it was said as people talk alot of sh#t when trying to score political points.
LOL
yes, well said david burt, although i am an idependent voter, this is one of their initiatives that i do support
Of housing he spoke on the Hill
But it seems its a bitter pill
Our hopes have been tossed
They call it low cost
Starting at half a Mill
Greedy Landlords …..YOUR DAYS ARE NUMBERED …GET YOUR GLORIFIED STABLES UP TO PAR OR GET OUT OFF THE RENTAL BUSINESS …
read that outloud to urself, think about it, then re-adjust your wordin, thats a pathetic attempt of a comment, thx!
PS: Those greedy landlords will outlive this entire country if Burt and his bedrins get their way, try studyin some economics texbooks and get back to me…. we cnt keep goin the way we are, especially with the gangs n ting, wawpnin berm?
Its important for one to afford
Your own house to have and to hoard
Mr Burch is right
We all must fight
To get rid of those greedy landlords
Ugh this makes me so sad!
Bermudains not being able to afford land in their OWN country…Rich getting richer.. Poor getting poorer…!
Here is a question:
Is it because they are used to/ comfortable renting and cannot manage/ budget their $$ in order to save for a home OR is it just impossible for Bermudains to save that kind of money due to the high prices of everything on the Island?
It makes a lot of sense to rent.
No upkeep of the property.
No Land Tax.
No need to worry about losing your investment if you can’t pay the mortgage.
Don’t need to take time off work to meet repairmen.
No risk of losing property if caught growing pot or dealing drugs.
Can leave it in a mess with 10k worth of damages and unpaid rent (try getting that out of an evicted tenant).
Since you don’t own a property are able to get financial assistance (and work a part time job they don’t know about).
4k month mortgage or 2k month rent? If you can afford the mortgage but are renting instead then you can put 2k a month into investments, way better then property.
In the end there is little to no risk in renting and the benefits are great.
Affordable housing: Rent in Bermuda and buy in the distress real estate markets in the USA. 5 bedroom house in Georgia for 100K.
except that over time u end up paying far more to rent than if you owned that property you fool… one of ur benifits is growin erb, jog on u are the reason why this cuntree is the way it is… foolish logic, just irrational, yes some positives to renting, if ur a lazy good for nothin, short term thinker… but if you are smart and manage your assets “in the end” renting will only leave you worse off, WHY YOU THINK PPL ARE RENTING THEIR LAND ANYWAY, CAUSE THEY ARE MAKING MORE MONEY OFF UR PENUT SKULL THAN THEY WOULD IF THEY SOLD THE HOUSE. please just stop lying to urself to make ur lifestyle look better… you make little to no sense at all, im sry but damb this is sad to read….
Name calling is childish. The fool is the person who ends up with nothing. Most Bermudians can’t afford to purchase on island and travel to the USA more frequently than not, so why not own a piece of America’s rock?
dnt kno wat ur sayn, sry for callin yaboy a fool, just sounded like one, ur probly right another word might have bin better, but guys cant just think bout short term gain, thats why there is so much crime in this country too man, crimes of oppertunity, not thinkin bout the consequences….
Same 1/2 million low cost house.
4k mortgage = 48k per year x 30yrs = 1440k (for a 1/2 million house!)
Plus all additional costs like land tax, home insurance, upkeep.
2k rent = 24k per year x 30yrs = 720k (yeah, a lot paid out but…)
if the renter saved 2k per month instead of paying a mortgage and that was invested every month he would have a pretty nice investment portfolio in thirty years, and also wouldn’t have any of the costs or stress of owning a home. After renting for thirty years he could buy that same 1/2 million dollar house and have loot to spare.
If someone can’t afford their 2k a month rent how are they going to afford a 4k a month mortgage? And the worst is that when they can’t pay they don’t just get tossed out and have to find a new rental but they loose everything they have put in already, look at the housing/mortgage crisis in the states as an example. Just setting people up to fail.
The just 38 families that will get the rent geared to income are those who need it most, single mothers making about $12.50 an hour bringing home so little that rent of $500 a month is still a struggle. Can’t compare their plight to a couple where they each average $20per hour or more where 25% of their income is over $1700 a month. Maybe if some of our social and educational problems were dealt with first there would be more stability in society and in relationships and more couples would stay together, or married, and have a better shot at the “Bermudian Dream” of home ownership (which is not all that it is cracked up to be).
