Scaremongering by speculators

Abstract

In his piece 'Oh dear, prices are falling', carried in The Times, Prof. Henry Frendo rightly spoke about the scaremongering campaign by local speculators. Speculators are feeling the pinch of the slowdown following the surge in property prices, and have made a series of proposals which are preposterous and indecent to say the least. In fact, through their spokesman Sandro Chetcuti, the property developers have proposed that the government essentially subsidises them by encouraging banks to be more lenient with loans given to speculators. They also asked to use part of the current surplus of housing stock as a complement to the Housing Authority's schemes and to allow mixed zoning - i.e. an interspersion of commercial activity with residential units. Chetcuti and Co. should get real and realise that they are to blame for the current surplus of dwelling units, with all the hankering by speculators with the Malta Environment and Planning Authority to be granted permits. Mr Citizen is only interested in securing a decent quality of life for himself and his family and not in subsiding, through his taxes, some property tycoon and his glamorous sports car and in having some retail outlet next door. Well done to Frendo - finally, we see an academic who speaks his mind, without fear of retribution.