THE crime rate in Trinidad and Tobago 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 business 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 their rental income from their buildings now find themselves forced to reduce rents drastically, by nearly 50% compared to two or three years ago.
Businesses are not willing to commit to long-term leases anymore, 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’s 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 and members of parliament seem immune to these struggles.
Their properties are rented to the Government at high lucrative rents, often through government contracts or other back-door privileged 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 sluggish economy in the country.
The consequences of this spiralling crime rate causes more than just financial losses. It causes the decline of the quality of life for 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 in 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 call for change. As the PNM government seems to only foster inequality, the eliteness of their own hierarchy and that of their friends, families and financiers that are connected to the party. The tackling and addressing the problems 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 not give another party a chance?
A party like the UNC that actually had a much better track record in 2010 to 2015 than what we are seeing currently. What do we have to lose? It’s only our future at stake, so we must consider seriously our options and look after our future, for our children and our families.
Neil Gosine is an insurance executive, sometimes a temporary Opposition Senator, an ex-treasurer of the UNC and a former chairman of the National Petroleum Marketing Company of Trinidad and Tobago (NP). He holds a Doctorate in Business Administration, a Master’s in Business Administration MBA, BSC in Mathematics and a BA in Administrative Studies. The views and comments expressed in this column are not necessarily those of AZP News, a Division of Complete Image Limited
Commentary: Crime Killing Us
THE crime rate in Trinidad and Tobago 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 business 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 their rental income from their buildings now find themselves forced to reduce rents drastically, by nearly 50% compared to two or three years ago.
Businesses are not willing to commit to long-term leases anymore, 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’s 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 and members of parliament seem immune to these struggles.
Their properties are rented to the Government at high lucrative rents, often through government contracts or other back-door privileged 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 sluggish economy in the country.
The consequences of this spiralling crime rate causes more than just financial losses. It causes the decline of the quality of life for 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 in 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 call for change. As the PNM government seems to only foster inequality, the eliteness of their own hierarchy and that of their friends, families and financiers that are connected to the party. The tackling and addressing the problems 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 not give another party a chance?
A party like the UNC that actually had a much better track record in 2010 to 2015 than what we are seeing currently. What do we have to lose? It’s only our future at stake, so we must consider seriously our options and look after our future, for our children and our families.
Neil Gosine is an insurance executive, sometimes a temporary Opposition Senator, an ex-treasurer of the UNC and a former chairman of the National Petroleum Marketing Company of Trinidad and Tobago (NP). He holds a Doctorate in Business Administration, a Master’s in Business Administration MBA, BSC in Mathematics and a BA in Administrative Studies. The views and comments expressed in this column are not necessarily those of AZP News, a Division of Complete Image Limited