Well you hit the nail on the head, the sole issue here is our, “social and educational problems,” stemming from the amount of individuals born without the proper family structure in this country (thank Ms. Brown Evans for layin the template). Your investment ideas rely heavily on wether or not the investement succeceeds and yes i understand most ppl cant affor morgages, that is clear… but in no means is renting a home better than owning one, its like leasing a car in the states, u end up payin more in the long run than if you just owned one for 15 years instead…. but that isnt an option for most ppl seeein that aint got that kind of money to spend, which brings us back to our social and educational problems…..
and if u get a mortage without understanding what u will need to pay it off is what caused the housing crisis in the states, ppl gettin told they can afford it but they just simply cant and therefore loose everything…. you have to understand what is demanded by your mortage before u take it on, or else your just setting urself up to fail… the proble was in the states too many individuals began to loose their jobs wen they had mortages to pay, but the job loss rate here is much lower, and the majority of those losse arnt b/c of the economy its because of the bermudian work ethic…. ppl just need to be better educated, and like u said, its easier for two ppl to pay a mortage than one…. THE AMOUNT OF FAMILIES LVING IN LIKE 6 DIFFERENT HOUSES IS STAGGERING, THATS WHY THEY CANT AFFORD TO LIVE, THERES ABOUT 1 GUY WITH 5 WOMEN WHO ALL HAVE HIS CHILDREN (exageration), and those women clearly cant afford to raise a child and pay rent…. we need to fix that first before we start whining about not being able to afford rent…
Hello Bermudians ask more than 5 people that you know whether over 50% of their salary(take home pay) goes to rent them read what the senator said AGAIN!
@all of you whining about greedy landlords….
I must appologise first for this reality check but you all live in the west, where supply and demand run everything the goverment doesnt stick its fingers in. What this means is that if these landlords want to charge what you say are RIDICULOUSLY HIGH PRICES, they will countinue to do so until no one DEMANDS their ‘product’. But clearly this is not the case b/c ppl are still renting them, people who can afford them. Maybe to you it seems that its too expensive but reality check this is berm, everything is too expensive. You must understand how expenisive and time consuming it is to put up cost effecient housing and rent it to ppl for the low prices they desire. And this is where Supply and Demand comes into play. I can supply it for this, you demand it at this, lets compromise, but if someone else compromises ‘better’ ie. will pay more for it than why would i rationally sell it to you. Think about it. The only people that are dumb enough to do that is the PLP/Every Liberal Goverment in the World. Because they dnt pay attention to how economics works half the time, because thats not what gets them voted in next election. This will not help the economy, will not put more money in ppls hands, it will only put our idiocracy further into dept. So ya, go ahead and whine about how expensive rent is, then look at those ppl who are paying it…. Its just the way it works. That is why the neady will vote in a labor party, so that they get benifits they wouldnt normally get. And i guess a society needs this in a way, i sure as hell would vote for them if i was in that position, but im not. So therefore i look at how this move will effect the country, and well the only thing it will do is slow our economic recovery for the simple reason that… THE PEOPLE MOVING INTO GOVT LOW COST HOUSING ARE MOVING OUT OF EXISTING PRIVATELY OWNED ‘RENTAL UNITS’ AND THUS TAKING AWAY USABLE MONEY FROM LANDOWNERS, CREATING VACANCIES (THEREFORE LESS $$$ FLOW) AND PUTTING GOVT CASH INTO THE SOIL, IE. WE ARE USING GOVT MONEY TO BUILD HOUSES THAT ALREADY EXIST ELSEWHERE IN THE PRIVATE MARKET BUT APARENTLY AER TOO EXPENSIVE>>> THUS THIS MONEY GETS TRUNED INTO CONCRETE, only increasing our already staggering govt dept…… its illogical and just plain unreasonable, why build something that already exists? Yes the problem is landlords taking advantage of ppl willing to pay high rent but thats supply and demand, ppl outside the curve loose out, thus goverments are forced to step in and help the likkle man…. IT IN NO WAY HELPS THE ECONOMY THAT IS A LIE, I LEARNED THAT IN HIGHSCHOOL….. the only think it helps are the unfortunate people who cant afford proper housing in this tough economy, and !!!!i agree with that move!!!!!, the only problem is you cant lie to the public and tell them you are doin it for other reasons….. (when one of ur main reasons is probly just to increase PLP voters in non PLP constituancies, oops did i say that?)
The problem is (I think… hard to follow your post), that you’re assuming the housing market is efficient. It’s not, for a number of reasons – small market, government manipulation, and (in my opinion) the big one:
Rent levels are a source of pride for a lot of Bermudian landloads – remember, this is one of the most materialistic places on earth and being able to brag about your high rental income is a nice addition to the LV bag, lots of gold, fancy car etc. I know of SO many places/situations here where the landlord holds out and is just left with an empty place, for months and months. Example: nice place, ad for $3600, offer $3000, rejected, offer $3300, rejected – “This is what my place rents for”/”I need that much to make my mortgage”/”I know you can pay it, why would I drop the price?”/etc… Apartment is still empty 3 months later. So (let’s assume they finally get full price after those 3 months) in order to “break even” on waiting for max rent vs taking a small reduction the landlord would have to wait 33 months! It’s crazy, but it happens all the time – a major barrier to affordable housing in Bermuda, given the current market, is the fact that level of rental income is a status symbol.
