THE EDITOR: The crime rate in TT has gone past alarming levels, creating significant impacts on small to medium-sized businesses and the real estate market, including commercial rentals.
The penetrating atmosphere of insecurity has reduced economic activity, discouraging both local and foreign investors from putting their trust and money into and expanding business ventures or new ventures. For small and medium-sized enterprises (SMEs), which are already dealing with rising operating costs, the situation is dire.
The fear of crime not only prevents customers from visiting physical establishments, but also drives up costs due to the need for increased security measures like installing cameras, hiring guards, and paying for more insurance.
This crime rate has had a severe impact on the commercial real estate market also. Property owners who previously enjoyed good returns on the rental income from their buildings now find themselves forced to reduce rents drastically, by nearly 50 per cent compared to two or three years ago.
Businesses are not willing to commit to long-term leases any more, knowing that crime could force them to close down their operations prematurely or relocate to safer areas or countries. This trend has led to many vacant commercial properties, resulting in reduced potential returns for landlords, and the reality of a slow economy.
Residential property owners, especially those not aligned with government friends and families, face increasing challenges, unable to cut a deal to rent their properties.
While average citizens struggle to find tenants willing to pay fair market rents, prominent government officials seem immune to these struggles. Their properties are rented to the government at high lucrative rents, often through government contracts or other arrangements.
This stark inequality causes a growing public perception of “those who have more corn can feed more fowl,” and therefore erodes trust in the government’s ability to address the systemic issues of a slow and sluggish economy in the country.
The consequences of this spiralling crime rate causes more than just financial losses. It causes a decline in the quality of life of citizens, undermines the social fabric, and interferes with the nation’s progress.
The time for urgent action is already gone and it’s time to restore safety, stabilise the business environment, and ensure equitable opportunities for all citizens. Without this, the economic and social inequalities will continue to increase, and the country’s long-term prosperity will remain at risk.
So, again this is a call for change. As the PNM government seems to only foster inequality, the eliteness of its own hierarchy and that of its friends, families and financiers that are connected to the party. They encourage “hush hush” and back-door deals instead of solving our problems.
The tackling of the drug trade, gang activity, illegal guns, porous borders, extortion, corruption and economic disparity have all fallen short by this government.
Why can’t we gi
