Honourable Julian Fraser, Third District Representative, remains unconvinced that the government’s plan to acquire Joes Hill Manor Estate will effectively aid first-time Virgin Islands homebuyers. He contends they still face being priced out without major subsidies from the government.
Fraser noted that the original pitch for Joe’s Hill development promised affordable properties for new owners. Yet in practice, pricing exceeded what most prospective applicants could afford.
He pointed out that even with potential mortgage financing, expenses like condo fees due to the style of the properties could prevent the intended demographic from affording one of the homes.
Fraser suggested an alternative route may have held more promise for the intended goal.
Fraser remains sceptical that the Joe’s Hill acquisition can deliver model starter homes without substantial subsidies. He believes that without addressing inherent affordability barriers, the result may unfortunately mirror that of the initial development.