Well ya, thats how it works…. In truth if you have an empty apartment or unused product you are better off renting it for $1 than letting it sit there…. But like you said the market is not perfect and not every landowner is smart enough to look at the whole picture…. so yes those vacancies are crazy and a massive issue but building more, cheaper apartments is by no means a solution! The problem is that these landowners recognize that they will eventually be able to rent the thing for that $3600 and thus will hold out till they get it (even if they make less cash in the short run). What they should do in truth is give her to the kid with 3000 and then wen someone else comes along either tell the kid to pay the 3600 or move out… but i beleive laws prohibit this for ethical reasons (cant kick someone out kinda thing). Anyway your argument does not support low cost housing, all it shows is that we need a more effecient housing market so that the guys with 3600 can communicate with the guy selling it for 3600 and the guys buying for 3000 can find someone selling for 3000 (and if no one is selling at 3000 then that individual must up their willingness to pay, its like bitching about 5$ loaf of bread wen everyone is selling it for that but you only have $4??? Makes no sense watsoever from a third party perspective but to that individual with 4$ it seems unfair, but sry thats life)…. and yes that is where the gov will step in and sacrifice and sell that individual low cost housing BUT THIS IN NO WAY HELPS THE ECONOMY, NOT ONE SINGLE BIT, IM SRY BUT UR BEING LIED TO…. all it does is give the less fortunate a place to live (to bad they happen to be putting it right in the middle of where all the fortunate live, mmmmmmm votes???). And i have nothing against helping the needy, as long as i aint the one paying, its great that we have a thing called the govt budget which can just be kicked around like a football with no reprocussions, if America does it why not us???
Bang!
OKAY….You are the fool that put the Goverment sign on .. I get it . Make sure You can spell Before you begin to criticize others , Idiot .. G O V E R N M E N T
does it really matter if u knew wat i was sayn??? who cares about spelling if you communicated ur message…. stop splitting hairs b/c ur wrong…. Gvmt/govt/gov/guvment/dumbassesincharge THEY ALL WORK WHY CRY ABOUT SPELLING??? obviously everyone and their grandmother can correctly spell government, but who cares if you still know wat im talking about, want some cheese to go wit ya whine?
Govnamon ,I think you have had to much wine !!!!what a ridiculous statment !!! I hope you are not a parent.
It is always midly amusing to hear people rant about “Greedy landlords”. For every greedy landlord, there are horrible tenants who simply do not pay. You have to appreciate that the majority of Bermudians renting their places are not wealthy people. For those who have ever owned a home can testify, it is expensive to build, maintain and therefore it is expensive to rent. You cannot ask someone (a Landlord) who is taking ALL the risk, investing significant money in his/her property to turn around and subsidize the living of someone else without a reasonable return on their investment. Why would anyone do it? For those who are ranting and raving, if you are ever so fortunate to pay through the nose for a property in Bermuda, I would love to hear your song after you realize first hand all of the expenses (upfront and hidden) that are associated with owning a property in Bermuda. The expenses start from the top (Government) and trickle down hill to the taxpayer.
Govnamon
are you a Landlord? just curious….
no i dnt own one peice of grass or dirt, im just renting my way through university, but i also understand the lies goverments will feed to their ppl in order to stay in power, ive seen it all around the world, nothin new mate…. I agree with low cost housing but not with the image that it will somehow help the economy, thats just uneducated ignorance or blatant lies, pick one…..
im just lucky im renting places in canada not bermuda, which is all in all cheaper (for everything u kno that)… so i only pay 450 a month (only make 16 an hour as an intern tho) but share it wit 5 other guys…. so please dnt judge just because i am making educated comments, safe nyah bless up, one love! Raspect to the universe….
Senator Burt, what you are saying makes very little sense. What use is it to flood the market with “affordable housing” like the condos at the Grand Atlantic Development, when many Bermudian families cannot afford the down payment on these condos being built? Are you aware that the major banks like HSBC and Butterfield only offer 80% financing on mortgages? Which means that families need to have the 20% down payment in hand when they go the bank. So if a family wants a condo for say $650,000, they need to have $130,000 up front (plus add in the closing costs). That amount is unrealistic for many families, unless they have a wealthy relative to give them a hand.
It seems like Government is teaming up with a lot of organisations, like Ascendent, to build these properties, but I suggest you need to be teaming up with the banks to work out an arrangement where families only have to pay, say 5% down for a Government built home, with reasonable monthly mortgage payments. Even that will be difficult, since the banks seem to be raising the criteria for who qualifies for a home loan these days.
