So I'm glad that people are interested in this topic on housing in Hawaii, particularly when it comes to who is buying property here. As I mentioned, data is tricky. The numbers say that foreign buyers aren't buying a lot of properties and that local buyers are the supermajority of buyers in Hawaii. However, we need to take a closer look at what is a "local buyer". And without getting too much into who constitutes a local, I just think we need to build more affordable rentals now along the Rail (before it connects to Town). Appreciate the feedback on this topic 🤙
Rent culture in general is the problem. Rent is too high so people don't buy. People don't buy so no new houses get built. No new houses get built so rent goes up due to scarcity. Add to that that Air B&B and other companies are literally taking places off the market and you get shortages.
What you talkin bout, no new homes get built? You lookin around or what? Literally tons of new houses consistently being built. Rent is up cause homes are up. Whenhouses cost 800K, and peole dont have 100K down payment, their mortgage ends up 4-5K. So what happens to rent, it follows suit. Mortgage goes up, rent goes up. The problem is foreign investors, theyre multimillionaire or billionaires, so they buy everything up, at way over cost, beating local buyers. Literally, Hawaii is being bought out by Chinese investors and multibillion dollar companies like DR Horton, they drive the cost up, natives cant afford it. You tryin, but clearly you dont know as much as you think you do. Research, Hawaii is being bought up by NON NATIVES.
@@tattookaleo "...Rent is up cause homes are up. Whenhouses cost 800K..." You sir/ma'am have never heard of supply and demand. If houses are getting built at a rate that exceeds those needing one then costs go down. Everyone needs shelter which makes homes/apartments a fixed demand. Therefore, rent goes down as there are more options when there are more homes. In addition, it's not just rate of homes being built. There's an insidious aspect regarding ones wealth being tied to homes. This incentivizes fewer homes being built or specific zoning laws to reduce availability of residential areas to therefore reduce building of homes to inflate evaluations. Edit: My initial point still stands as this problem is multidimensional. Rent being high squeezes buyers and prevents them from even trying to buy homes that might even be on the market.
@@tattookaleo I'll add an additional point, my initial comment is applied broadly. Hawaii is an outlier (including NY) in that what you mention about foreign investors is also a factor. My points still stand as additional issues Hawaii has. We can also point to the fact that Hawaii naturally has a natural cap to how much area can be built up given it's an island.
Hi, I just started watching your channel a few days ago, I'm planning to move to Oahu hopefully by the end of the year. I totally agree with your assignment, Hawaii really needs to build more affordable housing, in some ways, Hawaii housing issue marriors NYC, before the pandemic there was a housing shortage so the City went on a housing building boom, in fact in my current neighborhood alone there has been at lease 5 to 6 new apartment buildings. Perhaps Hawaii can take an idea from NYC play book, build more apartment building, and destinate 30 to 50% for low income residents, where family have priority.
Mahalo for the comment. I'm not really sure where the State is headed as it tries to address the housing issue. Buildings seem to be coming up slowly, but will it be too late? People seem to be hanging on, but it's getting tough.
you should make a video talking about your thoughts on the removal of the haiku stairs aka the stairway to heaven i luv your videos and how u explain your thoughts on the topic
California born and raised we are having a similar b problem. Many Countries place limitations on foreign ownership it's time that U.S. do the same particularly residential real-estate.
Single family home rental is very expensive out in Kunia, Waipahu, the rent is $4200 per month. It’s just as expensive as California. How do you expect da locals to pay that much. Aloha
You’ve brought up some points here that don’t often see much sunlight. What’s a local buyer, being one. The low number of non-US buyers, another. Interesting. Maybe a hefty tax on all non-primary residences? Literally prohibitively high. So that owning a second residence in Hawaii would become more expensive than owning a home is. Couple that with prohibiting short term rentals? But I think it would be hard to pass ordinances like that. Too many people get hit in the pocketbook.
Mahalo For the channel Chris as a MainLander myself (I obviously meant that as USA MainLander & not a different country) that said. You make a ton of valid points. & yes holding MainLanders or Outsiders into one giant bubble is both uncultured & unfair to the genuine ignorant outsiders who don’t know the deep & brutal history. But not all of us are idiotic TikTokers(*im not for the record) I don’t see the hype in said platform. But generalizing all Americans all because of WWII or even in the 1890’s is unfair to the noobs. & this isn’t justifying the hostile takeover by our government but making it sound like it’s all of America just isn’t fair. Plain & simple. Clearly this isn’t probably going to change anyone’s mind but I myself would love to see a niché between the two. I don’t know if it’ll ever happen that way but wouldn’t that be something. 🤙 Aloha.
With any groups of people there is variation and nuance. I think what you are saying is probably what happens when locals talk about visitors or people not from Hawaii. However, it's harder to segment those groups into manageable categories without splitting hairs. But I understand what you're saying. I'm also not a TikTok user. 🤙
All it takes is a small sampling of buyers (regardless being local or out-of-state) paying top dollar to purchase home and thus creating a databank of comps that invariably raise values. High home prices in Hawaii is an acute problem, but this phenomenon is hitting markets on the mainland too. For example, only 15% of California residents can afford a home in the state.
Some great points made here. One data point I think needs to be taken into consideration is how many properties are owned by companies or corporations. As you said, commerce between states is necessary and required. But corporations are also classified as persons. So it’s possible that foreign companies own United States companies that own local properties. Lastly, about rent needing to be “cheap”… I wouldn’t use that word. Prices for housing need to be “proportionate” to the income potential. I’ve always been told that housing needs to be no more than 1/3 of our income potential. So anyone with a full-time professional job, not a starter job, like fast food, should be able to afford housing. We’re always saying that labor needs to get paid more, but that obviously doesn’t happen. What could happen is capping rental prices for long-time residents.
Mahalo for the comment. Good point about corporations and their influence on property, particularly commercial property. I use "cheap" as an informal way of saying that the average person will think it's affordable. I know it's not the most technical term. 😆
The city and county building too much in the same year, they need to spread the growth! Unless, you ready to buy now then get choke building that just came up. 😂
Great video. Driving in the Ala Moana/Kakaako area in the evening, if you look at the high end condos, there are not too many lights on. Either they're out working late or they don't live in Hawaii...How about breaking down sales by zip codes? I'll bet the Honolulu zip codes have more out of state sales than local sales with the exception of Kalihi. Locals may make up 70 something percent of sales but the locations of purchases may not be in Honolulu.
I just speak from my heart I watch my great grandmother who was pure Hawaiian no even speak one word to my papa because she was afraid something would happen to her and I watch my papa work his self to death only for my mom and uncle’s become alcoholic and drug addicts and it’s because we lost our identity
You went to college outside and lived & worked outside a while and have talked about moving to Japan several times. So isn't that a bit hypocritical with the conversation? People coming & going by non locals? In the 1980s it was the Japanese visiting en- mass (oftentimes buying) who generally spent 3-4x the money on a vacation than any U.S. Mainlander did. Which is why Ala Moana went trendy and there is no more Woolworth. And you haven't mentioned China either. China Oceanwide Holdings bought 500 acres of land near Ko Olina Resort in West Oahu for $95 million (12/2022). 500 acres is a big chunk of dirt for Oahu.
It's like the saying, "No one gets seconds until everyone's eaten" but for houses. There should be a 33% per annum tax on 2nd, 3rd, etc houses. Too many rich fakas and corporations buying up houses just to sit on 'em. I know one guy (he's local too!) who owns 2 houses and a condo, just for himself. He's not renting them out, he's not housing family in them, he's not doing anything just letting them sit.
@@HelloFromHawaiiThis guy ..... he's pretty lolo. Believes in every alt-right conspiracy, is Chinese yet hates Chinese people, has tons of stuff he can sell and save his houses but refuses to do so, all his problems are self-imposed. He's a classic example of a boomer sitting on things and keeping anyone else from having them or benefiting from them at all. I don't know why he didn't move to the mainland long ago, he'd fit right in.
My sister in CA sold one of her properties in CA and bought a much larger home in HI for half of what she sold hers for. Until HI homes are the most expensive in the nation, some people from the mainland will feel what a great deal HI homes are compared to their own way overpriced homes.
Saint Francis campus in Manoa sold for 23.35 mil, they plan to build 2 million dollar single family homes. If you do the math…that’s quite a bit of homes but definitely not affordable for the average family. Average affordable rent per the state is a little over 1600 & that’s hard to pay, play and save especially in our economy.
Good job of capturing the actual data. Look at the population and take a look at how many people from the mainland live here now. Lot of rich techies and famous people buying up the land and homes but don’t even live here. I think there should be a law where the home buyer is required to live in the home for at least 11 months out of the year and for at least 5 years. I know of rich mainland family that purchased a home so that their son would not have to dorm. Now that he has graduated, they rent it out. I would welcome people from Japan who want to live here, they seem to be more community minded and respectful, not individualistic (just look at the tourist who tend to disrespect the local culture (where do they seem to come from)?
When the average household income in Maui is around $78,000 and rent can be $12,000-$24,000 a month...it is undeniable the housing market caters to foreign and mainland buyers, and not residents.
I have to agree. The problem with the data is what is a resident vs a local. What criteria is needed today to be a resident? However, if we combine this data with the data that never in the history of Hawaii have we had more locals or native Hawaiians living off Hawaii today, we can see what is going on. I hate to say this, and I constantly repeat myself. Oahu holds 80% of the state's population. But what makes Oahu more attractive than other islands from a person not from the state of Hawaii's point of view? Because if we just love Hawaii? Then all islands have local culture, good weather, beaches, etc. We must understand that at one point in Hawaii's history, Homes, even in Oahu, were far more affordable and cheaper for locals. I believe the answer is to look at our history and see how we lived and what we looked like when we were far more affordable. Of course, im not saying we go back in time and live in grass huts(joking) for the sake of those thinking that is what im talking about. I'm not. I think it's essential to examine our cultural values and see how they have changed for us as a people. Everything else is cosmetic. Change is always going to happen. This is the natural order of things. But we can control what we want to change into. Our cultural values influence this. I just never understood why there has to be a choice between becoming wealthier as a state or losing a people's way of life.
