Data presented by the Chamber of Commerce also shows Airbnb and derelict properties are not a big contributor to housing shortage
More than half of the dwellings in Bermuda are under rent control, according to data presented by the Chamber of Commerce, with more than three quarters of apartments under rent control.
Area with lots of rent control properties are also where developers don’t tend to build.
Marico Thomas, Chamber President, and Steven McGuiness, Co-Chair of their Economics Committee, presented a data deep dive today showing that there are a lot of pieces to the housing puzzle.
We need to go about solving the puzzle, says Mr Thomas, because we need at least 2,500 more dwellings to house a necessary increase in our working population…
If you think the takeoff of Airbnb and properties being left derelict has contributed heavily to the housing shortage – think again.
Chamber of Commerce data indicates that vacation rentals and uninhabitable properties are not big pieces in the housing puzzle…
Some Government members had pushed back against the Chamber’s previous estimates that our population has fallen to around 57,000 or lower, since that appears to contradict the fact that we don’t have enough housing.
However, the Chamber’s data indicated that the average number of people in a household has decreased, making it entirely possible to see a simultaneous drop in both the population and the availability of housing…
