Gov’t developing regulatory framework to address inadequate housing

Government is in the process of developing a comprehensive regulatory framework for the housing sector in order to meet the annual demand for houses, which currently stands at 15,000.
This announcement was made by the Hon. Audley Shaw, Minister of Industry, Commerce, Agriculture and Fisheries, who was representing Prime Minister The Most Hon. Andrew Holness at the Real Estate Board’s 30th Anniversary Banquet & Awards Ceremony, held at the Spanish Court Hotel in New Kingston on October 6.
Among the initiatives to be undertaken to address this situation, Minister Shaw said, are the development of a National Housing Policy and Implementation Plan; revision of the Rent Restriction Act and undertaking of a National Squatting Survey.
“We have been unable to satisfy this demand over the years and this has caused prices to rapidly escalate, pushing the ability to attain the goal of homeownership from the grasp of many,” said Minister Shaw.
Referring to the Business and Consumer Confidence Survey for the first and second quarters of 2018, Minister Shaw said that only 7% of consumers anticipated buying a home soon.
“We must find a way to make it easier for the working class, tax-paying citizens of this country to earn their homes within a reasonable time, thereby strengthening their growth and that of the country,” the minister lamented.
Minister Shaw said it was important that private sector and government look at the factors that need to be developed or strengthened to ensure that the market remains favourable and attractive for investors, developers, dealers and purchasers.
Fourteen persons were recognised for over 10 years of faithful and dedicated service to the Real Estate Board, including Chief Executive Officer Sandra Garrick who served for 30 years.
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