If you’ve ever wondered what kind of country the very rich would create if they had their way, we suggest you visit Nantucket. It’s the ultimate gated community, surrounded not just by a gate but by a moat of ocean, accessible only by plane or ferry. And far from being some sort of haven of free enterprise, it is one of the most heavily regulated places on earth—would be home builders and developers face 184 pages of rules, an aggressive building commission and 140 non-profit organizations and pressure groups.
Connecticut oil trader Gary McCarthy and bond trader Blake Drexler, Great Point Partners LLC, are probably men used to getting their way. Not in this wonderland of wealth. Here their plans to build a new yacht club on the island—the traditional Nantucket Yacht club has a waiting list of at least ten years—have been greeted with cries of outrage, and stalled in island bureaucracy.
Bloomberg has the story of these put-upon yachtsmen who are suffering from one of this world’s greatest injustices.
“Some of the best sailing waters in the world are right here, and there are just not that many places on Nantucket where you can put a boat in,'' McCarthy said.