NASSAU, BAHAMAS — Progressive Liberal Party (PLP) Deputy Leader Chester Cooper yesterday labeled as “fantastical” the government’s housing resolution for a proposed upscale community in western New Providence.
The Exumas and Ragged Island MP, during his contribution to debate on the housing resolution in Parliament yesterday, noted that while he supports the idea of making housing more affordable for young people and people in general, the Minnis administration’s policy is “unfair, elitist and discriminatory”.
He called the housing proposal “electioneering”, adding: “I believe it is unrealistic and fraught with problems.
“I fear you are selling dreams. It is exclusionary in that it automatically and intentionally boxes out of eligibility those who are over the age of 45 from participation, and also uses taxpayer funds drawn from the widest pool of Bahamians to make an exclusive community for a certain number of Bahamians to create income-producing properties that will only benefit a few.”
Cooper added: “It is discriminatory because by nature of the very design of the program, it will end up leaving out almost all people below the age of 25 who are being led to believe they have a shot at qualifying for a loan to build a home.
“It is elitist in that it takes the VAT (value-added tax) money from the single mother in Bain Town who is making minimum wage to build infrastructure, including a community center and swimming pool, in a gated community in western New Providence for those above a certain income level.
“It is unfair because your proposal only provides for only 150 lots, thereby leaving out thousands of young professionals who also dream of homeownership, even though you claim you are identifying a few more areas.”
The resolution indicates that several tracts of land in the west have been identified for purchase for young Bahamian professionals between the ages of 18 and 45 and resident in The Bahamas.
Cooper said: “I do not know of very many 18-year-olds, or 19-year-olds, or 20-year-olds who do not already come from wealth who are able to afford to buy property, much less able to qualify for a loan to build a house or pay out of pocket to build a house within two years.
“If they are able, they certainly do not need the government’s aid in becoming a homeowner. In fact, few under the age of 25 are financially secure enough to handle the sort of commitment that involves purchasing land without the aid of a parent.”
He added: “What the government should be doing is crafting policy that is more equitable and impacts the most people as broadly as possible through means everyone can access. For instance, what the government should be doing is using the power of exemptions in tax policy that a large category of people, such as first-time homeowners, can more widely access.
“By the very introduction of this resolution, the government acknowledges that homeownership, including the purchase of the land and the building of the home, is becoming ever more expensive. The answer is not simply to develop lots for people to figure out the financing, which will not have a broad economic impact, but to craft policy that allows access to homeownership for thousands…”
Cooper argued that the government made a mistake in getting out of the business of building homes.
“While there are many instances of shoddy work by contractors, the government should be seeking to improve the system, not abandoning it,” said Cooper.
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