Finally, the Minister for Housing, Keith Bell, has stirred from a three-year slumber to realize that Bahamians have been facing a housing crisis!
Bahamians are finding it harder to secure decent rental accommodations at affordable prices. And for too many young Bahamians, the dream of homeownership remains out of reach.
A report released last year highlighted an estimated need for 12,000 low-cost houses alone.
Now, a day late and a dollar short, Minister Bell has finally decided that the government must act to make rental housing more affordable. But instead of presenting a comprehensive plan for affordable housing, he has deflected to a reactionary posture that does nothing to address the real issue—the shortage of decent and affordable housing.
This past November, I published the FNM’s three keys to a housing revolution, which focused on:
1. Developing and implementing new housing and subdivision solutions that incorporate innovative designs, building technologies, and land-use strategies to make homeownership more affordable.
2. Mobilizing hundreds of millions of dollars in private funds and public lands to create a Real Estate Investment Trust (REIT) capable of large-scale developments that could build and restore thousands of homes over a five-year period.
3. Reforming outdated laws, reducing public sector bureaucracy, and addressing banking inefficiencies that hinder Bahamians from building and owning homes.
[NOTE: The full November 2024 statement on the “Three Keys” is detailed in the annex to this release.]
Instead of more idle rhetoric from the Minister of Housing, we need him to explain what became of the $20 million received by his predecessor outside the provisions of the Debt Management Act. We understand that only a few dozen of the 200 promised houses have been completed, yet the public has not been given a full accounting of how that $20 million has been distributed and spent.
We also need him to outline a concrete plan to address the critical shortage of suitable housing across multiple islands—one that mobilizes capital and incentivizes developers to invest in housing stock for both rental and homeownership. What the public does not need is more empty talk and bluster from the PLP that fails to deliver real solutions.
Hon. Michael C. Pintard M.P.
Leader
Free National Movement