Your question about why so many people live on Oahu is obvious. It has the majority of opportunities. goods/services and employment. On the outer islands, shopping for clothing, furniture, appliances, as well as foods. Services for entertainment, home, work are limited, so it takes a certain type of individual that wants less than more. As the plantation workers left the plantations, which were remote camps far from the city, if they wanted employment & goods, they had to go to the urban corridor. If they wanted land for farming, they went to the country. When Jim Nabors, Oprah bought land it, was on Maui. The wealthy went to Molokai and Kauai. Others went to the outside of Kona. They all wanted away isolation. If the locals moved to the mainland because they can't afford Hawaii, would they go to remote countryside or go to where the urban corridor of employment and goods/services within affordability?
@@tracyalan7201 I understand what you are saying. However, I believe you're possibly missing something. Oahu has always had the largest population of all the islands. However, it's not always been so expensive. There was a time when you could buy a home on Oahu for 30k. There was a time when the population on Oahu was 600-700k vs 900k plus today. Oahu has always had the opportunities. However, I believe it's more than that. You're talking about the wealthy moving to other islands because it's remote. However, that does not explain what is happening with the high-end condos in Kaka'ako and other neighborhoods or why homes are 1 million now on Oahu. Most progress-minded people use the example of supply and demand to explain this situation. However, what is often ignored is all markets can be manipulated. If something is popular, one can limit supply to raise its value. On the other spectrum one can saturate the market and lower the cost or value of things. In Oahu supply and demand or limited space can't explain what is happening. We need to look at the type of development and what its targeted market is on Oahu to explain what is going on. We currently are seeing a push for more high-end living on the island, from housing to commercial business. But if we look at past history, Oahu was more middle-class and mainstream local multicultural than today. Today, we are seeing the redevelopment of communities on Oahu to attract higher-end people to Oahu. However, one should be asking, are people moving to Oahu because it's Hawaii or because of its perceived value based on redevelopment? Today, it's tough to imagine that at one time, cultural shock was real on Oahu. We could leave our doors unlocked even in Honolulu, and Oahu was still local. Verses never in history has Hawaii had more kama'aina and Hawaiians living off Hawaii than today.
@@HelloFromHawaii I agree. However, is the difference between the islands only just economic or lack of jobs that is the difference between success and failure? Look at the breakdown of economics between the communities in Oahu as an example. The population makeup of more affluent communities has been shown to contain fewer Hawai'ian or Kama'aina people and less local in other aspects as you get wealthier. The windward side or east side is Honolulu, and the more affluent areas of the island like Kahala, Hawaii Kai, etc. While the leeward side, which is the west side, has communities like Waianae and Waipahu and other poorer communities. It's not just economics but how people live that is also a factor. Stuff like local practices is more affluent in the middle-class or more impoverished communities vs. wealthier communities that might see stuff like pidgin english as an uneducated form of communication or a lower-class thing. Even removing slippers while entering a home can be seen as a cute tradition versus a rule from wealthier people on the island. Could the difference between how we live and think traditionally as people from the islands be the reason why redevelopment and change are so important to target wealthier people to places like Oahu? Chris, I hope you understand that I'm just sharing ideas to open discussions on this issue. I can be wrong and can learn, too.
How did japan get its insane housing market under control? I heard they went back to the old way of thinking of housing as a place to live rather than an investment. I don't know but it makes sense. I remember before the mid 70's people still thought of homes as a place to live and then the realtors got people into thinking quick buck.
Foreigners are buying all around the world... Pacific North West, Canada, Oceania, Asia and Europe. The term is relatively at a point in time. Our ancestors were Foreigners. Thailand has news of Russian investors buying property and raising the market prices.
Another great video! I agree that the mainland buyer number must be skewed a bit. (Been to Kailua/Kaneohe, lately?) A lot of folks moved here during the lockdown and rented but, ended up buying. Also, I think part of the challenge is that many folks move here with an "Orange County attitude". Having no intentions to assimilate. One of the reasons I believe that there is a lack of Aloha Spirit on the roads.
It’s true. They have been for decades. Our state makes it easy for foreign buyers. I found out you don’t have to have a visa. And to boot. They can get a mortgage.
If I could hack the language I'd move to Japan to retire so fast. The quality of life is astronomical compared to anywhere in the US. And I could live just a bit outside of central Tokyo on $1000 a month, not to mention small towns.
It doesn't take a majority to create a tipping point. Well heeled foreign buyers are looking for investment, income producing assets. That's different than someone looking just for a place to lay their head at night.
Pretty good. The foreign buyers mentioned might be from the times like the Japanese economy was doing great, buying a lot of property of wealthy into Hawaii. I've heard from my father-in-law, when years ago, when they were developing estates north of Kona, which there were Canadian and mainland buyers purchasing those huge properties. I'm sure wealthy Chinese & Koreans also have purchased properties in the islands over the years, which the 'monster' home projects have been recently in the news. Affordable housing and economy are always going to be a tighter market in Hawaii, mostly because of economic growth in the island and the cost of land and construction in the islands. Unlike other states, an island with limited land/resources/income that locals seem to think is unlimited. We're not Texas, California, Alaska or other larger states, we're right next to Rhode Island, except not connected close to the continent. Even if we build homes, townhouses or condominiums, owners have the cost of maintenance of the properties and infrastructures, which has its own life expectancies/costs. Water, Sewage, Waste Management, Electricity are expenditures not controlled by the owner but by the utility owners passed onto the consumer/homeowner. Replacement values of a home is the responsibility of the homeowner, but a townhouse/condominium is run by the association, which in the case of the Marco Polo or Florida Condo collapse could become catastrophic for the residents at the time of occurrence but who makes the decision in the association? It might have done previously but buried by the members remaining after the deciding members left. I lived in a condo, townhouse and now home, but modern homes have associations that can be just as bone headed as those in condo/townhouse who is all talk and no action. Ownership is nice but be careful with what is wished.
I also remember how we went through the Japanese boom of the '80s, which led to a lot of resentment toward the foreign Japanese. This seems to be an updated version of the same thing. It's only without the blatant and conspicuous buyers driving through desirable neighborhoods picking houses to buy, often without even inspecting them. The other half of that was how they were making extremely high offers that weren't pegged to the actual property values, and which locals couldn't compete with. I'd be curious to know how many housing units are owned by people who leave them vacant so that they can use them for when they or their family and friends come for vacation "some day." These could be owned by foreigners and mainlanders. And I would not be surprised by locals who own multiple homes, but have them as investments rather than a vacation destination property. I know we can't prevent that type of ownership, but it would certainly be informative to know the percentage that sit idle when they could be part of the rental stock.
From what I understand to have 'residence' in your property is about 6 months to be a resident. So, if military families stayed for the tour, they would be residents and could purchase a home as a 'resident', which many do. Whether they sell it after the tour or not, it's up to them. I'm sure other states with bases have similar situations about property on active duty, as base housing isn't always desired by enlisted or officers and housing allowance does make it an advantage of non-military buyers. If the service families don't sell, they may choose to rent it out, as supplemental income for the service member. I'm sure there are some families that have multiple properties either through inheritance, buying/renting and investing in other properties on the island.
Yes, your idea is right on the money. My parents were given some land In Waianae by my great grandmother who actually lived with us in Wahiawa in her late senior years. My brother and I while growing up in Wahiawa had every weekend spent at Waianae cleaning the property up and repairing the house. After I joined the Corps the property was left vacant and unattended. Now my oldest sister owns the property with my step sister I think. I had advised her that she don’t sell the property in Waianae. If she does then sell it to me. Then I’ll come back home to Hawaii. Jim K
@@tracyalan7201 Well said. I know "rent plus" was a big bugaboo that often got brought up back in the '80s and beyond. Tbh I don't mind that, considering that the majority of the military personnel don't really get paid all that well. If they rent out the units after they are reassigned at the end of their tour rather than selling, at least the property doesn't sit idle. Our service members give up so much by being in the military, so they earn any advantages they get. They are such a small percentage of the entire population, who VOLUNTEER to do what most hope they never have to do. God bless them all!
I don’t know what the solution is but building more will take away from the the health of the islands. Back in my father’s generation most of the kids would move to the mainland for opportunity. Nowadays most stay on the island. Also, the consumer generation want their own place away from the multi generation living mindset. Right now I’m spending half my income on rent alone in Los Angeles. It’s tough everywhere.
We are looking to move away from Hawaii in a few years. My wife and I were born and raised here. I have no hard feelings. No bitterness. There’s just no incentive to stay. 🤙🏽
@just_inhawaii Good luck! I hope that can happen for you. I am the opposite. I want to live in Hawaii because it is the only place I have been that I feel good. Pain free and I can breathe.
Hi, I’m from Seattle and come to visit family in Honolulu every year. For us, the foreign buyers come from China and make very large offers above asking and have enough in cash to expedite the process. The lady we rent our house from owns 30 other homes in some of the highest income neighborhoods here which average prices of 5-10 million. She lives in China, we’ve never met her. I do feel for the situation they have to deal with in regards to their government but dam… My generation has to pretty much move an hour out of the city to afford anything at all. The 7 years we’ve rented this house the value of it has shot from 690k to 1.1m which is absurd. This house is 1050 sq ft. It’s a tough dynamic because people move here for higher paying jobs. I am able to benefit from them being my customers. But anyone that doesn’t keep up with getting those jobs is pushed out of their neighborhood. If you can make more, you stay but you have the same standard of living so it never feels like enough. Idk what my point was here but I feel it.
Chris I know it’s hard but would you be ok with staying where you are? The kids will be gone eventually and you may not have any debt once they are gone and your Condo might be paid off? The sacrifices to live in paradise is real!
All very important distinctions to clearly understand. Housing affordability is a big problem; not just in Hawaii, but on the mainland as well. Mahalo Chris.
