let me cut to the chase about the myth about affordable housing.

The Bermuda Housing Corporation where I was employed for many years reduced the finders fees on mortgages from the bank standard of 2% to 1% which in turn negatively impactacted income , from that of other doing the same work .

All Building projects were under strict and orderly building and size control, no changes permitted i all in accordanve with Standard Bermuda construction. at $88.00 per sq ft.

To be blunt, the reduced finders fee went to pay for term lifer insurance for the principal wage earner, no family saving there.

There was no other reductions to construction affordability except business gave extended 30 day credit to contractors .

There was no reduction in the cost of building materials as retailers had businesses to run.

However, some contractors imported materials from Florida import duty on building materials was not reduced unless you are fixing up a hotel .

How could we expect plumbers carpenters and electricians to work for less as the have families to feed.

The public debt sky rocketed up wards that being spread over a long period of time that is untill retirement age.

Lawyers did not prepare mortgage for a pennies on the dollar.

For a short period on time the building boom saw for about 20 or so years a boost in the economy at the cost as all the vacant land which quickly disappeared. Bermuda is now overbuilt .

Sort of too much too soon as there is virtually no buildable land left, that shortage increased the cost of ,if any ,remaining land.
To day most, if not all ,those construction companies are no more they have , gone, or gone under because we joined into another world recession during that time.

Sweat Equity is only one way which was not approved one could save on building costs .

The other is labor costs if the unions approve of it.

On the up side
All building were completed on time.
All building were completed on budget , no cost over runs.
Taxi divers had work during the slow tourist season.

May I take my hat off to Bermuda construction workers.