A New Approach to Bermuda’s Housing Crisis
Finding a decent place to live on our beautiful Island has become a daunting challenge. High prices and limited rental options mean that securing a home is out of reach for many Bermudians. At the heart of the issue is outdated legislation, particularly the Rent Increases (Domestic Premises) Control Act 1978. Although once well-intentioned, the act now creates barriers.
Many landlords, feeling that their property rights are compromised, avoid the long-term rental market altogether—leaving properties empty, converting them to short-term rentals, or upgrading them beyond affordable levels. In some cases, these restrictions have even led to discriminatory practices among landlords. The scarcity created by these policies only increases competition, leaving fewer options for Bermudians seeking stable housing.
Our plan will phase out outdated rent controls and introduce a fair, modern Landlord and Tenant Act, drawing inspiration from best practices in England’s Consumer Rights Act of 2015. This new act will protect both tenants through clear balanced agreements while giving landlords the confidence to return to the rental market.
Here’s Our Timeline for Change:
Immediate Actions (0-1 years):
- Revise tenant and landlord legislation to phase out restrictive rent controls and establish best practices for fair agreements and tenant protections.
- Adjust zoning to allow commercial, industrial, and institutional zones to be converted for residential use, expanding housing availability.
- Offer long-term leases for government properties in disrepair, adding homes without taxpayer expense.
- Reduce duty on construction materials to lower development costs and support swift housing expansion.
Short to Medium-Term Goals (1-3 Years):
- Implement a self-managed, streamlined approval framework with necessary checks and balances, allowing certified developers to proceed with reduced oversight.
- Initiate consultations to update and consolidate construction and development laws.
- Waive property taxes for affordable rentals and strengthen rental assistance programs with dedicated funding.
- Introduce rent-to-own options for tenants with stable histories in government-managed properties.
- Develop a comprehensive housing registry to provide data on housing availability, enabling informed decisions and identifying new development opportunities.
Long-Term Goals (4-6 Years):
- Expand homeownership opportunities through the sale or tendering of select government-owned properties.
- Implement further tax reductions based on housing market conditions to promote affordability.
- Establish an annual review process with public consultations and regular reporting on key housing metrics to ensure policies adapt to Bermuda’s evolving needs, fostering transparency, trust, and community involvement.
Our goal is straightforward:
To bring more rental properties back onto the market and provide Bermudians with the housing options they deserve. This plan aims to increase supply, bring stability to our communities, and take a critical step forward for Bermuda’s future.