Not that you're doing this, but I hate to be painted with the same brush as a foreign corporation or individual buying up property. I live on the mainland and am looking to move to Hawaii. I won't be able to afford a single family home, so I'm downsizing massively from my 2000 s.f. home in NY. I'll be working from home when I live in Hawaii, so most of my $ will be spent in the Hawaii economy. This is different from a foreign investor buying up property to use as income, and shipping the profits overseas. It's even different than a mainlander doing the same. I really hope this situation doesn't make locals look unkindly at me just wanting to live in Hawaii and integrate with the community.
@@GNMi79 I guess I’d have to see the numbers, but if I’m in the property with my wife and we’re both spending our income in Hawaii, AND paying taxes, surely that’s better than an empty property that funnels income out of the country. I’m aware that coming from the mainland I’d be competing against locals for the property. I’d also be competing against developers, and foreign investors. The system seems broken and nothing an individual resident could fix.
No, buyers are buyers. If you can afford it, are contributing to the economy and are respectful of the culture and not expecting it to be like NY then why not. Being respectful is the only real thing that matters.
Mahalo for sharing. And I'm not here to blanket all buyers. I just don't think the data considers that, which is important because we make a lot of policy decisions based on the existing data.
I agree with what you said about foreign investors are not shopping in the same arena as the locals. That can be said of a portion of the mainland buyers as well. Unfortunately we live on an island where land is not abundant. I think the pricing you’re talking about is unrealistic in today’s economy. Pricing is not as arbitrary as it seems for new housing. Materials are expensive more so now than ever and pricing has to reflect that. You mentioned in one of your other videos that you want to live in town or Kailua. Those are the 2 most expensive areas on the island. If that’s what you’re limiting yourself to, than your income has to fit that demographic. If it doesn’t you need to expand your search area.
I hope you don't mind me responding. Not to argue but to bring ideas for discussion. We forget that housing is a market, and every market can be manipulated. If something is popular, we can limit its production and inflate its value. If we saturate the market, then we lower its value. There are other factors we can examine. One factor is Oahu has 80% of the population of the state on it. Why? Every island is Hawaii then is it reasonable to assume that all the islands should have 900k people on it if people just loved Hawaii or were moving here for her? Other factors that we can look at is the type of development and what is its targetted audience. We have been seeing Oahu becoming more high end as time goes on. Is this to target and attract wealthier outsiders who wouldn't move to Oahu if she was like she was in the past? Oahu's past is one of cultural shock for newcomers and life without a lot of comforts people not from Hawaii are used to. Would Housing prices be so expensive if life was different today in Oahu? Imagine if culture shock was a factor like it was in the past. Imagine one had to learn new customs and culture to fit in with daily life here. Would housing still be as expensive as it is today? I remember when locals took their time to get to know Malahini to see if they would stay and not move. Today, it's different.
I'd like to live in Kaneohe if possible. Close to Kailua. The tricky thing about that area is that there is a military market there because of the Marine Base. Would love to buy there, but not much available that is affordable.
Great point. A big step to moving the population to other parts of the State would be jobs. Big Island might be able to support that, but there just aren't enough jobs.
Aloha. I like that you walk around and talk about this kind of stuff(economy). I bought one acre almost a year now and build a home on the Big Island and I’m from Texas. Mahalo
As skyline reaches more remote areas, I think prices will come down in the more “desirable” areas. Perhaps it’ll drive up prices in other areas but overall I think it’ll put downward pressure in well developed areas. For example, if you can live at Wahiawa and get to downtown Honolulu for work in 30 minutes on skyline, you will perhaps rather live out there where it’s cheaper.
I think the rail will have a good impact on housing. But to bring prices down, I think they need to sell it now, before it connects to Town. Once it connects, the utility of the rail will factor into the price, driving it up.
Born and raised here I always wanted to live in town so under the Reserve Housing program I finally was able to afford a condo in town. When our maintenance fee was going up almost 50 percent one year I saw just a handful of owners attend meetings to discuss the increase. I asked the Property Management company if they sent out notices to other owners and their response was 85 percent of the people who bought were either foreign investors or from the mainland who used the condo as a second home. I asked how do they know that and they said the maintenance fee is sent to the owner monthly and those addresses are either foreign or mainland. Only 15 percent had a local address. I don’t care if they bought a place in Hawaii but for locals who can’t afford homes as an investment or a second home/vacation him it impacts us who just want to have a place to call home and have it affordable. If the maintenance fee gets too high I may have to sell and move back to my Mom’s place.
We need to look at our development tactics on Oahu and who we are targeting. We need to start asking are people buying high-end condos or million-dollar homes on Oahu because they love Hawaii or if it is an investment based on the perceived value that redevelopment of local communities has created on Oahu.
True, we need to build more houses, but it seems that if we build it, then many outside forces come here to scoop it up before we do. I mean look at Kapolei and even Mililani. It now has many people there from the outside. My dream was to move there, but now that dream is dead. The high demand is jacking up everything, including housing. Now, I am trying to figure out where to move my family where it is safe & affordable, and unfortunately, it will have to be the mainland, where there are many race divisions and more. When I visited the mainland years ago, I didn't appreciate being treated as an immigrant. I would like to remain here in Hawaii, but the way things are going, especially a tight rental market, makes me feel like I'm being pushed and priced out of Hawaii. I will have to tell my remaining friends and family in Kaneohe and around the island, "farewell." It's so sad that life is more of a challenge here financially. But, many people that I know were priced out of Hawaii, and moved away to Las Vegas, and to the East Coast. I will miss Hawaii, my home.
@pinkoceanflower3045 This is always an interesting conversation. If we build more housing then more people and demand will happen? Wouldn't locals be priced out still. Is there a solution? Idk, however there is an interesting factor to look at. Why wasn't Oahu overwhelmed with demand since statehood or even earlier? I recall there was a time when you could buy a home for 30k on Oahu and it's population was 400k - 600k. Air travel or the internet can't be the cause for the differences in price or population growth? Thinking outside the box. Oahu does have more jobs but what makes it more popular then other islands more Hawaii or places where more jobs are available? There is something very different today vs the 80s and before on Oahu.
Yes that 25% out of state/foreign are disproportionately much richer, so even if it is a small percentage, they are out competing locals. Retired folks, high paid professionals, high tech, ect. And even local buyers aren’t all local as you say…. This problem is happening everywhere, mainland too unfortunately…
Five percent of the entire state of Hawaii is zoned for housing. All other zoning can be commercial, agriculture, preservation, industrial, and more. Of that 5% that’s dedicated to housing, the majority of it is zoned single family home residential. Basically, we used up pretty much all the land we got for housing on single family homes and zoned it so that’s all that mostly can be built. So we have two choices, either use up more undeveloped land to continue to sprawl out (which anyone who says they care about the aina should be against), or we focus on changing zoning laws to allow for more dense development in housing areas. As it stands right now, a lot of developers (if they even want to deal with the effort) have to get some sort of special exemption and the only thing they can pretty much build is a tower. That tower can take years to build, meanwhile single family residential home owners oppose the development for any number of concerns from traffic to blocking view planes. But if the developer is lucky to get through all of that, then really all they’re doing is building maybe 800 units in 5 years for the 10,000 people who need a home today. It’s a losing game. Those 800 units then end up being sold at a premium to whoever is willing to give whatever they got to secure a unit. To solve this issue, we have to relax zoning laws, allow for density, ban single home residential units for all future land use, and flood the market with housing. When we have more choice, we don’t need to pay a premium because we can always pick something else.
Good points! If I were to move back, I would first rent and then buy! After working in Hawaii for a year, any American citizen will be considered a Hawaii resident but are they really local? No way! Check out the residents living in the new condos in Kakaako and you will feel like your in China! As I had mentioned before, I want to move back to Hawaii but the #1 cause that is preventing that from happening is related to housing cost!!! The state and federal government will not help out the local people of Hawaii, you can bet your house on that!!!
As someone living in Kakaako now, there aren't as many Chinese households as you might think. Some of the buildings are dark at night, but hard to say who the buyers are.
Yeah, I'm conveying 2nd hand info from my sister. She used to work for AT&T and they had set up concessions inside of these new condos for sales when they were completed and she had mentioned that the major majority of people there to check it out were Chinese. It doesn't mean that they purchased. These were condos where if you had purchased one, you would have to hold on to it for at least 5 years before you could sell it.@@HelloFromHawaii
@@HelloFromHawaii They appear to enjoy it here, but I think if it were possible they would love to return to HI. There is a large HI ex-pat community in LV. I was told LV is a favorite holiday destination for HI residents. Zippy’s opened a restaurant here last year and I think it is their first and only mainland franchise. My neighbor invited me to the Hawaiian Cultural Festival last year but I had a conflicting schedule and could not attend. He said it is a big event with food, dance, music and cultural opportunities.
HI Chris, thanks for the vlog! Always enjoy the content. Housing prices are way out of reach for most everyone in Hawaii. There is only so much land to use for housing. Seems like the supply of housing will always be behind the demand. Thus, causing the housing prices to stay hyperinflated. The high-rise condos are what is being offered as affordable right now. From the number of cranes near downtown, it looks like there will be more of those. Having an affordable house on a plot of land, I feel will be unobtainable for the vast majority of people. The other discussion point is how much land should be allocated to housing? Where should the line be drawn before Hawaii is not Hawaii anymore? Will Oahu/Hawaii have enough water in the aquafers to supply the amount of people?
The Hawaii Housing Finance and Development Corporation offers local homebuyers the Hula Mae Mortgage Loan Program. Also, the Down Payment Assistance Loan Program requires only 3% down with no mortgage insurance and "low monthly payments". Take advantage.
This is true. But with an average price of 1 million for the average home. You would still have to come up with $30,000 as a down payment. Most working families don't have that saved up.
The question is where do you build more housing. If you want to be self sufficient and grow agriculture, you need open land. Like someone else mentioned, Ellison owning Lanai, and other big name people buying up land in Hawaii. Nothing much left for locals.
Chris, I recently saw an article on billionaires buying thousands of acres in Hawaii, and that impact on the state. But what do you do, ban them from large land purchases?
