First published in The Tribune on Friday, August 31, 2007 under the byline, Young Man’s View.
THE giveaway of prime land in the Bahamas to foreign developers for little-to-nothing is preposterous and can be comparable to our government selling our birthright. What’s more astounding, is that most of the land being sold is not for tourism purposes (hotels), but to land speculators that grab the land for a few pennies and in turn sell it for millions to wealthy foreigners seeking second homes.
While the proposed projects for southwestern New Providence may yield more jobs, it is high time that the government diverts from its pursuit of an economic model that is creating a country of virtual slaves, who are only trained to serve rather than to become entrepreneurs or envisage innovative ideas of their own.
Why haven’t other forms of investment—outside of tourism—been encouraged? Or is it that the government believes in tourism—which is currently dipping—because they do not have faith that the Bahamian people are capable of doing anything else?
Recently, much has been said about the planned Albany development—a residential resort community—and the expansion of the South Ocean resort in southwest New Providence. While the Albany development proposes to create some 2000 jobs, what exactly is the extent of the concessions being doled out?
It was a first-class move by Works Minister Dr Earl Deveaux to advance public discourse on these ventures when he chaired two town hall meetings to initiate public consultation and field questions, give the developers a chance to interact with interested Bahamians and residents of the area and to receive public input before proceeding with finalizing this deal.
It does appear that Bahamians are being stripped of their finest land, as more and more foreign investors are gobbling up the best locations. Over and over again, we are seeing land and beach access being surrendered to speculators who are intent on creating high-end, residential enclaves that will eventually lead to the displacement of many Bahamians who will be relegated to certain quarters of the island.
While the Albany project will likely have a positive impact on the economy, will Bahamians still have unfettered access to the historic remains and be guaranteed access to the beach?
Pre-1992, the Bahamian economy was moribund, so when generous concessions were provided to Kerzner (then Sun) International—that has almost single-handedly revitalized the economy since—those concessions were necessary and worthwhile. These days however, the fire sale concessions being given to every foreign Tom, Dick and Harry with a hotel or residential property proposal is ridiculous and unwarranted. The national treasury is being raped by the myriad of concessions—eg stamp tax, property tax exemptions—given willy-nilly by the imprudent giveaway of land by consecutive governments!
Obviously, developing an undertaking of the magnitude of Albany or South Ocean would mean that the natural landscape and certain environmental features will be sacrificed. However, has the new government gotten an independently done environment impact assessment report stating whether or not aspects of the Albany (or South Ocean) projects could have far-reaching, destructive effects upon the environmentally sensitive and biologically diverse land on that end of Nassau?
The excavation of the hills and the felling of hardwood and pine trees in southwestern New Providence to accommodate these residential developments are expected. However, we must recognize that the sale of certain properties is putting the country’s biodiversity at an ever increasing risk!
Bahamians are also being priced out of the real estate market by skyrocketing property costs! The average Bahamian, earning an annual median wage/salary of $17,000 per annum, cannot afford a home, particularly in western New Providence—and while the new developments may be fruitful, due to proximity, property prices will increase even more. It is no wonder why so many Bahamians rent apartments all their lives, particularly since housing prices here are on par with US prices and there seems to be no procedures in place to regulate the real estate market so that it reasonably conforms to the salary income brackets of Bahamians. Surely realtors must know that the median income bracket range in the US is $60,000 per annum—that it’s triple that of the Bahamas!
To use the words of Gerlene Dorceus, a letter writer to the Tribune (October 2006), “seemingly, it looks as though if one does not inherit a piece of real estate, if it was not bequeathed, then ‘dog eat your lunch! You on your own, son!’”
Ms Dorceus went on to say: “Nevertheless, in the entire spectrum of it all, tougher statutes need to be enacted on foreign investor procurement procedure and initiatives, moreover, the levying of higher taxations policies for land procured foreign investment entities for domicile and residential purposes and investment”. I couldn’t agree more.
The Bahamas needs a zoning system that protects certain lands from being sold to foreigners, especially considering that many can easily outbid Bahamians.
The Bahamas’ government must broaden its perspective on investment, thinking outside of the tourism box, and pursuing other industries while encouraging competition. Bahamians must be provided with the tools and inspired to become entrepreneurs to explore the many different business avenues and truly foster economic diversity.
Colonialism may be over, but the Bahamas is still a slave to some foreign investors and their corporate mandate.
THERE IS NO WONDER WHY SO MANY TERTIARY EDUCATED BAHAMIANS WORK OVERSEAS!
Much ado is being made about the exodus of highly-educated, talented Bahamians who pursue employment in other countries.
A recent World Bank report stated that more than one-third of college/university educated Bahamians emigrate abroad in search of job opportunities. Admittedly, over the summer months and up to this point, my interest has been peaked by several offers to work overseas, as well as on the local front. While I hold a Bachelors degree, I am also a certified educator and as such, I feel that I have served my country and positively influenced my students. However, even beyond my eventual departure to study law, I realize that there are many disincentives to remaining in the public service.
Several of my tertiary educated friends that have left the Bahamas to work in the US, UK, Canada, the Cayman Islands and Switzerland have complained that there is no economic diversity and a lack of incentive to stay or immediately return to the Bahamas after school.
Whilst I love my country, like so many of my friends, I have also taken an active interest in exploring my options in foreign fields.
