OBA On Bermuda Housing, Costs & More
“Housing affordability and housing security continue to be among the most pressing issues facing Bermudians,” the OBA said,.
An OBA spokesperson said, “The One Bermuda Alliance acknowledges the recent statements by PLP MP Christopher Famous identifying that Bermuda’s housing efforts remain limited in scale and do not fully meet the level of need. Housing affordability and housing security continue to be among the most pressing issues facing Bermudians, particularly in a market with net zero population growth where access to stable housing remains increasingly uncertain.
“We recognise that the Government has spoken publicly about a 10-year housing plan, including at the recent Boaz Island announcement. The key question now is how will the Government ensure that outcomes are delivered at the pace and scale required, particularly for young Bermudians, working families, seniors, and Bermudians seeking to return home. A plan alone is not enough; measurable progress, transparency of timelines, and accessibility of housing options must follow.”
Shadow Minister for Housing & Municipalities, Michael Fahy, adds: “Every Bermudian deserves the chance to live securely in their own country. In addition to increasing supply, we must be willing to modernise how and where we build, including building higher in Hamilton through mixed-use developments that provide housing options across different income levels. These approaches can help maximise limited space while strengthening the vibrancy of our city.”
Opposition Senator and Housing spokesperson, Dion Smith, says: “In earlier decades, Bermudians faced little to no global competition for opportunity. Today, our people are competing in a global economy where skills are mobile and choices are wider. Bermudians want security, not just housing, but the ability to live balanced lives. We must ask ourselves whether our systems allow people to work to live or force them to live to work.”
The spokesperson said, “As part of this national conversation, the OBA believes Bermuda must be open to exploring practical options such as assessing whether government-owned vacant buildings, including former schools, could be safely repurposed into long-term housing with pathways such as rent-to-buy, prioritising Bermudian families. Other potential tools, including private-sector partnerships and fast-tracked affordable developments, may also warrant consideration through broad consultation.
“The OBA also believes attention must be given to systemic barriers that restrict housing availability, including lengthy probate processes that delay properties from entering the market and place unnecessary financial strain on families, particularly seniors. Addressing these inefficiencies is a solvable step that can both ease financial burdens and responsibly increase housing stock.
“The OBA will continue to raise the concerns felt every day in our communities and will participate constructively in housing policy discussions with one guiding principle: Bermudians must always come first.”
Minister De Silva, I appreciate the actioins to move Bermuda forward with affordable homes, I have not met a more proactive Minister or Government on this matter, thank you.
I also appreciate the comments made by the OBA, that appear non- political and constructive
My Comments :
Housing issues in Bermuda and the 10 year plan require the following considerations:
1. Planning and Zoning over rides : The process in Bermuda – greater efficiency, apparently Bermuda has various overrides critical industries ; Tourism, Religion, Sports – but nothing for affordable housing. Why ?
Open space is very important etc but in some areas zoning is over reaching. Is it possible to create another category of zone permitting affordable housing ? The “open” category would have restrictions administered by BHC or other as to applications rent guidelines and maintenance,
2. Hotels and other critical industries have been awarded duty free status for a period of year as incentives and to assure that the “sticker shock” to development it mitigated, The Government may want to consider levy reductions, so quality homes can be built: $800 tp $1000 per sq ft to build is a non started.
3, The 10 year plan should consider BHC or other financial backing of affordable projects, along with the collateral of the land. For the build out of affordable homes; Why can Bermuda back the build out of Southampton Princess (which for the record I am in favor of as it is critical for Bermuda) but ignore affordable homes ?
4. The BHC should provide greater synergies for private investors interested in affordable homes; The cost of plans and professional submissions can be reduced, further reducing costs and proving a higher quality product.
I currently own 2.6 acres in Warwick, some of this property should be and is zone restricted, but other areas should not be, especially in affordable housing development. My project “Stepping Stones”. A plan to have young Bermudians with families or single can be charged rent at affordable rates, administered by the BHC or other entity, The goal : provide “affordable “ plus saving plan. The BHC or other entity can “escrow” a percent of wages with a 5 year plan to purchase a home with finance / inventory through the BHC and then “Stepping Stones” can “repeat” the process.
An all Government approach helps but private help requires consideration
Respectfully
David R Smith
CPA,CFP tm,CVA CFST