I think you are on the right track with your line of thinking. Hawaii needs to look at what regulations and fees are making it prohibitive for contractors to build more housing or at least slowing down the process. I'm sure that impacts the construction of rental properties just as much as it does for single family homes. Having more reasonably priced rentals would definitely exert downward pressure on the price of family-owned homes. We can only hope that people at the State Capitol are watching your vlogs and getting some ideas.
Hi Chris, do you have any figures on how many vacant units there are on O'ahu? I keep hearing about building more affordable housing as the big solution, but in Town there are abandoned apartment buildings everywhere... Why do they sit abandoned when they could be cheap rentals for locals? Or demolish/build new multi-fam units?
We have the same issue in Seattle: supply Rental apartment buildings in the urban settings (accessible to work without car) Affordable to buy and maintain condos The real question: who consistently holds the political power?
All short term real estate investments needs to moderated. Those are people who has come to Hawaii started with a rental and then invested in a home then a second and so forth. No families that are native to Hawaii can afford a home in Oahu when base price is $800k. Hawaii government needs to enforce laws instead of buying bureaucracy. This will end up the way Vancouver with the rates going sky high and more investors coming in. At the end true natives will be displaced leaving their homes.
Home kits are expensive on the Big Island. If you look at the size of house, cost of materials if you just made it yourself, someone is making a lot of money from doing virtually nothing. They are just selling the kit, you still have to site prep and pay someone to build it. Looked at tiny home stuff too. Same problem. Although these come fully built, they are at least 4 times or more cost of materials. If there was a better way for people to build their own houses, people could build housing cheaper.
Politicians needs to use hard data before proposing these bills, instead of putting fear into the peoples minds. Wait that's US politics...democracy at it's best.
@@HelloFromHawaii transfer all lands back to hawaiians, allow them to become an actual independent nation unlike was has been done with the native tribes of the u.s. and the us govt should pay back rent and penalties after removing all military and fixing and paying for the damage they've done to the environment. hope they will allow foreigners to stay, and i say this as someone who wants to live in maui. (i've been there twice, the first time i had what i would described as overwhelming deja vu. this was the only time i have ever felt anything like it.)
hawaii dbedt takes a very small sample of data from the State of Hawaii Bureau of Conveyances then it enlarges the small sample proportional to get to 74.6% of local buyers. but everyone knows that on studies, surveys etc people lie all the time! there is no incentive to provide truthfully information!
It sounds like you answered your own question... it's not about housing or who is buying it, but how much "affordable" housing is available for the locals. And that being said, as long as new homes are "unaffordable" by the locals, then mainlanders or foreigners will be the only buyers! So, build more homes that locals can afford!!!
There is still firmly entrenched prejudiced against ha'oles especially west of Ewa Beach on 'Oahu, from harder core Hawai'ian natives and locals who are certain all we (Foreigners) do is land-grab. I think this is unfair. Hawai'ians own a lot of Hawai'ian Aina: One example is The Bishop Estates is owned by Hawai'ians and benefits The Kamehameha Schools. What limits who can buy what properties is one's income / what one can afford. It is that simple, all in all. People think Foreign buyers are favoured. I do not see it that way. I just think that Foreigners might just be richer than many native and local Hawai'ians are so their greater wealth enables them to be more able to buy better properties, that's all.
@@HelloFromHawaii Yes there is the Aina for sale, and also a lot of land is owned by locals and native Hawai'ians, as well The Bishop Estates being one example of such.
Yup it’s a myth. Have to blame someone. Eh what about all the local people moving to the 9th island and driving up the prices here? It’s a free country right? When you say home you talking about house? Because I thought you bought and own a condo. It’s not a house but it’s a home
The problem is easy to solve.....increase property taxes on the biggest owners or just declare independence from the US. Get out of dollar denominated economies because it's hurting Hawaiians..
The data is skewed. I know because I used to work in real estate. The “unconstitutional” term is quite ambiguous. Unconstitutional in this type of scenario does not apply to foreign investors. I read the constitution. It only applies to anyone within the United States have rights to buy. It doesn’t protect or should protect foreign investors. Josh Green threw this term around irresponsibly which created confusion.
@@HelloFromHawaii Federal law doesn’t prevent states from banning foreign buyers. The federal constitution was built to govern and protect people from the US, not foreigners. Our government constitution is for our (US) people and not foreigners.Any state has the right to ban foreign buyers if they want. Certain states have banned foreign buyers from purchasing farmland and land around military bases. In my opinion, it would be in Hawaii’s best interest to implement something similar to help the people of Hawaii. It seems like certain groups in Hawaii want foreign investors but for them to proclaim that banning them is unconstitutional is false.
I don’t agree with your comments and I think you’re not being fully transparent. I work in the real estate industry in commercial real estate, so I know nothing about the residential sector. However, the reality is this taking statistics from January to September of the same year to make your case is not sufficient, you need to go back, say five years or at least pre-Covid. The point you’re missing is the investment sector who is buying up residential properties. They may be more important than just saying it’s foreign buyers. To me with my experience it’s the investment buyer sector either as mom-and-pop investors or institutional investors, especially REITs, or commercial real estate entities such as Redfin or Zillow.
Chris, you have a very narrowed view of what the housing issue is in Hawaiʻi. Hawaiʻi is on the brink if not already on Oʻahu especially of being overdeveloped and over-populated. Native Hawaiians are being pushed out of our ancestral homelands because of the housing market now pricing homes over a million dollars. Who in Hawaiʻi with blue collared jobs can afford that. Jobs that obviously you wouldn’t want to work at like McDonald’s, Target Sales Associate or Hardware stores can actually make liveable wages to afford a mortage at or over a million dollars? And you want to make a distinction on locals vs foreign buyers? Brah. Wake up…
Mahalo for the comment. What exactly is the housing issue to you? I believe the housing issue is more than applicable to just native Hawaiians. You might suggest that it could start there.
Yeah, but if I'm a local buyer looking for a BMW to live in. Why should I have to compete with investors (foreign and domestic) that can out bid me and not be an owner occupant.
The real question should be, instead of competing against foreign investors. One should be asking why places like Kaka'ako, which has been redeveloped, now becomes more desirable to outsiders than Kona or other places. Supply and Demand is one thing most people will say. However, does this even become a factor when development is focused on attracting a lot of affluent outsider groups to the islands? So if redevelopment of local communities is what is attracting outsider more affluent groups, then maybe it's the issue? If it weren't, then logic would say that the way the communities were would also be attractive. But history does not say if things were more affordable for housing, that population would explode. We have seen times in history when homes were 30k in Oahu, and the population was 600k. When we find out what the difference is, then we will find out the actual issue of this problem The argument against making housing affordable for locals or others is that the islands would be flooded with population. However, the issue is not affordable housing but the redevelopment of Oahu to make it more like the outside world that makes it accessible could be the real issue.
Hey Chris , really nice video ! I was wondering if I could help you with more Quality Editing in your videos and also make a highly engaging Thumbnail which will help your videos to reach to a wider audience ? Please Lmk what do you think ?
Xenophobia has been a human characteristic amongst cloistered societies ever since humans developed farming and agriculture in the Mesopotamia. Blaming others for native problems will exist as long as humans exist…
So I'm glad that people are interested in this topic on housing in Hawaii, particularly when it comes to who is buying property here. As I mentioned, data is tricky. The numbers say that foreign buyers aren't buying a lot of properties and that local buyers are the supermajority of buyers in Hawaii. However, we need to take a closer look at what is a "local buyer". And without getting too much into who constitutes a local, I just think we need to build more affordable rentals now along the Rail (before it connects to Town). Appreciate the feedback on this topic 🤙
Rent culture in general is the problem. Rent is too high so people don't buy. People don't buy so no new houses get built. No new houses get built so rent goes up due to scarcity. Add to that that Air B&B and other companies are literally taking places off the market and you get shortages.
What you talkin bout, no new homes get built? You lookin around or what? Literally tons of new houses consistently being built. Rent is up cause homes are up. Whenhouses cost 800K, and peole dont have 100K down payment, their mortgage ends up 4-5K. So what happens to rent, it follows suit. Mortgage goes up, rent goes up.
The problem is foreign investors, theyre multimillionaire or billionaires, so they buy everything up, at way over cost, beating local buyers. Literally, Hawaii is being bought out by Chinese investors and multibillion dollar companies like DR Horton, they drive the cost up, natives cant afford it.
You tryin, but clearly you dont know as much as you think you do. Research, Hawaii is being bought up by NON NATIVES.
@@tattookaleo "...Rent is up cause homes are up. Whenhouses cost 800K..."
You sir/ma'am have never heard of supply and demand. If houses are getting built at a rate that exceeds those needing one then costs go down. Everyone needs shelter which makes homes/apartments a fixed demand. Therefore, rent goes down as there are more options when there are more homes.
In addition, it's not just rate of homes being built. There's an insidious aspect regarding ones wealth being tied to homes. This incentivizes fewer homes being built or specific zoning laws to reduce availability of residential areas to therefore reduce building of homes to inflate evaluations.
Edit:
My initial point still stands as this problem is multidimensional. Rent being high squeezes buyers and prevents them from even trying to buy homes that might even be on the market.
@@tattookaleo I'll add an additional point, my initial comment is applied broadly. Hawaii is an outlier (including NY) in that what you mention about foreign investors is also a factor. My points still stand as additional issues Hawaii has. We can also point to the fact that Hawaii naturally has a natural cap to how much area can be built up given it's an island.
I heard korean celebrity bought condo in Waikiki thats how words spread if one buys apartment or condo others will follow.
Hi, I just started watching your channel a few days ago, I'm planning to move to Oahu hopefully by the end of the year.
I totally agree with your assignment, Hawaii really needs to build more affordable housing, in some ways, Hawaii housing issue marriors NYC, before the pandemic there was a housing shortage so the City went on a housing building boom, in fact in my current neighborhood alone there has been at lease 5 to 6 new apartment buildings.
Perhaps Hawaii can take an idea from NYC play book, build more apartment building, and destinate 30 to 50% for low income residents, where family have priority.
