The Guardian has a great writeup on the rise and fall of Jersey and how it is struggling to survive under a massive deficit. There are lessons there for Bermuda. Here’s the most critical one:
“Price inflation had made house prices and labour market costs so high that virtually no other industry apart from finance – international finance – could survive,” Christensen explained. “The housing market was at London levels, no locals could afford to buy, unless they were employed either in the public sector or the finance sector.”
I wish this is something that could be made readily understood to those leading the country. The island’s cost of living is strangling us in the same way that it strangled Jersey and is strangling San Francisco. We need tangible strategies for how to cut Bermuda’s housing costs.
I’ve long argued that town should be allowed to become a city. Sadly it likely won’t happen.