MONTEGO BAY, St James — In an effort to increase the stock of affordable housing available to the country’s young professionals, the government plans to put measures in place to woo more developers into that segment of the market.

“We will make special provisions – fiscal and regulatory – to help you to get the properties that can be developed for housing, provided that those housing are going to be brought to the market at a particular price point to meet that growing segment of young people, young professionals who are looking to acquire their first homes,” said Prime Minister Dr Andrew Holness in an appeal to developers.

He was speaking during Saturday’s groundbreaking ceremony for the US$125-million Richmond Hill Club mixed-use development in Montego Bay. The prime minister used the opportunity to return to a topic he has addressed repeatedly.

“There is an unmet demand for housing for young people, housing for young professionals; and if my words fall on receptive ears, the government is willing to partner with you to provide those homes,” Holness said.

He said housing was among the concerns raised the night before during a meeting with several young individuals.

“Of course, they want a particular price point. I don’t know what this [development’s] price point will be and I don’t know if the houses here will satisfy the price points of young professionals and others who are seeking housing,” Holness stated.

He then gave a commitment he has given before, saying the government is eager to work with developers who are willing to enter that niche of the housing market. He conceded that it has its share of challenges.

“It is a profitable area but of course there are some hurdles for investors to mobilise in the area. The first thing: for those… professionals, they want to live close to where they work. The big issue is that there are no available lands, properties in close proximity that can be developed for housing – unless of course you are willing to purchase existing properties and re-purpose them,” said Holness.

He admitted that the process “can have all kinds of issues with permitting and all kinds of regulatory hurdles to overcome”.

The prime minister signalled the government’s readiness to help developers navigate those challenges.

“I’m saying here to those who may be listening and have receptive ears that the government is willing to work with you in looking at existing properties in and around this urban centre where people want to be in proximity to where they work,” the prime minister emphasised.