We Will All Benefit from these Projects! I had always understood that one of the excuses for permitting hotel development on our
The most expensive of the local investment initiatives has been the property development business. Ministers of government have challenged us to go into property development to take advantage of the coming boom. Young men and women have gone to the banks and mortgaged their properties to build apartments for rent. Rental apartments have been going up all over the island. The success of this endeavour depends on the apartments producing the income that will pay the mortgages. Few Anguillians have the income or the capital to afford to put up these apartments without borrowing.
If Anguillians cannot rent out these new apartments, they will lose them. In particular, if the major hotels are permitted to own their own rental apartments, then the many Anguillians who have taken up the challenge will be the losers. Their apartments will not be able to compete. They will remain empty. Anguillians will be deprived of their opportunity to benefit from the coming tourism boom. They will be unable to pay their bank loans. They will lose their properties, which will then be bought at distressed prices by the hotels to use for their staff.
Now, I hear that some of the major hotel developers on
What, I ask, is the meaning of this? If it is true, then why has there been no debate in the community about this development? Is no one concerned?