We felt the comment by BU family member Ian Walcott was important enough to be highlighted – David
The West Coast Model of Development is problematic for a number of reasons. It shows up the inherent weaknesses of a small island open economy where land as a tradable good is indeed very scarce. In many instances, the rapid real estate exploitation (because that vulgarity is not development) of the West Coast occurred because of the following:
- Phenomenal economic growth in the UK over the last 10 yrs; The search for real estate investment opportunities and getaway vacation homes in warmer climates (Barbados, Dominican Republic, Tobago, Spain, Portugal, North Africa);
- The creation of new wealth sectors fueled by dramatic growth in the IT sector, telecommunications, banking. This created new wealth for speculators, accountants and lawyers in the City (London);
- A favorable exchange rate of the British pound against the US dollar to which our currency remains pegged (though we’ve be advised differently).
We must remember that we are an open economy that respects the right to ownership…
However, there should have been some degree of government intervention long time ago (at least by the year 2000) to protect the following:
- The delicate West coast shoreline and other environmental concerns in the area (the sewerage output is a serious problem; the increased use of cement has created overheating of the area; continued drainage problems);
- The shite happening on the West Coast is draining foreign exchange – the transfer of ownership is transacted outside of Barbados, 90% of the materials for construction is imported; 65% of the labor is non-Barbadian and a significant portion of their salaries is converted to US$ and remitted to the their countries of origin;
- The impact this increased demand caused on poorer citizens who lived on the shoreline for centuries and were in many ways forced to sell their land (Hilary Beckles’ research has shown that former slaves we sent to live on the rocks of the West Coast because the land was not fertile…ironically the rocks now have artificial value and we’re being pushed back inland, now that the sugar cane lands have no value)
- The social backlash whereby we have two distinct socio-economic realities sitting side by side. You simply cannot have exorbitant wealth on the coast and your citizens still with ‘out-houses’ and dilapidated chattel houses on the opposite side of the street. This is planting the seed for social unrest.
- Unchecked development where developers were allowed to create gated enclaves that literally shut citizens out. There are little or no public spaces for parks, sports, or general public green spaces for the benefit of all. In fact it’s not uncommon to see the maids, gardeners and cooks waiting at the bus stops at 4:30pm leaving the villas where they are not welcomed after hours…(this is a 21st century Belleville and Strathclyde)
- An artificial and highly manipulated demand for land that pushed prices way beyond the reach of the average Barbadian. I say artificial because most of the demand was for the coast line…but it caused a panic among the citizenry who felt that land was running out and this psychological factor (fear) also pushed up the demand and sent land prices through the roof…so in a sense the demand is more psychological than market-driven.
This vulgar West Coast model of development has also impacted on our basic way of life, the art market and a whole host of unwanted shite in the supermarkets that is wasting precious foreign exchange. Finally, it has not created any value added level of employment…a few cooks, gardeners and maids… I trust that we’d take a leaf out of the USA’s book and bring to justice, those who are responsible for manipulating the real estate market for their own selfish ends and bringing undue hardship to the vast majority of Bajans…
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