NHT: Jamaica's biggest Ponzi scheme
THE EDITOR, Sir:
The debate surrounding the actions of the National Housing Trust (NHT) is in the best interest of all Jamaicans who contribute to the fund, and can be the catalyst for better management and focus coming from the board.
The NHT has not evolved over the years, and has naturally lost sight of its true purpose, which is to facilitate housing solutions mainly for the poor and the working class.
The NHT now operates as a Ponzi scheme, where the majority of contributors will never benefit from their contributions made to the fund.
Many years ago, the NHT should have moved into the market of building apartments and renting them to Jamaica's growing middle and working class. Squatting is a major problem for Jamaica and, in Kingston, it has destroyed the beauty of the city while at the same time being the nest for the creation and expansion of ghettos where crime and violence is almost the norm.
The price for renting an apartment in Kingston is ludicrous and to add JPS's bill to that does not make any sense for the working class or a young professional.
The NHT's next best purchase will be to buy into the idea that was conceived by the late Michael Manley. They need to create investments and projects that will directly benefit all contributors and move back to their core mandate that will allow the fund to cease being a Ponzi scheme.