NASSAU, BAHAMAS – Opposition Leader Michael Pintard is taking the government to task for what he says is its failure to effectively address the escalating housing crisis in the country, accusing Minister of Housing Keith Bell of reacting too late and offering no real solutions to the critical shortage of affordable housing.
“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,” Pintard said in a statement.
Minister Bell recently stated that the government is reviewing the Rent Control Act in response to skyrocketing rental prices and growing concerns about affordability for Bahamian families. The Rent Control Act regulates how much rent may be charged for certain properties below a specified value.
A recent IMF report highlighted the country’s housing crisis, citing stagnant wages and surging real estate prices. The report noted that rents had increased by 14 percent between 2012 and 2022, while average wages had grown by only 2 percent, leaving low-income households struggling to keep up.
“Now, a day late and a dollar short, Minister Bell has finally decided that the government must act to make rental housing more affordable,” Pintard said. “But instead of presenting a comprehensive plan for affordable housing, he has adopted a reactionary posture that does nothing to address the root cause of the problem—the shortage of decent and affordable housing.”
Pintard pointed to reports estimating a need for 12,000 low-cost homes in the country, with rising rental prices outpacing wage growth, making homeownership unattainable for many. He argued that despite the clear need for action, the government has failed to propose any real solutions to address the growing affordability gap.
In contrast to the government’s lackluster response, Pintard highlighted the Free National Movement’s (FNM) Housing Revolution plan, which offers a proactive approach to the crisis. The plan calls for the development of new housing and subdivision solutions, incorporating innovative designs, building technologies, and land-use strategies to make homeownership more affordable. Additionally, the plan proposes mobilizing hundreds of millions of dollars in private capital and public land 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. Pintard also emphasized the need to reform outdated laws, reduce public sector bureaucracy, and address banking inefficiencies that hinder Bahamians from building and owning homes.
Pintard further demanded that the government provide a full accounting of the $20 million allocated to the Ministry of Housing under the previous administration. Despite promises that the funds would help build hundreds of homes, Pintard pointed out that only a fraction of the promised houses have been completed, and the public remains in the dark about how the funds were spent.
“It’s time for Minister Bell to explain exactly what happened to that $20 million. Bahamians deserve answers,” Pintard said. “What’s clear is that the government is all talk and no action when it comes to delivering affordable housing for the Bahamian people.”
Pintard added: “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.”
