🏘️ US consultants begin work on Cayman Islands' first housing policy

US-based consultants, Public Works LLC, have started drafting the first housing policy for the Cayman Islands. The consultants were contracted by the UPM government and have been working on the policy since winning the CI$276,750 contract in October. They have conducted a public consultation, including an online survey, and have met with stakeholders and focus groups. The Ministry of Planning, Agriculture, Housing, Infrastructure, Transport and Development (PAHITD) stated that the feedback gathered will be considered in the policy.

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The drafted policy will be presented to the Cabinet for review, followed by a public presentation of the final policy and plan. The government's efforts to address the housing crisis began during the PACT administration, with a cross-ministerial task force established to examine the issues and propose solutions. However, little progress has been made so far. The housing crisis in the Cayman Islands has been exacerbated by a focus on high-end luxury accommodation development over the past decade, pricing many local residents out of the market.

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Local property owners have also shifted from long-term domestic rentals to short-term visitor rentals through platforms like Airbnb. This shift has resulted in a significant decrease in available long-term rental accommodation and a spike in rental prices. The population of the Cayman Islands is at a historic high, largely due to low-paid expatriate workers on permits. These workers are often forced into overcrowded, cramped living conditions. The government's task force produced a report that was approved by Cabinet but has not been made public. It remains to be seen if the findings in that report are influencing the proposed policy.

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