Bill 46: What it means to Ko Olina Property Owners

Bill 46: What it means to 
Ko Olina Property Owners
Bill 46's Goal
The bill aims to shift the market focus from luxury homes for nonresidents to affordable homes for residents, addressing the housing crisis faced by local families.
Expected Outcome
By implementing this bill, Honolulu hopes to increase the availability of affordable housing and reduce the number of vacant properties in the city.
Purpose of Bill 46
Current Situation
Honolulu's housing market is dominated by luxury homes often owned by nonresidents, leaving local families struggling to find affordable housing options.
Bill 46's Goal
The bill aims to shift the market focus from luxury homes for nonresidents to affordable homes for residents, addressing the housing crisis faced by local families.
Expected Outcome
By implementing this bill, Honolulu hopes to increase the availability of affordable housing and reduce the number of vacant properties in the city.
Tax System Strategy
1
Disincentive Creation
Bill 46 uses the tax system to create a disincentive for owning homes that are either empty most of the time or rented on a short-term basis.
2
Higher Rates for Vacant Properties
The bill proposes taxing vacant residential properties at a higher rate, encouraging owners to either occupy or long-term rent their properties.
3
Short-Term Rental Discouragement
By increasing taxes on properties used for short-term rentals, the bill aims to shift these units back into the long-term rental market for residents.
4
Contact Us
Get the whole scoop at www.AliinuiDrive.com or contact us to discuss your options. We specialize in Ko Olina residential sales and property management 
Meet Your Neighborhood Specialists
Amy Goucher, (RA) Realtor-Associate®RS-85293-Active
(808) 824-0282
amysellshawaii@gmail.com
Tiffany Robison, (R) Principal Broker RB-21896 - Active
(808) 729-7643
tiffanysellshawaii@gmail.com
Justin Bizer, (RA) Realtor-Associate®RS-70616 - Active
(808) 699-0606
justin.bizer@advancehawaii.com
1888 Kalakaua Ave. C-312
Honolulu, HI 96815
Public Support for Bill 46
1
Survey Conducted
A public opinion survey was carried out to gauge Oahu voters' stance on the proposed tax changes.
2
Strong Support Revealed
The survey showed that 74% of Oahu voters support taxing vacant residential properties at a higher rate.
3
Community Engagement
This high level of support indicates strong community engagement and a shared concern for affordable housing in Honolulu.
Expected Impact of Bill 46
1
Reduction in Vacant Homes
The bill is expected to significantly reduce the number of vacant homes in Honolulu.
2
Increase in Affordable Housing
As a result of the tax changes, more properties are likely to become available for long-term rentals or sale to residents.
3
Market Shift
The overall impact should be a shift in the housing market towards more affordable options for local families.
Key Quote: Market Shift
"Bill 46 is designed to shift the market. The bill uses the tax system to create a disincentive to own homes that are either empty most of the time or are rented on a short-term basis."
This quote encapsulates the core strategy of Bill 46, highlighting its use of tax policy to influence the housing market in Honolulu.
Key Quote: Luxury vs. Affordable Housing
"Luxury housing is being built in Hawaii at the expense of residents because truly affordable housing is largely ignored."
This statement underscores the current imbalance in Hawaii's housing market, emphasizing the need for a shift towards affordable housing for residents.
Resources for Further Information
Civil Beat Article
Comprehensive coverage of Bill 46 and its potential impact on Honolulu's housing market.
Honolulu Legislative Documents
Official documents and details about Bill 46 from the Honolulu government.
Hawaii State Legislature
Information on related state-level legislation and housing policies.
Luxury vs. Affordable Housing
Current Market Focus
Hawaii's housing market has been geared towards luxury housing, often owned by out-of-state investors.
Impact on Local Families
This focus on luxury housing has left local families struggling to find affordable homes in their own communities.
Bill 46's Approach
The bill aims to rebalance the market by incentivizing affordable housing development and discouraging vacant luxury properties.
The Issue of Vacant Homes
Luxury Vacancies
Many luxury homes in Hawaii are vacant for most of the year, contributing to the housing crisis.
Impact on Housing Market
These vacant properties reduce the available housing stock for residents and drive up overall housing costs.
Bill 46's Solution
The bill proposes higher tax rates for vacant properties to encourage occupancy or long-term rentals.
Expected Outcome
By reducing vacancies, more homes should become available for local residents, easing the housing shortage.
Comparison with Vancouver
Potential Challenges and Considerations
1
Implementation Complexity
Implementing the new tax system may require significant administrative changes and resources.
2
Market Adaptation
The housing market may take time to adjust to the new incentives, potentially causing short-term disruptions.
3
Balancing Interests
The bill must balance the needs of residents, property owners, and the tourism industry, which relies on short-term rentals.
Community Engagement and Feedback
1
Public Hearings
Organize public hearings to gather community input on Bill 46 and its potential impacts.
2
Online Surveys
Conduct online surveys to reach a broader audience and collect diverse perspectives on the proposed changes.
3
Expert Panels
Host expert panels to discuss the economic and social implications of the bill for Honolulu's housing market.
Next Steps for Bill 46
1
Legislative Review
Bill 46 will undergo thorough review and debate in the Honolulu City Council.
2
Public Comment Period
A formal public comment period will allow residents and stakeholders to provide input on the bill.
3
Potential Amendments
Based on feedback and review, the bill may undergo amendments to address concerns and improve its effectiveness.
4
Final Vote and Implementation
If passed, the bill will move to implementation, with a timeline for the new tax structure to take effect.
Call to Action
Stay Informed
Keep up to date with the progress of Bill 46 through official channels and local news sources.
Participate in Discussions
Attend community meetings and public hearings to voice your opinion on the bill and its potential impacts.
Contact Representatives
Reach out to your local representatives to express your support or concerns about Bill 46.
Spread Awareness
Share information about Bill 46 with your community to encourage broader engagement and discussion.
Resources for Further Information
For more information about Bill 46 and its impact on Honolulu's housing market, please contact us. We're happy to provide additional details, answer questions, and guide you to further resources.
Meet Your Neighborhood Specialists
Amy Goucher, (RA) Realtor-Associate®RS-85293-Active
(808) 824-0282
amysellshawaii@gmail.com
Tiffany Robison, (R) Principal Broker RB-21896 - Active
(808) 729-7643
tiffanysellshawaii@gmail.com
Justin Bizer, (RA) Realtor-Associate®RS-70616 - Active
(808) 699-0606
justin.bizer@advancehawaii.com
1888 Kalakaua Ave. C-312
Honolulu, HI 96815