Mahalo for the comment. I'm not really sure where the State is headed as it tries to address the housing issue. Buildings seem to be coming up slowly, but will it be too late? People seem to be hanging on, but it's getting tough.
you should make a video talking about your thoughts on the removal of the haiku stairs aka the stairway to heaven i luv your videos and how u explain your thoughts on the topic
I was actually planning on making a video about that. Only did the hike once. Mixed feelings about them removing the stairs.
Philippines does it
California born and raised we are having a similar b problem. Many Countries place limitations on foreign ownership it's time that U.S. do the same particularly residential real-estate.
The state of Hawaiia legislature is very dysfunctional
Get the money. By whatever legal means necessary, then buy the land. That’s the only way in our system and it’s fairer than most
Single family home rental is very expensive out in Kunia, Waipahu, the rent is $4200 per month. It’s just as expensive as California. How do you expect da locals to pay that much. Aloha
You’ve brought up some points here that don’t often see much sunlight. What’s a local buyer, being one. The low number of non-US buyers, another. Interesting. Maybe a hefty tax on all non-primary residences? Literally prohibitively high. So that owning a second residence in Hawaii would become more expensive than owning a home is. Couple that with prohibiting short term rentals? But I think it would be hard to pass ordinances like that. Too many people get hit in the pocketbook.
I think they try to tax second properties high at the county level, but still not enough.
Even if someone was to own two or more properties, they still gonna sell it more than I can afford! 😢
Mahalo For the channel Chris as a MainLander myself (I obviously meant that as USA MainLander & not a different country) that said. You make a ton of valid points. & yes holding MainLanders or Outsiders into one giant bubble is both uncultured & unfair to the genuine ignorant outsiders who don’t know the deep & brutal history. But not all of us are idiotic TikTokers(*im not for the record) I don’t see the hype in said platform. But generalizing all Americans all because of WWII or even in the 1890’s is unfair to the noobs. & this isn’t justifying the hostile takeover by our government but making it sound like it’s all of America just isn’t fair. Plain & simple. Clearly this isn’t probably going to change anyone’s mind but I myself would love to see a niché between the two. I don’t know if it’ll ever happen that way but wouldn’t that be something. 🤙 Aloha.
With any groups of people there is variation and nuance. I think what you are saying is probably what happens when locals talk about visitors or people not from Hawaii. However, it's harder to segment those groups into manageable categories without splitting hairs. But I understand what you're saying.
I'm also not a TikTok user. 🤙
All it takes is a small sampling of buyers (regardless being local or out-of-state) paying top dollar to purchase home and thus creating a databank of comps that invariably raise values. High home prices in Hawaii is an acute problem, but this phenomenon is hitting markets on the mainland too. For example, only 15% of California residents can afford a home in the state.
Yes, that’s very true.
Some great points made here. One data point I think needs to be taken into consideration is how many properties are owned by companies or corporations. As you said, commerce between states is necessary and required. But corporations are also classified as persons. So it’s possible that foreign companies own United States companies that own local properties. Lastly, about rent needing to be “cheap”… I wouldn’t use that word. Prices for housing need to be “proportionate” to the income potential. I’ve always been told that housing needs to be no more than 1/3 of our income potential. So anyone with a full-time professional job, not a starter job, like fast food, should be able to afford housing.
We’re always saying that labor needs to get paid more, but that obviously doesn’t happen. What could happen is capping rental prices for long-time residents.
Mahalo for the comment. Good point about corporations and their influence on property, particularly commercial property. I use "cheap" as an informal way of saying that the average person will think it's affordable. I know it's not the most technical term. 😆
Actually I’ve been seeing a lot of out of state plates lately! 😂
Hawaii is like no any other state, we are an island and land is limited! Twenty percent is a lot! Our state reps gonna TAT tax them, lol. 😂
The city and county building too much in the same year, they need to spread the growth! Unless, you ready to buy now then get choke building that just came up. 😂
Great video. Driving in the Ala Moana/Kakaako area in the evening, if you look at the high end condos, there are not too many lights on. Either they're out working late or they don't live in Hawaii...How about breaking down sales by zip codes? I'll bet the Honolulu zip codes have more out of state sales than local sales with the exception of Kalihi. Locals may make up 70 something percent of sales but the locations of purchases may not be in Honolulu.
You’re good at taking on tough subjects. Keep up the good work.
Mahalo. Appreciate it 🤙
Chris is wonderful to deal with, isn't he? He is fair-minded, as well.
I just speak from my heart I watch my great grandmother who was pure Hawaiian no even speak one word to my papa because she was afraid something would happen to her and I watch my papa work his self to death only for my mom and uncle’s become alcoholic and drug addicts and it’s because we lost our identity
You went to college outside and lived & worked outside a while and have talked about moving to Japan several times. So isn't that a bit hypocritical with the conversation? People coming & going by non locals? In the 1980s it was the Japanese visiting en- mass (oftentimes buying) who generally spent 3-4x the money on a vacation than any U.S. Mainlander did. Which is why Ala Moana went trendy and there is no more Woolworth. And you haven't mentioned China either. China Oceanwide Holdings bought 500 acres of land near Ko Olina Resort in West Oahu for $95 million (12/2022). 500 acres is a big chunk of dirt for Oahu.
It's like the saying, "No one gets seconds until everyone's eaten" but for houses. There should be a 33% per annum tax on 2nd, 3rd, etc houses. Too many rich fakas and corporations buying up houses just to sit on 'em. I know one guy (he's local too!) who owns 2 houses and a condo, just for himself. He's not renting them out, he's not housing family in them, he's not doing anything just letting them sit.
Yeah, I know locals who own property that is empty too. Just sitting there getting older.
@@HelloFromHawaiiThis guy ..... he's pretty lolo. Believes in every alt-right conspiracy, is Chinese yet hates Chinese people, has tons of stuff he can sell and save his houses but refuses to do so, all his problems are self-imposed. He's a classic example of a boomer sitting on things and keeping anyone else from having them or benefiting from them at all. I don't know why he didn't move to the mainland long ago, he'd fit right in.
Plain and simple; if it is not your primary residence for 10+ years you should not be able to own it.
My sister in CA sold one of her properties in CA and bought a much larger home in HI for half of what she sold hers for. Until HI homes are the most expensive in the nation, some people from the mainland will feel what a great deal HI homes are compared to their own way overpriced homes.
Saint Francis campus in Manoa sold for 23.35 mil, they plan to build 2 million dollar single family homes. If you do the math…that’s quite a bit of homes but definitely not affordable for the average family. Average affordable rent per the state is a little over 1600 & that’s hard to pay, play and save especially in our economy.
Well, this problem buyers cant afford to buy a home in hawaii also happens in Califórnia. A solution to this problem, we need to build more housing.
Good job of capturing the actual data. Look at the population and take a look at how many people from the mainland live here now. Lot of rich techies and famous people buying up the land and homes but don’t even live here. I think there should be a law where the home buyer is required to live in the home for at least 11 months out of the year and for at least 5 years. I know of rich mainland family that purchased a home so that their son would not have to dorm. Now that he has graduated, they rent it out. I would welcome people from Japan who want to live here, they seem to be more community minded and respectful, not individualistic (just look at the tourist who tend to disrespect the local culture (where do they seem to come from)?
What does disrespecting the local culture mean??
When the average household income in Maui is around $78,000 and rent can be $12,000-$24,000 a month...it is undeniable the housing market caters to foreign and mainland buyers, and not residents.
That's a tough market. Maybe that's why the Governor is so aggressive on his housing policies there.
I agree.
I am hearing FEMA is causing problems. Offering higher payments than current renters pay...and landlords are evicting their tenants to get FEMA money.
Are those numbers right? Twelve to twenty four thousand, or hundred??? 😮
I have to agree. The problem with the data is what is a resident vs a local. What criteria is needed today to be a resident? However, if we combine this data with the data that never in the history of Hawaii have we had more locals or native Hawaiians living off Hawaii today, we can see what is going on.
I hate to say this, and I constantly repeat myself. Oahu holds 80% of the state's population. But what makes Oahu more attractive than other islands from a person not from the state of Hawaii's point of view? Because if we just love Hawaii? Then all islands have local culture, good weather, beaches, etc. We must understand that at one point in Hawaii's history, Homes, even in Oahu, were far more affordable and cheaper for locals. I believe the answer is to look at our history and see how we lived and what we looked like when we were far more affordable.
Of course, im not saying we go back in time and live in grass huts(joking) for the sake of those thinking that is what im talking about. I'm not. I think it's essential to examine our cultural values and see how they have changed for us as a people. Everything else is cosmetic.
Change is always going to happen. This is the natural order of things. But we can control what we want to change into. Our cultural values influence this. I just never understood why there has to be a choice between becoming wealthier as a state or losing a people's way of life.
Your question about why so many people live on Oahu is obvious. It has the majority of opportunities. goods/services and employment. On the outer islands, shopping for clothing, furniture, appliances, as well as foods. Services for entertainment, home, work are limited, so it takes a certain type of individual that wants less than more. As the plantation workers left the plantations, which were remote camps far from the city, if they wanted employment & goods, they had to go to the urban corridor. If they wanted land for farming, they went to the country. When Jim Nabors, Oprah bought land it, was on Maui. The wealthy went to Molokai and Kauai. Others went to the outside of Kona. They all wanted away isolation. If the locals moved to the mainland because they can't afford Hawaii, would they go to remote countryside or go to where the urban corridor of employment and goods/services within affordability?
@@tracyalan7201 I understand what you are saying. However, I believe you're possibly missing something. Oahu has always had the largest population of all the islands. However, it's not always been so expensive. There was a time when you could buy a home on Oahu for 30k. There was a time when the population on Oahu was 600-700k vs 900k plus today. Oahu has always had the opportunities. However, I believe it's more than that. You're talking about the wealthy moving to other islands because it's remote. However, that does not explain what is happening with the high-end condos in Kaka'ako and other neighborhoods or why homes are 1 million now on Oahu. Most progress-minded people use the example of supply and demand to explain this situation. However, what is often ignored is all markets can be manipulated. If something is popular, one can limit supply to raise its value. On the other spectrum one can saturate the market and lower the cost or value of things. In Oahu supply and demand or limited space can't explain what is happening.
