"He highlighted that by law, landlords can only charge 20 percent of the value of the of the property as rent, must provide a receipt upon payment and cannot withhold a security deposit for normal wear and tear." comments stated by executive chairman of the Consumer Protection Commission Randy Rolle.

On one hand the Governor of the Bahamas Central Bank and a chief financial advisor to the Government had indicated that the at the time of the consumer complaints on the huge bank fees by the banks are set by the "MARKET FORCES" and are determined by the banks.

Now on the rents which landlords are "only charge 20 percent of the value of the of the property as rent" is the most bizarre as the very same free enterprise operations and supply and demand forces are not allowed to play in DEMOCRACY for equilibrium price level is to be obtained. (One also has to bear in mind the bed and Bath rentals which fluctuate according to season.)

Quite an eye opener to Bahamians that 'Market Forces" are for the few commercial banks on the high bank fees they consider and a legislated compliance difference on rental prices landlords must charge is being COMMUNIST didatorial.

p.s. the 20% rent ceiling fee on the value of the property is not rational since the rents are also decided by the location, location, location in addition to SUPPLY and DEMAND forces. Perhaps he can view some of the quite good quality homes that stand out in urban renewal areas plagued by high incidences of crime versus some tiny pool houses or guest cottage or apt above the garage for rent next to the mansions in gated communities.

What does 20% mean. 20% of the value annually? monthly?

If a property is valued at 300,000 20% is 60,000. So the landlord can charge up to 60k annually? If so that would be up to 5k a month.A property valued at 100,000 at 20k is 1,666 per month.

Are there houses valued at 300,000 where someone is getting that much in rent?

How does this law apply to efficiencies that are at attached to a property?

it is meant as 20% of property value DAILY.

..

first of all, who determines the property value?

This is communism manifesting itself in its worst possible form because of the insidious control the sinister and evil CCP now has over our most senior elected government officials who have been corrupted to their very core by the ChiComs.

Meanwhile, many of the wealthy members in our elitist ruling political class are living in enormous mansions that perhaps should be taken away from them and converted into rent-controlled properties to meet the affordable housing needs of the most needy within the impoverished masses they created through their insatiable greed, incompetence and blatant corruption spanning many decades.

exactly. Government controlled prices are usually found only in sh**** countries.

So I just read the rent control act

>10. (1) The rent lawfully chargeable in respect of a
dwelling-house shall be such percentage, not exceeding
twenty per centum per annum, of its assessed, determined
or declared value as may be prescribed by order of the
Minister

it also goes on to say that this only applies to a subset of homes

>4. A dwelling-house shall not be protected under
this Act if it is established that its assessed, determined or
declared value, whichever is appropriate and effective,
exceeds seventy-five thousand dollars

so it seems like the current act only applies if the building is valued up to 75,000 and based on the text its annual

Further the an updated order was released reducing it to 15% https://moea.gov.bs/wp-content/uploads/… in 2023.

So based on this a house worth 75,000 can be rented for $937.5 assuming 15% or 1250 assuming 20%. But a house dwelling over the 75,000 there is no cap.

The percent % -----% -----% -----% -----% used by the authorities has a continuous history of
----- repeatedly changing ----- frequently beginning with a small numbers to be not of economic concern, not noticeable, ----- and then the numbers get higher and includes others.

Just look at the $65 million price of the purchase of the Lucayan Hotel which was passed off to the taxpayers as palatable and the govt knowing costs are higher then quietly adding increasing costs to the taxpayers pockets. Just ----- look at the percentages of the VAT regressive taxes which increased and included items and then excluded items. ----- PRESENT result is plenty more people out on the streets pleading for money for food, lining up at charitable entities for food, school children have to be provided with food by the authorities.

This one makes no sense. Many people do not pay their rent. Who will value the property Mr Rolle will have to pay this rent and many will find that land lords will not rent out their property at a loss.

these govt assessments at time of sales are arbitrary... wouldn't they take some extra cash if told to assess is twice as high...

... if only thinking adults could be elected to actually address many of the nations problems, instead we keep getting people who rearrange the lounge chairs on a sinking ship!

Yup. you nailed it.

Governments should not get into private enterprise businesses geared in capitalism and healthy competition to thrive and exist in Democracy.

Govt authorities kills capitalism and private enterprises and with one sided restrictions and the inevitable bureaucracy, red tape, added litigation only deters private enterprises of getting into creation of rental properties. Naturally there will be punishments to landlords who are in the wrong for following private enterprises. Penalties, fines?, jail terms? seizing of buildings?

If governments wants to have subsidized housing then build it themselves and particularly in the area of housing for elderly.

Government added controls, receits, documentations, govt approvals, govt agencies connecting submission of rent receits leads to connection logically to landlords compliance of business licences, connection of TIN, connection to NIB payments and erodes into Bahamians' culture of democracy and peoples lives and more and more areas of governments controls by way of laws. The accelerated blueprint path and govt intervention in supply and demand of Market forces and competition reeks of Communists governments.

Absolutely without shame these fellas can't even get their fellow legislators for years to comply with the financial Disclosures for years but yet can pass Financial laws for the public private sector to comply as the ink dries and laws to apply to prosecute those landlords who are guilty of not complying.

"administration is preparing to take “bold action” on rent control."

“Yes, I’m talking about bold action even on issues like rent control."

" Mr Rolle said rent control is a “priority” for the government "

All the information with the RENT CONTROL by the government. AND then saying below

“I am excited by the potential for these financial reforms to support greater competition in the market."

Well, frankly RENT CONTROLS is the opposite to COMPETITION in free market where there is equilibrium derived under supply and demand forces. Further the number of 20% is picked by the government and not determined by free market forces.

the problem is: de facto 80% of Bahamians are unemployed (depending on govt money, depending on money coming from abroad etc)

As President Ronald Reagan said:

"The most terrifying words in the English language are: I'm from the government and I'm here to help."