I can see the high airfares, tourism slowing down, high fuel and high import taxes on parts for maintenance, but I don't agree with the work permits and bureaucracy:

You have irritating bureaucracy everywhere, even more so in the first world. What about tour guide licenses? Everybody else needs them, except the liveaboards, so that is an advantage in Belize! And I will not even try to start to work in, for instance, the USA without a work permit, why should Belize be different?

Guess there was too much supply and too little demand for them to make a living (a tourism related problem we are going to see more often in the near future).

Live and let live