Letter of the Day | Home ownership is a human right

THE EDITOR, Madam:

Open letter to PM Holness.

For a nation that recognises the right to own property as a fundamental human right (Article 17 of the Universal Declaration of Human Rights), it is perplexing that the

Government has yet to implement policies supporting 100 per cent financing for first mortgages, allowing first-time Jamaican homeowners to access this basic right. While home ownership ensures stability, security, and a sense of belonging, current financial realities make it a dream beyond the reach of many Jamaicans.

The housing market presents significant barriers to entry, especially for educated young professionals age 25 to 40 years old ­(many of whom work as clerks, managers, accountants, auditors, analysts, etc, in your government’s service. Many of these individuals fall above the requirements for free social housing and several NHT benefits, but below the stringent lending criteria of private financial institutions, which often require high out-of-pocket costs.

Rising property prices and stagnant wages exacerbate this situation, making home ownership even more challenging.

It is disheartening to live in a country where one can easily obtain 100 per cent financing for a depreciating asset, such as a new vehicle, yet not for a home.

Is access to new vehicles a basic human right?

The benefits of home ownership extend beyond the individual. Research has shown that communities with higher rates of home ownership tend to have lower crime rates, better educational outcomes, and stronger local economies. By facilitating easier access to home loans, your government can foster a more prosperous and stable society, contributing to lower crime rates, better educational outcomes, and stronger local economies.

Gov’t-backed mortgage programmes

Caribbean countries like Barbados and Trinidad and Tobago offer government-backed mortgage programmes providing up to 100 per cent financing, helping to alleviate the financial burden on new homeowners. These programmes have proven successful in increasing home ownership rates and stimulating economic growth.

Prime Minister, it is time for Jamaica to follow suit. Implementing policies that provide 100 per cent financing for mortgages would ensure that every Jamaican, not just the rich and the poor, but all of us in between, can own a home. This would demonstrate a commitment to upholding fundamental human rights and addressing a significant challenge affecting many citizens.

I urge you to consider the long-term benefits of such policies and take decisive action to make home ownership a reality for all Jamaicans. The future of our nation depends on it.

A NOT POOR, (BUT NOT RICH), ASPIRING HOMEOWNER