Lagos Island Youths, a leading umbrella organisation for youths advocating the welfare and development of young people and elders in Lagos Island, has expressed concern about
the exorbitant house rent charges that have burdened residents across the community.
LIY noted that the skyrocketing cost of housing is a pressing issue that has significantly affected both the quality of life and the financial wellbeing of the indigenes and residents residing in Lagos Island.
The group stated this when scores of its members carried out a peaceful protest tagged, “Lagosians Walk for House Rent Relieve.”
The body, therefore, called on the local and state governments to take proactive measures to tackle this problem and alleviate the burden placed on residents.
According to the group, “The real causes behind the skyrocketing house rent charges on Lagos Island are multifaceted. While demand for housing continues to rise due to our vibrant economy and rapid urbanization, the supply of affordable housing has woefully lagged behind. This imbalance between supply and demand has created a landlord’s market, enabling property owners to charge exorbitant rents without adequate regulation or oversight.
“We strongly believe that both the Local and State Government bear a significant responsibility in addressing this issue. The Lagos Island Youth acknowledges the efforts made thus far by the government to address housing challenges across the State. However, it is imperative that tangible actions be taken to wrestle this problem to the ground and provide relief to residents.
“To effectively tackle the high house rent charges, the Local and State Government must collaborate to implement the following:
- Increased Affordable Housing: The government should prioritize the development and construction of decent and affordable housing units on Lagos Island. This can be achieved through partnerships with private developers and the allocation of land for subsidized housing projects. By increasing the supply of affordable housing, we can help alleviate the burden on residents and create a more balanced rental market as against the use of residence for such purpose.
- Rent Control and Regulation: The implementation of rent control measures and stricter regulations on rental prices will ensure that landlords cannot exploit the housing market. The government should establish a rent control board or agency to monitor and regulate rental rates, protecting tenants from unfair practices. We also call on our local government legislators to see to this by sponsoring a bill for such purpose.
- Incentives for Developers: To encourage developers to invest in affordable housing projects, the government should offer tax incentives and other financial benefits and also reducing other liabilities placed on them during and after the construction of such building. This will incentivize the creation of more affordable housing options and increase competition in the market, leading to more reasonable rental prices.
- Public-Private Partnerships: Collaboration between the government and private sector entities can be instrumental in addressing the housing crisis. By partnering with developers and families willing to redevelop or renovates their houses, the government can harness their expertise and resources to create affordable housing solutions that meet the needs of Lagos Island residents.
“Lagos Island Youth is ready and willing to collaborate with the local and state governments in implementing these measures. We believe that by working together, we can create a sustainable housing market that is affordable and accessible to all residents of Lagos Island.
“We urge the Government to listen to the concerns of the people and take swift action to address this issue. The exorbitant house rent charges are not only a financial burden but also hinder the growth and development of our community as it as pushed alot of people lout of Lagos Island to the Mainland. It is time for real change and tangible solutions.”