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New Nairobi land rates bad for housing plan – Business Daily

Nairobi City skyline. FILE PHOTO | NMG
The move by City Hall to double rates paid by Nairobi landowners from January to reflect an increase in prices of the same could not have come at a worse time.
For one, the one month notice issued by the city authorities hardly gives the affected landowners adequate time to put their finances in order.
Secondly, tenants will most likely end up bearing the burden of meeting the new rates, which could drive more people into informal settlements, defeating the goal of affordable housing for Nairobians.
The county government has yet to provide services, including garbage collection, road infrastructure and security, to the satisfaction of residents.
Therefore increasing charges in a bid to meet revenue targets will most likely add to the grievances of disaffected rate payers, triggering possible lengthy litigation.
We suggest that the county government first ensures that it collects revenue from all landowners efficiently given that only a few pay their pound of flesh, before considering increasing the rates.

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Author

Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.