We need to look at the type of development and what its targeted market is on Oahu to explain what is going on. We currently are seeing a push for more high-end living on the island, from housing to commercial business. But if we look at past history, Oahu was more middle-class and mainstream local multicultural than today. Today, we are seeing the redevelopment of communities on Oahu to attract higher-end people to Oahu. However, one should be asking, are people moving to Oahu because it's Hawaii or because of its perceived value based on redevelopment?
Today, it's tough to imagine that at one time, cultural shock was real on Oahu. We could leave our doors unlocked even in Honolulu, and Oahu was still local. Verses never in history has Hawaii had more kama'aina and Hawaiians living off Hawaii than today.
Mahalo for the comment. I think this is why it would be nice to diversify the economy not just in jobs, but also location of jobs.
@@HelloFromHawaii I agree. However, is the difference between the islands only just economic or lack of jobs that is the difference between success and failure? Look at the breakdown of economics between the communities in Oahu as an example. The population makeup of more affluent communities has been shown to contain fewer Hawai'ian or Kama'aina people and less local in other aspects as you get wealthier. The windward side or east side is Honolulu, and the more affluent areas of the island like Kahala, Hawaii Kai, etc. While the leeward side, which is the west side, has communities like Waianae and Waipahu and other poorer communities.
It's not just economics but how people live that is also a factor. Stuff like local practices is more affluent in the middle-class or more impoverished communities vs. wealthier communities that might see stuff like pidgin english as an uneducated form of communication or a lower-class thing. Even removing slippers while entering a home can be seen as a cute tradition versus a rule from wealthier people on the island. Could the difference between how we live and think traditionally as people from the islands be the reason why redevelopment and change are so important to target wealthier people to places like Oahu?
Chris, I hope you understand that I'm just sharing ideas to open discussions on this issue. I can be wrong and can learn, too.
I have family in Honolulu, they've been living there for 40 years, they have a tough time too..
How did japan get its insane housing market under control? I heard they went back to the old way of thinking of housing as a place to live rather than an investment. I don't know but it makes sense. I remember before the mid 70's people still thought of homes as a place to live and then the realtors got people into thinking quick buck.
That's hard to go back to now. Great sentiment, though.
Foreigners are buying all around the world... Pacific North West, Canada, Oceania, Asia and Europe. The term is relatively at a point in time. Our ancestors were Foreigners. Thailand has news of Russian investors buying property and raising the market prices.
Another great video! I agree that the mainland buyer number must be skewed a bit. (Been to Kailua/Kaneohe, lately?) A lot of folks moved here during the lockdown and rented but, ended up buying. Also, I think part of the challenge is that many folks move here with an "Orange County attitude". Having no intentions to assimilate. One of the reasons I believe that there is a lack of Aloha Spirit on the roads.
The Windward side has a big military market. Makes sense because of the Marine Base.
It’s true. They have been for decades.
Our state makes it easy for foreign buyers.
I found out you don’t have to have a visa.
And to boot. They can get a mortgage.
I was just in Japan and everything is so cheap. A t-shirt from Uniqlo was 9 bucks over there and 25 (plus tax) in the US
If I could hack the language I'd move to Japan to retire so fast. The quality of life is astronomical compared to anywhere in the US. And I could live just a bit outside of central Tokyo on $1000 a month, not to mention small towns.
Yeah man I had ramen at a restaurant for $6 it's $30 in the states
And with the exchange rate, even cheaper
It doesn't take a majority to create a tipping point. Well heeled foreign buyers are looking for investment, income producing assets. That's different than someone looking just for a place to lay their head at night.
Good point. Like I mentioned, foreign buyers do impact the market, even if it's just a little. And that might be enough for the tipping point.
Pretty good. The foreign buyers mentioned might be from the times like the Japanese economy was doing great, buying a lot of property of wealthy into Hawaii. I've heard from my father-in-law, when years ago, when they were developing estates north of Kona, which there were Canadian and mainland buyers purchasing those huge properties. I'm sure wealthy Chinese & Koreans also have purchased properties in the islands over the years, which the 'monster' home projects have been recently in the news. Affordable housing and economy are always going to be a tighter market in Hawaii, mostly because of economic growth in the island and the cost of land and construction in the islands. Unlike other states, an island with limited land/resources/income that locals seem to think is unlimited. We're not Texas, California, Alaska or other larger states, we're right next to Rhode Island, except not connected close to the continent. Even if we build homes, townhouses or condominiums, owners have the cost of maintenance of the properties and infrastructures, which has its own life expectancies/costs. Water, Sewage, Waste Management, Electricity are expenditures not controlled by the owner but by the utility owners passed onto the consumer/homeowner. Replacement values of a home is the responsibility of the homeowner, but a townhouse/condominium is run by the association, which in the case of the Marco Polo or Florida Condo collapse could become catastrophic for the residents at the time of occurrence but who makes the decision in the association? It might have done previously but buried by the members remaining after the deciding members left. I lived in a condo, townhouse and now home, but modern homes have associations that can be just as bone headed as those in condo/townhouse who is all talk and no action. Ownership is nice but be careful with what is wished.
I've heard about those monster homes. Build first, ask for forgiveness later 😆
I also remember how we went through the Japanese boom of the '80s, which led to a lot of resentment toward the foreign Japanese. This seems to be an updated version of the same thing. It's only without the blatant and conspicuous buyers driving through desirable neighborhoods picking houses to buy, often without even inspecting them. The other half of that was how they were making extremely high offers that weren't pegged to the actual property values, and which locals couldn't compete with.
I'd be curious to know how many housing units are owned by people who leave them vacant so that they can use them for when they or their family and friends come for vacation "some day." These could be owned by foreigners and mainlanders. And I would not be surprised by locals who own multiple homes, but have them as investments rather than a vacation destination property. I know we can't prevent that type of ownership, but it would certainly be informative to know the percentage that sit idle when they could be part of the rental stock.
From what I understand to have 'residence' in your property is about 6 months to be a resident. So, if military families stayed for the tour, they would be residents and could purchase a home as a 'resident', which many do. Whether they sell it after the tour or not, it's up to them. I'm sure other states with bases have similar situations about property on active duty, as base housing isn't always desired by enlisted or officers and housing allowance does make it an advantage of non-military buyers. If the service families don't sell, they may choose to rent it out, as supplemental income for the service member. I'm sure there are some families that have multiple properties either through inheritance, buying/renting and investing in other properties on the island.
Yes, your idea is right on the money. My parents were given some land In Waianae by my great grandmother who actually lived with us in Wahiawa in her late senior years. My brother and I while growing up in Wahiawa had every weekend spent at Waianae cleaning the property up and repairing the house. After I joined the Corps the property was left vacant and unattended. Now my oldest sister owns the property with my step sister I think. I had advised her that she don’t sell the property in Waianae. If she does then sell it to me. Then I’ll come back home to Hawaii. Jim K
@@tracyalan7201yeah you’re definitely right about that.
I know many locals who own multiple properties, some that are vacant. And, you know, it's their right.
@@tracyalan7201 Well said. I know "rent plus" was a big bugaboo that often got brought up back in the '80s and beyond. Tbh I don't mind that, considering that the majority of the military personnel don't really get paid all that well. If they rent out the units after they are reassigned at the end of their tour rather than selling, at least the property doesn't sit idle. Our service members give up so much by being in the military, so they earn any advantages they get. They are such a small percentage of the entire population, who VOLUNTEER to do what most hope they never have to do.
God bless them all!
I don’t know what the solution is but building more will take away from the the health of the islands. Back in my father’s generation most of the kids would move to the mainland for opportunity. Nowadays most stay on the island. Also, the consumer generation want their own place away from the multi generation living mindset. Right now I’m spending half my income on rent alone in Los Angeles. It’s tough everywhere.
We are looking to move away from Hawaii in a few years. My wife and I were born and raised here. I have no hard feelings. No bitterness. There’s just no incentive to stay. 🤙🏽
That's too bad. You looking at Vegas? Pacific Northwest? If you haven't spent significant time in the mainland, the quality of life change is huge.
@@HelloFromHawaii not sure yet. Most likely west coast. We like the idea of being able to drive everywhere.
@just_inhawaii Good luck! I hope that can happen for you. I am the opposite. I want to live in Hawaii because it is the only place I have been that I feel good. Pain free and I can breathe.
Hi, I’m from Seattle and come to visit family in Honolulu every year. For us, the foreign buyers come from China and make very large offers above asking and have enough in cash to expedite the process. The lady we rent our house from owns 30 other homes in some of the highest income neighborhoods here which average prices of 5-10 million. She lives in China, we’ve never met her. I do feel for the situation they have to deal with in regards to their government but dam… My generation has to pretty much move an hour out of the city to afford anything at all.
The 7 years we’ve rented this house the value of it has shot from 690k to 1.1m which is absurd. This house is 1050 sq ft.
It’s a tough dynamic because people move here for higher paying jobs. I am able to benefit from them being my customers. But anyone that doesn’t keep up with getting those jobs is pushed out of their neighborhood. If you can make more, you stay but you have the same standard of living so it never feels like enough.
Idk what my point was here but I feel it.
Mahalo for sharing. Can't imagine that type of wealth leaving China. To own that many homes is significant.
Chris I know it’s hard but would you be ok with staying where you are? The kids will be gone eventually and you may not have any debt once they are gone and your Condo might be paid off? The sacrifices to live in paradise is real!
It would be hard for four of us in one bedroom. In a two bedroom, we might be able to pull it off.
All very important distinctions to clearly understand. Housing affordability is a big problem; not just in Hawaii, but on the mainland as well. Mahalo Chris.
Why do you think housing affordability is an issue on the mainland as well? Just too many people wanting to live in the same areas?
I know why, same problem here.
Not that you're doing this, but I hate to be painted with the same brush as a foreign corporation or individual buying up property. I live on the mainland and am looking to move to Hawaii. I won't be able to afford a single family home, so I'm downsizing massively from my 2000 s.f. home in NY. I'll be working from home when I live in Hawaii, so most of my $ will be spent in the Hawaii economy. This is different from a foreign investor buying up property to use as income, and shipping the profits overseas. It's even different than a mainlander doing the same. I really hope this situation doesn't make locals look unkindly at me just wanting to live in Hawaii and integrate with the community.
