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