Time to end rent, says PM

The Barbados Government says it is continuing its quest to reduce or even eliminate the need to rent houses in Barbados.

During a brief unveiling ceremony yesterday for two houses as part of the Home Ownership Providing Energy (HOPE) Direct housing project in Vespera Gardens, Lancaster, St James, Prime Minister Mia Amor Mottley reiterated that rent money was “dead money” and did not have a place in a home ownership democracy.

“From the time [rent] money leaves your pocket, it is dead, but if you take that same money and spend it on a mortgage, you are getting back equity and you can go back and borrow on the house years later. You need money for education, another investment, business or health care, it is yours. Why would you take that same money and put it in rent?

“We do not want people paying R-E-N-T as far as possible in this home ownership democracy. If we are going to make sure that happens, then we need to create the [correct] environment, which is what we are doing. Let this be the appetiser for what is to come,” she said.

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