@@GNMi79 I guess I’d have to see the numbers, but if I’m in the property with my wife and we’re both spending our income in Hawaii, AND paying taxes, surely that’s better than an empty property that funnels income out of the country. I’m aware that coming from the mainland I’d be competing against locals for the property. I’d also be competing against developers, and foreign investors. The system seems broken and nothing an individual resident could fix.
No, buyers are buyers. If you can afford it, are contributing to the economy and are respectful of the culture and not expecting it to be like NY then why not. Being respectful is the only real thing that matters.
Mahalo for sharing. And I'm not here to blanket all buyers. I just don't think the data considers that, which is important because we make a lot of policy decisions based on the existing data.
I agree with what you said about foreign investors are not shopping in the same arena as the locals. That can be said of a portion of the mainland buyers as well. Unfortunately we live on an island where land is not abundant. I think the pricing you’re talking about is unrealistic in today’s economy. Pricing is not as arbitrary as it seems for new housing. Materials are expensive more so now than ever and pricing has to reflect that. You mentioned in one of your other videos that you want to live in town or Kailua. Those are the 2 most expensive areas on the island. If that’s what you’re limiting yourself to, than your income has to fit that demographic. If it doesn’t you need to expand your search area.
I hope you don't mind me responding. Not to argue but to bring ideas for discussion. We forget that housing is a market, and every market can be manipulated. If something is popular, we can limit its production and inflate its value. If we saturate the market, then we lower its value. There are other factors we can examine. One factor is Oahu has 80% of the population of the state on it. Why? Every island is Hawaii then is it reasonable to assume that all the islands should have 900k people on it if people just loved Hawaii or were moving here for her?
Other factors that we can look at is the type of development and what is its targetted audience. We have been seeing Oahu becoming more high end as time goes on. Is this to target and attract wealthier outsiders who wouldn't move to Oahu if she was like she was in the past? Oahu's past is one of cultural shock for newcomers and life without a lot of comforts people not from Hawaii are used to.
Would Housing prices be so expensive if life was different today in Oahu? Imagine if culture shock was a factor like it was in the past. Imagine one had to learn new customs and culture to fit in with daily life here. Would housing still be as expensive as it is today? I remember when locals took their time to get to know Malahini to see if they would stay and not move. Today, it's different.
I'd like to live in Kaneohe if possible. Close to Kailua. The tricky thing about that area is that there is a military market there because of the Marine Base. Would love to buy there, but not much available that is affordable.
Great point. A big step to moving the population to other parts of the State would be jobs. Big Island might be able to support that, but there just aren't enough jobs.
Aloha. I like that you walk around and talk about this kind of stuff(economy). I bought one acre almost a year now and build a home on the Big Island and I’m from Texas. Mahalo
As skyline reaches more remote areas, I think prices will come down in the more “desirable” areas. Perhaps it’ll drive up prices in other areas but overall I think it’ll put downward pressure in well developed areas. For example, if you can live at Wahiawa and get to downtown Honolulu for work in 30 minutes on skyline, you will perhaps rather live out there where it’s cheaper.
I think the rail will have a good impact on housing. But to bring prices down, I think they need to sell it now, before it connects to Town. Once it connects, the utility of the rail will factor into the price, driving it up.
Born and raised here I always wanted to live in town so under the Reserve Housing program I finally was able to afford a condo in town. When our maintenance fee was going up almost 50 percent one year I saw just a handful of owners attend meetings to discuss the increase. I asked the Property Management company if they sent out notices to other owners and their response was 85 percent of the people who bought were either foreign investors or from the mainland who used the condo as a second home. I asked how do they know that and they said the maintenance fee is sent to the owner monthly and those addresses are either foreign or mainland. Only 15 percent had a local address. I don’t care if they bought a place in Hawaii but for locals who can’t afford homes as an investment or a second home/vacation him it impacts us who just want to have a place to call home and have it affordable. If the maintenance fee gets too high I may have to sell and move back to my Mom’s place.
We need to look at our development tactics on Oahu and who we are targeting. We need to start asking are people buying high-end condos or million-dollar homes on Oahu because they love Hawaii or if it is an investment based on the perceived value that redevelopment of local communities has created on Oahu.
Ke Kilohana?
@@HelloFromHawaii Aalii
True, we need to build more houses, but it seems that if we build it, then many outside forces come here to scoop it up before we do. I mean look at Kapolei and even Mililani. It now has many people there from the outside. My dream was to move there, but now that dream is dead. The high demand is jacking up everything, including housing. Now, I am trying to figure out where to move my family where it is safe & affordable, and unfortunately, it will have to be the mainland, where there are many race divisions and more. When I visited the mainland years ago, I didn't appreciate being treated as an immigrant. I would like to remain here in Hawaii, but the way things are going, especially a tight rental market, makes me feel like I'm being pushed and priced out of Hawaii. I will have to tell my remaining friends and family in Kaneohe and around the island, "farewell." It's so sad that life is more of a challenge here financially. But, many people that I know were priced out of Hawaii, and moved away to Las Vegas, and to the East Coast. I will miss Hawaii, my home.
Maybe that's why we need rentals. Less speculation and the units would be geared toward people who are staying here and working.
@pinkoceanflower3045
This is always an interesting conversation. If we build more housing then more people and demand will happen? Wouldn't locals be priced out still. Is there a solution? Idk, however there is an interesting factor to look at. Why wasn't Oahu overwhelmed with demand since statehood or even earlier? I recall there was a time when you could buy a home for 30k on Oahu and it's population was 400k - 600k. Air travel or the internet can't be the cause for the differences in price or population growth? Thinking outside the box. Oahu does have more jobs but what makes it more popular then other islands more Hawaii or places where more jobs are available? There is something very different today vs the 80s and before on Oahu.
Why don't more hawaiians buy on the big island? Eden roc and that area or oceanview area?
Maybe not enough jobs?
so informative :)
🤙
Yes that 25% out of state/foreign are disproportionately much richer, so even if it is a small percentage, they are out competing locals. Retired folks, high paid professionals, high tech, ect. And even local buyers aren’t all local as you say…. This problem is happening everywhere, mainland too unfortunately…
Five percent of the entire state of Hawaii is zoned for housing. All other zoning can be commercial, agriculture, preservation, industrial, and more. Of that 5% that’s dedicated to housing, the majority of it is zoned single family home residential.
Basically, we used up pretty much all the land we got for housing on single family homes and zoned it so that’s all that mostly can be built. So we have two choices, either use up more undeveloped land to continue to sprawl out (which anyone who says they care about the aina should be against), or we focus on changing zoning laws to allow for more dense development in housing areas.
As it stands right now, a lot of developers (if they even want to deal with the effort) have to get some sort of special exemption and the only thing they can pretty much build is a tower. That tower can take years to build, meanwhile single family residential home owners oppose the development for any number of concerns from traffic to blocking view planes.
But if the developer is lucky to get through all of that, then really all they’re doing is building maybe 800 units in 5 years for the 10,000 people who need a home today. It’s a losing game. Those 800 units then end up being sold at a premium to whoever is willing to give whatever they got to secure a unit.
To solve this issue, we have to relax zoning laws, allow for density, ban single home residential units for all future land use, and flood the market with housing. When we have more choice, we don’t need to pay a premium because we can always pick something else.
Good points! If I were to move back, I would first rent and then buy! After working in Hawaii for a year, any American citizen will be considered a Hawaii resident but are they really local? No way! Check out the residents living in the new condos in Kakaako and you will feel like your in China! As I had mentioned before, I want to move back to Hawaii but the #1 cause that is preventing that from happening is related to housing cost!!! The state and federal government will not help out the local people of Hawaii, you can bet your house on that!!!
As someone living in Kakaako now, there aren't as many Chinese households as you might think. Some of the buildings are dark at night, but hard to say who the buyers are.
Yeah, I'm conveying 2nd hand info from my sister. She used to work for AT&T and they had set up concessions inside of these new condos for sales when they were completed and she had mentioned that the major majority of people there to check it out were Chinese. It doesn't mean that they purchased. These were condos where if you had purchased one, you would have to hold on to it for at least 5 years before you could sell it.@@HelloFromHawaii
Ridiculous amount of VA “assumable” loans!
Three of the households on my block in Las Vegas are from Oahu. They all reluctantly left Oahu due to one reason: high housing costs.
Are they enjoying the new lifestyle?
@@HelloFromHawaii They appear to enjoy it here, but I think if it were possible they would love to return to HI. There is a large HI ex-pat community in LV. I was told LV is a favorite holiday destination for HI residents. Zippy’s opened a restaurant here last year and I think it is their first and only mainland franchise. My neighbor invited me to the Hawaiian Cultural Festival last year but I had a conflicting schedule and could not attend. He said it is a big event with food, dance, music and cultural opportunities.
HI Chris, thanks for the vlog! Always enjoy the content. Housing prices are way out of reach for most everyone in Hawaii. There is only so much land to use for housing. Seems like the supply of housing will always be behind the demand. Thus, causing the housing prices to stay hyperinflated. The high-rise condos are what is being offered as affordable right now. From the number of cranes near downtown, it looks like there will be more of those. Having an affordable house on a plot of land, I feel will be unobtainable for the vast majority of people. The other discussion point is how much land should be allocated to housing? Where should the line be drawn before Hawaii is not Hawaii anymore? Will Oahu/Hawaii have enough water in the aquafers to supply the amount of people?
There will be a few coming up. Ulana near Ward will be interesting. I believe 100 percent affordable?
The Hawaii Housing Finance and Development Corporation offers local homebuyers the Hula Mae Mortgage Loan Program. Also, the Down Payment Assistance Loan Program requires only 3% down with no mortgage insurance and "low monthly payments". Take advantage.
For real . Did not know that
Mahalo for bringing that up. Those programs are subject to funding. Thought they didn't have money for a while.
