Green’s Dictionary of Slang

(W.I., Baha.) the white mercantile élite who control the Bahamas.

1974		O. Demaris Dirty Business 114: Few tax havens have been associated with more fiscal skulduggery than the Bahamas [...] the Bay Street Boys, a minority of wealthy white businessmen who ruled a majority of impoverished blacks.
2003		(ref. to 1949) Nassau Guardian 18 Nov. 🌐 Well, 1949 was very much a watershed year for the Bay Street Boys and they also changed their leadership as well.
2005		Martin & Storr ‘Bay Street and the 1942 Riot’ Cultural Studies Associated (Georgetown, VA) 🌐 The Bay Street Boys, a group of wealthy European ex-patriots who dominate economic activity on the island.