The Tribune

A LEADING real estate broker is proposing to stem the tide of a growing number of Bahamians going abroad to study but not returning after they have completed their college or vocational training by tying graduation to affordable housing.

Mario Carey, president and CEO of Mario Carey Realty, says the issue “staring us in the face but we are not seeing it” is housing. “A Bahamian who has been to the States or Canada or the UK to study has had a taste of independence. Now they are coming back home where the housing options for someone just starting out are very limited. The most common scenario is that they move back in with the family, maybe even into the bedroom where they slept when they were in primary school.”

Mr Carey, who has more than 30 years experience in the real estate sector, proposes the creation of a fund – a joint venture, a public-private partnership, a clearing banks’ initiative with participating banks contributing – which would provide low interest loans on affordable terms and closing costs for returning graduates.

“It makes so much sense,” he says. “Good housing options give graduates an incentive to come home where their skills and knowledge are desperately needed. At the same time, it boosts the starter real estate market. Statistics have shown repeatedly that for every house sold, three jobs are created. But the most important aspect is that by providing housing options – whether small space rentals or attractive loans for purchases – we can stem this tide of losing good people, smart, well-educated young people with promising futures. We do this for our athletes, why not for our graduates?

“We have to ask ourselves ‘Why is it that so many Bahamians go away to study, but do not come home when they graduate?’ Once we understand what is keeping them from returning, we will be able to address this very serious issue that is not getting the attention it deserves and could end up impacting the leadership of the future in politics, business, education and how we grow and compete with the rest of the world as a nation.”

Mr Carey admits there are numerous reasons why Bahamians who get a taste of the outside world have less appetite for what they have at home.

“It used to be that there was not that much to do for a young, single person,” he said. “But the social scene is definitely improving with activities surrounding the visual and performing arts, all the concerts, the National Art Gallery of The Bahamas, the new clubs and restaurants opening up. It’s true that we don’t have a lively downtown at night, but hopefully, that will change.”

Close on the heels of the “nothing to do” sentiment, Mr Carey said, is concern with job opportunity, but he believes that also has begun to turn around as sectors of the economy evolve and with the coming on stream of Baha Mar with thousands of jobs at all levels.”

Mr Carey says the affordable housing solution is “one area where there is a remedy right before our eyes”.

“If you could identify a cure for cancer, wouldn’t you want to ensure that it was available? This is similar. We have a brain drain that we absolutely must plug if we are going to move forward and remain competitive.

“The cure is within reach, we can make it available. I hope that this idea starts the national conversation.”