This is true. But with an average price of 1 million for the average home. You would still have to come up with $30,000 as a down payment. Most working families don't have that saved up.
Great video
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The question is where do you build more housing. If you want to be self sufficient and grow agriculture, you need open land. Like someone else mentioned, Ellison owning Lanai, and other big name people buying up land in Hawaii. Nothing much left for locals.
Along rail now before it connects to Town would be a great start.
Chris, I recently saw an article on billionaires buying thousands of acres in Hawaii, and that impact on the state. But what do you do, ban them from large land purchases?
That was an interesting article.
Can't really do much. I heard the Zuckerberg property in Kauai will be very nice.
I think you are on the right track with your line of thinking. Hawaii needs to look at what regulations and fees are making it prohibitive for contractors to build more housing or at least slowing down the process. I'm sure that impacts the construction of rental properties just as much as it does for single family homes. Having more reasonably priced rentals would definitely exert downward pressure on the price of family-owned homes. We can only hope that people at the State Capitol are watching your vlogs and getting some ideas.
Lol. Maybe they are watching 😁
@@HelloFromHawaiiWe can only hope.
Get the locals to pack their crap…..and move to the mainland!!!!
More locals leaving Hawaii?
local buyers means that they have an address in hawaii. doesn't mean they are not a foreigner buyer
Hi Chris, do you have any figures on how many vacant units there are on O'ahu? I keep hearing about building more affordable housing as the big solution, but in Town there are abandoned apartment buildings everywhere... Why do they sit abandoned when they could be cheap rentals for locals? Or demolish/build new multi-fam units?
Used as tax shelter
I don't have the data but I thought I read it might be 1 out of 5?
We have the same issue in Seattle: supply
Rental apartment buildings in the urban settings (accessible to work without car)
Affordable to buy and maintain condos
The real question: who consistently holds the political power?
All short term real estate investments needs to moderated. Those are people who has come to Hawaii started with a rental and then invested in a home then a second and so forth. No families that are native to Hawaii can afford a home in Oahu when base price is $800k. Hawaii government needs to enforce laws instead of buying bureaucracy. This will end up the way Vancouver with the rates going sky high and more investors coming in. At the end true natives will be displaced leaving their homes.
Nice shirt today
Thanks. Kahala 😁
You added an extra Are in the video title
Thanks for letting me know. Corrected the title. 🤙
There is no more space available to build more housings.
Home kits are expensive on the Big Island. If you look at the size of house, cost of materials if you just made it yourself, someone is making a lot of money from doing virtually nothing. They are just selling the kit, you still have to site prep and pay someone to build it.
Looked at tiny home stuff too. Same problem. Although these come fully built, they are at least 4 times or more cost of materials. If there was a better way for people to build their own houses, people could build housing cheaper.
Haven't looked at tiny homes, but thought they were pretty cheap, relative to the alternatives.
Politicians needs to use hard data before proposing these bills, instead of putting fear into the peoples minds. Wait that's US politics...democracy at it's best.
😅
give hawaii back to the hawaiians
Do you have suggestions?
@@HelloFromHawaii transfer all lands back to hawaiians, allow them to become an actual independent nation unlike was has been done with the native tribes of the u.s. and the us govt should pay back rent and penalties after removing all military and fixing and paying for the damage they've done to the environment. hope they will allow foreigners to stay, and i say this as someone who wants to live in maui. (i've been there twice, the first time i had what i would described as overwhelming deja vu. this was the only time i have ever felt anything like it.)
hawaii dbedt takes a very small sample of data from the State of Hawaii Bureau of Conveyances then it enlarges the small sample proportional to get to 74.6% of local buyers. but everyone knows that on studies, surveys etc people lie all the time! there is no incentive to provide truthfully information!
That's all the data we have.
It sounds like you answered your own question... it's not about housing or who is buying it, but how much "affordable" housing is available for the locals. And that being said, as long as new homes are "unaffordable" by the locals, then mainlanders or foreigners will be the only buyers! So, build more homes that locals can afford!!!
I'm sure there are developers that know this. Why build for locals when luxury brings in more revenue? Makes sense from a business perspective.
There is still firmly entrenched prejudiced against ha'oles especially west of Ewa Beach on 'Oahu, from harder core Hawai'ian natives and locals who are certain all we (Foreigners) do is land-grab.
I think this is unfair.
Hawai'ians own a lot of Hawai'ian Aina: One example is The Bishop Estates is owned by Hawai'ians and benefits The Kamehameha Schools.
What limits who can buy what properties is one's income / what one can afford.
It is that simple, all in all.
People think Foreign buyers are favoured.
I do not see it that way.
I just think that Foreigners might just be richer than many native and local Hawai'ians are so their greater wealth enables them to be more able to buy better properties, that's all.
I live on the West side. Get along fine with most locals as try to fit in but of course there is the gangsta element here, best to avoid.
@@LawrenceWeber-z5o Yeah, but you never know when you will run into one moke.
Good point. I think that's why it's important for the Hawaiian Home Lands list to be addressed. Lots of available land.
@@HelloFromHawaii Yes there is the Aina for sale, and also a lot of land is owned by locals and native Hawai'ians, as well The Bishop Estates being one example of such.
Hello from Mohave Valley Arizona 😊
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Yup it’s a myth. Have to blame someone. Eh what about all the local people moving to the 9th island and driving up the prices here? It’s a free country right?
When you say home you talking about house? Because I thought you bought and own a condo. It’s not a house but it’s a home
Good point about Vegas. I wonder what the Vegas locals think about Hawaii people and others moving there.
Try and get a 90 year mortgage?
😆
Hawaii needs to ban ALL short term rentals of single family homes..period
yes, let's enrich the hotel owners
That's a tough proposition. I'm sure it will free up units for rent and sale, but I'm not sure it guarantees affordability.
Ban all short term already. They need to go do business somewhere else
now be honest. would you want to buy and live in a studio condo in an old building with no storage and outrageously high maintenance fees
Hello
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The problem is easy to solve.....increase property taxes on the biggest owners or just declare independence from the US. Get out of dollar denominated economies because it's hurting Hawaiians..
Correct the title: the second ARE.
Corrected 🤙
The data is skewed. I know because I used to work in real estate. The “unconstitutional” term is quite ambiguous. Unconstitutional in this type of scenario does not apply to foreign investors. I read the constitution. It only applies to anyone within the United States have rights to buy. It doesn’t protect or should protect foreign investors. Josh Green threw this term around irresponsibly which created confusion.
Mahalo for sharing. But wouldn't a ban need to be made on a federal level? I'm not familiar with other states who ban foreign buyers.
@@HelloFromHawaii Federal law doesn’t prevent states from banning foreign buyers. The federal constitution was built to govern and protect people from the US, not foreigners. Our government constitution is for our (US) people and not foreigners.Any state has the right to ban foreign buyers if they want. Certain states have banned foreign buyers from purchasing farmland and land around military bases. In my opinion, it would be in Hawaii’s best interest to implement something similar to help the people of Hawaii. It seems like certain groups in Hawaii want foreign investors but for them to proclaim that banning them is unconstitutional is false.
I don’t agree with your comments and I think you’re not being fully transparent. I work in the real estate industry in commercial real estate, so I know nothing about the residential sector. However, the reality is this taking statistics from January to September of the same year to make your case is not sufficient, you need to go back, say five years or at least pre-Covid. The point you’re missing is the investment sector who is buying up residential properties. They may be more important than just saying it’s foreign buyers. To me with my experience it’s the investment buyer sector either as mom-and-pop investors or institutional investors, especially REITs, or commercial real estate entities such as Redfin or Zillow.
Mahalo for bringing up REITS. That's a big issue. One that I haven't looked into yet, but may. 🤙
@movingtohawaii what is your take on this?
Chris, you have a very narrowed view of what the housing issue is in Hawaiʻi. Hawaiʻi is on the brink if not already on Oʻahu especially of being overdeveloped and over-populated. Native Hawaiians are being pushed out of our ancestral homelands because of the housing market now pricing homes over a million dollars. Who in Hawaiʻi with blue collared jobs can afford that. Jobs that obviously you wouldn’t want to work at like McDonald’s, Target Sales Associate or Hardware stores can actually make liveable wages to afford a mortage at or over a million dollars? And you want to make a distinction on locals vs foreign buyers? Brah. Wake up…
Mahalo for the comment. What exactly is the housing issue to you? I believe the housing issue is more than applicable to just native Hawaiians. You might suggest that it could start there.
Yeah, but if I'm a local buyer looking for a BMW to live in. Why should I have to compete with investors (foreign and domestic) that can out bid me and not be an owner occupant.
Mahalo for the comment. Free trade comes to mind. Just as you're able to buy property in other parts of the country, others are able to buy here.
The real question should be, instead of competing against foreign investors. One should be asking why places like Kaka'ako, which has been redeveloped, now becomes more desirable to outsiders than Kona or other places.
Supply and Demand is one thing most people will say. However, does this even become a factor when development is focused on attracting a lot of affluent outsider groups to the islands? So if redevelopment of local communities is what is attracting outsider more affluent groups, then maybe it's the issue? If it weren't, then logic would say that the way the communities were would also be attractive. But history does not say if things were more affordable for housing, that population would explode. We have seen times in history when homes were 30k in Oahu, and the population was 600k. When we find out what the difference is, then we will find out the actual issue of this problem
The argument against making housing affordable for locals or others is that the islands would be flooded with population. However, the issue is not affordable housing but the redevelopment of Oahu to make it more like the outside world that makes it accessible could be the real issue.
Hey Chris , really nice video ! I was wondering if I could help you with more Quality Editing in your videos and also make a highly engaging Thumbnail which will help your videos to reach to a wider audience ? Please Lmk what do you think ?
Xenophobia has been a human characteristic amongst cloistered societies ever since humans developed farming and agriculture in the Mesopotamia.
Blaming others for native problems will exist as long as humans exist…
All outsiders!!!🤬
Not all 😁
@@HelloFromHawaii ok I changed my mind. We'll trade good ones for the idiots we got on the west side😂
Lots of Japanese ownership.