Column: Chris Famous On Housing & More

[Opinion column written by MP Chris Famous]

“So it would seem we’ve still got a long, long way to go”
Phil Collins

The price of progress


Recently, the Bermuda Chamber of Commerce [BCC] stated that with the Southampton Princess Hotel set to open next year, it will need a workforce of 500 to 700 individuals for efficient operations. And yes, a large proportion would likely be guest workers.

So, a significant logistical concern arises regarding the accommodation of this workforce. It is inevitable that many Bermudian landlords will be approached to rent their accommodations.

Furthermore, local construction professionals have predicted that, due to “tariff wars” on imported building materials, construction costs will likely reach $1000 per square foot. This increase will further substantially limit the number of Bermudians who are able to afford new construction or to renovate existing properties.

Collectively, these factors will only serve to increase the lack of affordable housing. The critical question remains: What actions are being taken to address this situation?

Block by Block

BHC Projects in St. Georges and St. Davids

The Bermuda Housing Corporation [BHC], the Bermuda Land Development Company [BLMC], and the Bermuda Housing Trust [BHT] are collaborating to provide future housing solutions. Some current BHC projects include:

• 5 Three bedroom units at Cut Road, St. Georges
• 12 studio / 1 bedroom units at Battery Road St. David’s
• 4 two bedroom units in MiddleTown, Pembroke
• On going renovations of existing BHC units

Whilst these efforts are underway, they represent only a marginal contribution toward resolving the overall housing need.

Given the increasing expenses associated with traditional construction, alternative methodologies are being actively explored. It is important to clarify that, contrary to certain media inferences, the priorities of these alternative construction methods are safety and affordability.

In due course of time, there will be further announcements. 

Yes, the opposition should ask critical questions in order to assist in bringing further context to what is being done. Yes, there will be those who will object to new developments in general and or the locations of these developments.

However, the reality is that as our resident population grows, we will have to break new ground, contractors will have to, at times, bring in more skilled technical workers in order to get major projects completed in a timely manner. And yes, unfortunately, the rental market will become more competitive.

Long way to go

For young Bermudians, now is the time to learn needed skills such as; plumbing, masonry and electrical installation. There is endless profitable work in maintaining over 30,000 residential and commercial properties. Invest your time and funds into learning a trade and you can eventually open your own business.

For those desiring to own, renovate or add on to their homes, put aside all unneeded spending. Set a strict savings plan and stick to it. For some, it will mean not having “your own space” for a few more years. However, this is how our parents and grandparents’ generation were able to own their own homes, long term sacrifice.

The ball is now in our court.

#BermudaPolitics #BermudaRealEstate #ChrisFamousColumns #OpinionColumns

Category: All