Column: Famous On Population, Housing & More
[Opinion column written by PLP MP Christopher Famous]
“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 2500 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 trades persons IE. mason, carpenters, plumbers
- Construction prices are extremely high $500-$700 per square foot.
- Many landlords feel they do not have enough legal protection against non paying tenants
- Many landlords claim that rent control, often based on pre 2000 rates, are 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%, and high interest rates that are near 10%, it will be a major 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 multi story residential units.
- Bermuda Housing Corporation [BHC] must continue to be given the needed funds to renovate and build affordable units.
- In the 2025/2026 budget, Government has slashed duty / tariffs on all construction related items to 10% allowing Bermudians to save on the materials need
- Bermudian property owners who are in a financial position to do so, should look into the viability of expanding on to 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 will offer a variety of advantages, saving money on their own repairs, ability to start their own businesses, and equally as important, increase local employment.
The reality is there is no one single answer to fixing our housing challenges. However, we have to accept the global / local realities that with an aging 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 BHC, is doing their part. The private sector, inclusive of individual property owners and companies, must do their part as well.
- Thomas Christopher Famous
Oh come on Chris, there are many things that can be done.
1) How about limiting the number of properties a family unit can own to a maximum of 1 (beyond their main dwelling).
2) How about passing a law that ends use of properies as AIRBNB unless the property is their one beyond their main dwelling.
The greedy Bermudian is starving the less well off Bermudian, while the govt tinkers with poverty properties. How is that a fairer Bermuda?
I do not think any of those things can be done without first amending our Constitution to allow people to be deprived of their property for redistribtion to “the less well off Bermudian”
They wouldn’t be taken, there would be a period of time to sell additional properties. The additional properties could be held for up to 5 years in a transition period (for example). This would drive property prices down and rental cost down. THAT IS A FAIRER BERMUDA. those who sold their properties can invest their elitist wealth in the stock market.
Looks like my response didn’t get added…
I did not elude to a land grab.
Excess properties would have to be sold over a a given window of time.
This would lower property prices and rental income. i.e. A FAIRER BERMUDA. Ya know,the thing the PLP based the election on, the thing people voted for.
Forcing people to sell investment properties is very much “a land grab”.
And taking such action knowing it will “drive property prices down” is depriving people of property.
How do you define “Excess properties”?
I guess you have more than 2 properties or you wouldn’t be complaining.
Its called a national crisis. Bermudians are being forced out of our own country. The PLP are gentrifying the country while pretending they are making Bermuda FAIRER. THEY ARE NOT! Step up to the plate Chris and do something.
Owning any investment property runs the risk or loss of value look at 2008.
One residential Property to live in and one residential property as an investment property to rent out. Beyond that is excessive.
I have 3 children. Are you saying people should not provide for their children?
Sure, you can buy them a house to live in when they are legally able to own property, and then it will be cheaper, so you will save an absolute fortune. See what I did for you.
Thing is, if prices were accessible because property not so scarce then your children would be able to afford to by their own once they were working. They may also learn the value of things if they earned them as opposed to be given them.
Further to my last comment.
Why do we have assessment number, why can’t we buy as many cars as we want? The roads and traffic are drivable and manageable now, but if everyone has a car the roads system would grind to a halt, Hamilton would become a parking lot and we would have a national emergency.
Cars are restricted, but house ownership isn’t. We have a national house crisis, can you see it yet ( if you can’t from your elitist tower, shame on you. Start limiting property ownership now PLP and make Bermuda FAIRER FOR BERMUDIANS.
My children are all over 18 and they are all Bermudian.
They are all “they are legally able to own property” but you do not want them to own property and I want to know why.
Wow you are acting intentionally stupid. Comprehend before posting. If they are 18 they can own their own house that they live in and a maximum of one more as an investment. If they still live with you, then they can own one more house only.
This is a NATIONAL CRISIS, BERMUDIANS SHOULD BE ABLE TO LIVE IN BERMUDA! AFFORD RENT and even BE ABLE TO AFFORD A MORTGAGE TO OWN A HOME.
I don’t think that anyone disputes that “BERMUDIANS SHOULD BE ABLE TO LIVE IN BERMUDA!”
My objection is your suggestion that people who have worked hard to purchase investment properties to provide income during retirement should have “to sell additional properties” and thus give up their planned retirement income
Come on, Nonsense.
Why do you seek to deny my (Bermudian) children the right to own property in Bermuda?
1. Many properties are tied up in probate: Ok, so this is something the Government can help with. The Government recently hired 3 people to help with the backlog, hire more?
2. Property transfer issues take extremely long. OK, so why and how can Government help speed up the process (yes, Governments are there to help fix issues like this if there is a need, as there clearly is)
3. Very little open land remains causing high land and property prices. A Government survey in 2022 showed there was a total of 880 vacant parcels of residential-zoned land in Bermuda.
4. Need for more local skilled trades persons IE. mason, carpenters, plumbers. Agreed – and this has been due to a lack in inward investment – for the longest time there was no cranes on the horizon. Fix inward investment – the masons will come as there will be a demand.
5. Construction prices are extremely high $500-$700 per square foot. Offer more relief?
6. Many landlords feel they do not have enough legal protection against non paying tenants. Get on and fix the landlords and tenants act
7. Many landlords claim that rent control, often based on pre 2000 rates, are not realistic in relation to the ever rising costs of construction and maintenance. Who controls rent control?
There are a plethora of reasons why there is a housing crisis – many laid bare by the Chamber of Commerce recently. Maybe this is actually something that really is worth a summit?
