AFORDABLE HOUSING

I have been involved in all facets of realestate for over 40 years.

Afordable housing is often used as promices made but never kept by polatition givin a false sence of security with out their know how can never be kept .

We were not born yeaterday

Let me bring this ilusion out in the open, the problens facing the potential home owner to day are numoursce most ly to do with taxation and ansilerary costs .

There are over 10,000 +/- homes here all subjest to taxation ie : import duty and land tax, also including the fact that Bermuda has proced self out of the in a inflationary market to the average home owner in virtually every avenue.

One of the major stumbling blocks is the high cost of the land cause buy shortage of available space.

THe people tha came to the B H C exausted the land supply 20 year ago as hundreds of two apartments homes were completed on the home owners land we produced with key in the door buildings. the PLP csam make no such claim on a done deal .

VACANT AN DERILICY
You may ask why a family would let their homes get into a sad state of affairs ? i will give you one of many answers Land Tax , people back then did no make big income and we all know why.

Vacant an derelist buildings were considered by BHC .it was found that those building had seen their better & wrost days and not suitable fo modern day living.
The need then an d now was and is for two apartments for the sake of income

The land had the higher value, the wrecking ball was the better answer , but not when causes public out cry.
A land development area north of the city we had a free raig on all vacamy a derelict even wir lost title
many burnt along with the repaid mortgage
CONTRACTORS
Some contractors snaped those properties and restored them for resail having man many change an sold , ask why !why ? just to keep their good men ans sub ~contractors in a job
BUILDABLE LAND
What remain a impracticle at reasonable unusuable land,

Good land drtied up 60 years ago Bermuda is now over built it self as the population deman out grew the supply many as you are well aware, They have quit Bermuda ,there you go low voter turn out, that hids that one under the rug .
May i ask you if Bermudiana beach could be added to afordable housing list of projects , part inflation slamed the door on that project a formal investigation needs to tke place on that project the critics are still having their say.

COST TO MAINTAIN A BUILDING.
whe is new constryction unafordable to day import duty land tak and an up co,in revised price of msterial cenent is no 19 shilling a bag any more .

i can build a house with my eyes shut tight but would no tough one to day

WHAT IS LEFT
Putty and paint

FUTURE COSTRUCION
Wages an construction are our of phase also national income is out of phase

ASK WHY ??????
Cost of material

cost of livng
incease in wages
taxation
cost of plans
land limitations
land cost if you can be it
insurance
other fees legal
income
other incomer
intrest rates
rent
bank foinders fee,
bank interest rates
amrtized mortgage payment
large family
over building
copy cat the jines or better
non participation of friends an family

Has Bermuda had all it can take yu can bet on that !