The Tribune

OVER recent months, a number of readers have contacted The Tribune to talk about just how hard it is for people to find an affordable place to live.

It has been anecdotal, but consistent. A steady stream of people talking about how it is increasingly hard to find a rental property that does not cost the earth.

More than one person has talked recently about rental properties being so high they have started looking at buying properties instead – even though that is a challenge of its own to navigate the hurdles of raising enough money for a deposit and going through all the paperwork needed to conclude a purchase.

A recent IMF report pointed out issues with housing affordability in The Bahamas – so it is not just anecdotal. There really is a shortage affecting people here.

What was also noteworthy about what people were saying is that it is increasingly affecting people in what would normally be described as the middle class.

There has long been a shortage for people on minimum wage or not much above – and that remains. The shortage has been spreading, affecting more and more.

Yesterday, Keith Bell talked about the problem – in his capacity as Minister of Housing and Urban Renewal.

He said the country is short by around 12,000 housing units – and said the government has started “a very aggressive” programme of constructing homes.

Part of that is also making homes available for those on low income, with rent to buy schemes being explored.

The problem of a shortage of affordable homes can also be seen in the existence of the shanty town properties we consistently see spring up.

Recently, there has been a spate of demolitions of such areas – though without any noticeable places for the displaced occupants to go.

Those who can manage to find a property to rent add to the demand, overwhelming a shortage of supply.

It is too simplistic to say it is all down to supply and demand – there are many factors including the ability to raise funds for first, last and security, or to raise a deposit for those trying to buy.

Jumping through the hoops to buy a property is also a task, with many reporting the process taking a very long time. Simplifying that might just bring greater opportunity.

We are glad to see that Mr Bell recognises that there is indeed a problem. He does some measure of pointing to previous administrations as being part of that problem, but the politics does not matter, the lack of a roof over people’s head is what matters – and how to make that a reality.

A concerted construction programme would be welcome for those in need – though it would be expensive to do. Even rent to buy might take a long time to recoup the funds paid out to begin with.

And of course there would be concerns that would have to be met in terms of the environmental impact of such a building policy.

What is true, though, is that where we are now is not satisfactory.

There are few things more satisfying in life than having your own property, where your own family can be secure.

Finding ways to make that come true would stop so many people feeling they are just moving from pillar to post, with no place to put down their own roots.

It may seem like it is impossible to make those dreams come true – but that has not always been the case. For this administration – and those that follow it – it is a problem to tackle. For those caught in the situation, it is a dream they hope can come true.