Bermuda cannot sustain a population of 70,000. Bermuda businesses cannot generate jobs for the new people unless they all work for the Government. Government cannot handle the increased population load on our infrastructure. Our roads are crumbling. Bermudians are leaving the island.
Bottom line: this is really all about having more working people paying taxes to feed the Government machine.
It would be difficult today.
40 years ago we had Club Med, Castle Harbour Hotel, Bermudiana Hotel, Elbow Beach Hotel, Sonesta Beach Hotel and others. We used to have more than 12,000 hotel beds. Now we have fewer then 4,000.
Our Government needs more taxpayers, but where will they come from and who will they work for?
Never thought I would see a government representative advocate for sub prime lending given what happened in 2008. But yet here we are.
Who sold our Banks?
EVERY THING IS A PROBLEM.
We find our self with too many problems created by inexperianced people all possesed with a multitide of unsolvable solutions. is it because their moto i. :-.
NEXT PLEASE .
” Me first, me second, and if there is anyything left over me again”.
” Winner take all “.
IN THE BEGINING.
The writing is on the wall of exactly what, when, how, and who are to blame as when Bermuda started on its down ward slide and it is today with virtuall no income.
you are living on borrowed money the problem is still with us today.
NO BODY IS EVER RIGHT
Take a guses you could be right an wrong at the same time! that is the way it is !
FOOTBALLS.
Could it be 50 footballs not knowing which one to kick and where to kick it.
or,
POOR JUDGEMENT.
May be dreamers , just throw money at our problems and it all goes away.
LOST .
Money spent, is money lost ,having no financiall benifit or reward , banks do not do that .
Who said Government should invest our money. unless it is electric cars .
WARNING.r you all a warning we are a little island in the middle of no where where no bofy cares two cents of nothing .
TAXATION
Regardles of what we do and how we do it the Govermment will find a way to tax it ,the classic example is Landtax and Sugar tax.
COST OF LIVING.
If they take our money away there is no money left it is that simple , as if you had any in the first place.
60 years ago i had a hard time finding money to lisence my little car same to day for many you got the duty did you not . .
.
What ever is put on the table there will be some body who will take exceptions to it are .
PEOPLE .
Bermuda economy will never be big enough to take care of all it people because we can not take care of
ourselves .
FANILY LIFE.
Many men are unable to or want to manage the responsibility or beter still put up with trials married life and all that goes with it, as many familied come pre made, married life is not all strawberries an cream.
Are we/ they alwayl looking to find blame or failing that find a combination of excuses.
The way it is to day a family can not make it, not so any more.
Back in my day it was a struggle then it is no different some 65 years later.
POPULATION EXPLOSION.
70,000 people are though on Bermuda as tax payers with out them the government hsas no where to put them try assidsted living .
Bermuda. BIG MAC TRUCK is stuck in the mud .
Have we not figuresd what their plan is, and even if we did, does not wor. or worth to be .considered.
********************************The answer to t all is.*******************************
” look before you leap”
&
” Think before you speek”
&
“Do not put you hands in another mans pocket .”
THE GOLDEN DAYS ARE OVER.
Many of you will find many of my comments very critical as stated above and that is only the half of it .
let me put it this way here are the more you have been waiting for not that you do not know already.
Either they go bust or you go bust .
i am sure that you all are very diaspointed with the results of latest budget
there is one big item which will take years as you get old to come to pss .
” If you want to make an Omelet you have to break a few eggs”.
However, the chicken stioped laying the golden egg..
I just wonder how many people have just had enough and are stuck between a rock and a hard place.
Dont quit now. we Bermudiand never give up
“QUO FATA FARUNT. ”
“wither the fate leads us ”
i go news for you not this week King Charlie .
You know the ones who have abandoned this island , can we blame them?
Posibally because they see no future for Bermuda or themselves did they jump from the pot into the fire. you will know when they come back here .
It does not take much to see our City is turning into a ghost town.
The golden days are over! parking is at 20 % now
This inflation problem being at a 10 % inclease in prices , by the way that was done a little bit at a time so you would will not see it behind your back was the straw that broke the donkeys back ..
Don’t kid your self no coultry can survive that not in a million years .
Owning a house here is to day is a very expensive proposition as the bills keep coming in.
have you got $3,000 to renovate a roof.
The wage rate to day for the trades and their services services are $100. per hour
Want a truck at $100 ?
The taxi rates are up there also, that is another story subject to fees
Seniors are worse off for transportation to tea parties.
May be it is cheaper to pay rent if you don’t like it you can quit Bermuda. land lords have the burden of land tax and you the tennant will pay for it .
planning to leave Bermuda .? The U.K. require qualifications .
here we we require ablity as we want the job done.
The home owner is stuck here to grin and bare it as Bermuda is going no were.
The hardest hit were the customer who goes to the food stores as there was no way or policy to stop itinflation even to this day the system has became a chain reaction. so we just go with out.
The food stores are doing theit best to keep prices down as people are more now shoping on discount days.
Could the. foor store bring back specials to show good faith . ?
Government are promoting housing to those who can not afford to own or maintain a home and raise a family at the same time as many try to keep up with the Jones the wages for many did no go up to balance out the cost of living. caused by infation .
Those increases in wages catered to inflaton if you did but know it.
Millions going to health as Government health department who competes with meducal profession.
BERMUDA HAS NEVER HAD ENOUGH IRONS IN THE FIRE.
Now you all are paying the piice in taxes .
As a landlord you were lucky if you could bank half a years rent from an income earning residential property.