Self-investment is the deliberate use of time, money, and energy to enhance one’s quality of life and future. It involves ongoing, conscious efforts to maximize returns on personal aspirations. In the context of the U.S. Virgin Islands, it’s for our government to embrace this concept.
A recent report from WTJX highlights a critical discussion within the Government Employees’ Retirement System (GERS) regarding a potential shift of approximately $50 million in investments from stocks to “less risky” bonds. Governor Albert Bryan Jr. emphasized that implementing a 3% increase in employer contributions could impose an additional $14 million burden on the government-an unsustainable prospect under the current financial conditions. In a related development, newly appointed n a related development, newly appointed GERS board member Mr. Tahmin Clarke advocated for increased oversight of newly appointed appointed GERS board member Mr. Tahmin Clarke advocated for increased oversight of GERS’s investments to ensure optimal returns, a sentiment that caught the attention of Senator Marisa James.
While GERS grapples with its investment strategies, the USVI Department of Tourism has forged multi-year partnerships with the New York Jets and Boston Red Sox to promote year-round visitation. However, the public lacks metrics to assess the impact of these collaborations. Regardless of these tourism initiatives and investments, the government consistently voices concerns about being “strapped for cash” and availability of affordable housing for residents with moderate-income (as indicated by census data). This raises an important question: Could this be the ideal moment for the USVI to engage in self-investment? With qualified individuals participating in strategic discussions, might this approach constitute an “alternative investment”, as Senator James suggested regarding Mr. Clarke’s recommendations.
Recently, an advertisement surfaced for the former Good Hope School, a 13-acre property on St. Croix. The listed price appears prohibitive for the average USVI resident, potentially deterring investors who see little opportunity for return, but what if the government took the lead as the buyer, lessee, and investor in such properties? Given its frequent financial struggles, the government could explore “small” projects as a viable means of self-investment. Imagine if agencies such as GERS, the Virgin Islands Housing Finance Authority (VIHFA), and the Department of Tourism collaborated to purchase properties, issued requests for proposals (RFPs) for local developers – particularly those owned by native Virgin Islanders – and then managed renovations themselves. This could create a steady income stream while fostering new public-private partnerships. After all, just as no multi-level house has one giant step to the next floor, no significant development occurs without incremental steps. Self-investment involves committing resources to activities that yield personal growth and overall community well-being.
Why not leverage small-scale real estate projects to invest in our community, providing affordable housing options while creating opportunities for emerging developers? Building relationships with the younger generation is essential to ensuring a smooth transition when established developers die, retire, or step back.
Now is the time to secure the development and stability of the USVI for the natives who wish to preserve, enhance, and uplift our territory for future generations. By investing in non-commercial real estate projects and partnering with new, local developers; the USVI government can pave the way for a brighter future – one that remains in the hands of the next generation of Virgin Islanders. When all is said and done, every generation of native Virgin Islanders deserves more than a few pieces of gold jewelry as a legacy.
Jo Fred – St. Thomas native and Project Manager
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