Hamzat’s solution to housing problem in Lagos is farcical, shambolic — Dr Adetokunbo Pearse

Dr Adetokunbo Pearse, the People’s Democratic Party (PDP) Governorship Candidate in Lagos State for the 2027 election has stated that his counterpart in the All Progressives Congress, APC, Olufemi Hamzat’s solution to housing problem in Lagos is farcical, shambolic.

Dr. Pearse stated that Hamzat, the Lagos State Deputy Governor and APC’s 2027 governorship candidate in Lagos State, in his response to the waste disposal epidemic in Lagos showed that he lacks both the empathy and the capacity to deal with the challenges confronting the people of Lagos. “His response was dishonest, unrealistic and outright irresponsible.

“In addition, Deputy Governor Hamzat’s proposal that he would create a mortgage system wherein it would be cheaper for young people earning ₦120,000 to own a ₦15 million home than to pay an annual rent of around ₦1,800,000 is deceptive and misleading,” he maintained.

Pearse said that the truth of the matter is that a person earning anything less than ₦500,000 per month in Lagos is likely to be more interested in solving his rent issues than trying to own a home. “The question of high rent is a separate issue from the home ownership issue. A young person making between ₦100,000 and ₦200,000 monthly is in the minimum wage bracket, and is likely to be concerned primarily with rental costs, while Lagosians making ₦500,000 and above are the ones who are likely to be interested in home ownership. These may also be living in rented apartments, for which reason they will be concerned about the astronomical cost of rent in Lagos State today.”

On what he would do in the housing sector when he becomes the governor of Lagos State, Pearse said, “As governor, I will address the housing problem in a holistic manner, dealing with challenges facing the different income brackets in the state.

He added that given the high cost of building materials and high maintenance cost, it would be difficult to expect landlords to reduce tenant down payment cost; for example, their charge of ₦1,800,000 annual rent.

“What we can do is to reduce the down payment from 1 year to 6 months. That is, for example, instead of ₦1,800,000, the tenant now comes up with ₦900,000. In the long run, the landlord loses nothing, while the new tenant gets some relief.

“During his tenure, Governor Raji Fashola was able to negotiate rent deposits from 2 years to 1 year.

“As governor, I will propose legislation to reduce rent deposits from the current practice of 1 year to 6 months. Keep in mind that in most countries, all a new tenant pays to move in is 1 month rent and 1 month deposit,” Dr Pearse narrated.

He said that an applicant for rental property who earns ₦150,000 monthly or less will be eligible for a one-time financial assistance of 15% of the annual or 6-month down payment.

The rebate payment will be paid directly to the landlord as approved by the tenant.

On the high cost of food items in Lagos, Dr Pearse stated that it is a burden on low-income earners. “At least 3 food palliative pantries will be established in every Local Government Area. Food items such as gari, rice, beans and cooking oil will be distributed weekly from these pantries. My government will work with community organizations in the area to establish locations and operation of this project.

Taking a cue from Alhaji Lateef Jakande’s housing and  mortgage scheme the PDP candidate in Lagos State disclosed, “We will establish 2 types of affordable housing: the Low-Income Mass Housing which will be available for rent by people earning ₦200,000 monthly or less. Annual rent will be around ₦700,000 per apartment. Tenants will be able to move in after paying 1 month rent and 1 month security.

“Affordable Middle-Income Housing. This will be 2- and 3-bedroom apartments in 3/4-floor buildings (not too high to need elevators). Apartments will cost between ₦15 million and ₦20 million each.”

He stated that Homeowners will be able to secure mortgages at lower than market rate.

He added, “The housing policy of my administration will be to make rent affordable for low-income earners, and to make mortgage available to middle-income workers.”