I also noticed that earlier this year Government legislated to allow many condo developments to be sold to foreigners. The only explanation I can give for them doing this is that they don’t expect Bermudians to be able to afford these homes, and the condo developers didn’t want to lose out on the revenue. Government is giving with one hand and taking with the other…
It is rare to find a two-bedroom apartment for less than $2,500 now. How can a family afford to save for a down payment with these kinds of rents? Senator Burt says that with lower rents landlords will pay to upgrade their apartments. So, you expect them to lower their rents AND pay for renovations? I don’t see that happening. It doesn’t work like that.
On the ball!!! But you have to understand these senators do not actually beleive these things will happen, they will just tell us that for they arent being held accountable for their lies…. The problem is many unfortunate bermudians beleive them, and its sad….
or maybe they really think those things??? If thats the case then DAMB! DAMB! DAMB! poor berm….
“It is rare to find a two-bedroom apartment for less than $2,500 now”
Just wait a bit longer……..
This time next year it will be below $2,000. At the rate people are leaving this island there will be lots of available housing soon.
The only way out of this problem is remove all the stupid market-meddling policies implemented in the last few years and throw the market open to all, non-Bermudians included. Anythome you try and manipulate free markets it will bite you in the ass.
Easy for Burt and the PLP to use government money to achieve their political objectives; let’s see them step up with their own money. I think not. This electorate will not be the last to follow a fiscally irresponsible group into economic oblivion!
Damned if they do, damned if they did nothing??? SMDH Bermudians are the most unsatisfied people on the planet.
I agree PLP screwed up big time and left us flat broke, cuts here and cuts there because of mismanagement of the public purse. Where do we go from here? Everyone was all excited with all the so-called “freebees” (the last two years) – free child care, free bus and ferry rides for school aged children, etc. NOTHING IS FREE IN LIFE. Now we are reaping what they sowed.
Hmmm
http://bernews.com/2011/06/rosewood-acquired-for-229-5-million/
Hmmm…http://bernews.com/2011/06/rosewood-acquired-for-229-5-million/
Senator Burt,
I think you have done a great job in attempting to address the problem of low or affortable cost housing. It is not an easy task. As you have to try and address all the players in the game of a free market! But Keep pushing on ! It is likely you will not please everyone, as there always those that will never agree with any thing you do! It warms my heart to see a young man like you doing service for your country. Not only do you talk about it, but you attempt actually work ! I love it !!
Well, it’s not a free market is it? It’s been artificially hampered by idiotic PLP policy decisions.
PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP
4 ever!!!!
Hey Senator Burt,
I must take my hat off to you and Col. Burch he did a great deal of work in housing for Bermuda. Senator Burt you are very capable of following through. It is not easy to re-solve the housing problem. Many countries and governments are faced with this problem daily. But keep pressing on, it will always be a challenge for any government. The mother country is currently trying to come to grips with their housing issues. There are many research studies that identified the challenges and real implications of housing. Problems with housing occur on both sides of the coin, from the landlord vs. renter. It is a difficult balancing act. But I believe you are on the right track: As I know you are dealing with such issues as:
I.Landlords operating in direct competition with each other (this is normal in capitalist society).
II.Tenants that refuse or do not pay their rental fees regularly or not at all
III.Setting rental fees at a rate that works for individual’s ability to pay, so they can save and live little as well, someday own their house.
IV.Proximity of house to services and persons jobs, as some person like to live near to work.
V.Dealing with issues of a social nature that occur in most families (this is just a normal human factor).
VI.The current economic climate, which impacts the housing market.
VII.Meeting the needs of the various persons requiring housing e.g. one or two bedroom or special type of accommodations…. etc…
VIII.Other factors……I suggest that the approach you are taking will make a dent in the housing demand, creating affordable housing for Bermuda. A country will always have to deal with issues related to housing as our population grows and changes. It will not resolve the entire housing demand, but there is no quick solution to it! So you are on your way…..
Overall, I think Col. Burch got a good start, and Sen. Burt you are doing your best, so keep doing service for your country.
You write that all by yourself?
Burt,
Why we building affordable housing in high dense and demand areas in close proximity to Hamilton? If you look at other places in the world, affordable housing does not get ocean views. They live in the outskirts of the metropolitan areas. If you are going to make redundant all these land owners who are renting(many of the middle-class, who are arguably the heart of an economy), then put them way down in the old base in St Davids…or up near dockyard. There is space there, and the land value is more economical.
Just ain’t making sense!
I think we should call this so-called affordable housing what it really is, and that is subsidised housing. All those lucky families who are putting 25% of their income down to “buy” their home I am happy for them. Guess who is paying the rest?