Over the past six weeks, the Cayman Compass Issues section has been taking an in-depth look at some of the concerns around housing in the Cayman Islands.
From people living without proper shelter, to young professionals priced out of the property market, we put the issue under the microscope.
Today we summarise some of the recommendations coming from our readers, contributors and columnists to address the concerns we have highlighted.
They range from simple quick fixes to niche problems to ideas for a total policy rethink on property. We are not suggesting government adopts all of these, we are simply putting forward 10 of the most interesting suggestions, as food for thought and a starting point for further discussion.
1. Incentivise affordable housing development
The absence of a transparent system for how development concessions are granted has been a long-running concern. Traditionally, the exemptions that have been granted have gone to larger developers of luxury property.
While there is a financial logic to that – in that government collects the taxes on the back-end when those multi-million-dollar homes are sold – it does little to persuade developers to use their time, finances and energy on affordable projects. Several developers, and even some charities, have been unable to secure concessions for their projects.
Given the absence of homes in the low- to mid-range price category it might be sensible for the new government to consider gearing its concessions...
Read Full Story: https://www.caymancompass.com/2021/09/14/10-ways-to-address-caymans-housing-problems/
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