Urging The Counties To Utilize An Empty Homes Tax As A Means Of Addressing Affordable Housing In The State.
Impact
By potentially adopting a tax similar to the model employed in Vancouver, British Columbia, this resolution seeks to return vacant homes to the rental market, ensuring that they can be occupied by residents who live and work in the area. The resolution cites Vancouver's success with the empty homes tax, including significant reductions in vacant properties and substantial revenue generation dedicated to affordable housing initiatives.
Summary
HCR170 is a House Concurrent Resolution from the Thirty-first Legislature of Hawaii urging local counties to implement an empty homes tax to tackle the increasing issue of affordable housing in the state. This initiative aims to address the high rate of vacant residential properties, which have contributed to housing shortages and homelessness throughout Hawaii. The resolution points out that property taxes in Hawaii are among the lowest in the United States, encouraging speculative investment in residential real estate by non-residents, which further exacerbates the availability of housing for local residents.
Contention
The proposed empty homes tax has sparked discussion regarding its effectiveness and potential pushback from property owners. Critics may argue that such a tax could discourage investment in real estate and further complicate property ownership regulations. However, proponents assert that without intervention, the current property tax structure disproportionately benefits non-resident investors while harming local residents by creating a scarcity of available homes. Thus, the resolution aims to ensure equitable access to housing while generating additional revenue for local governments to address housing issues.
Recommendation
The resolution also formally requests that certified copies be sent to relevant officials in the City and County of Honolulu, as well as the counties of Hawaii, Kauai, and Maui, highlighting the legislative intent to unify efforts towards improving the housing market. HCR170 emphasizes the importance of local government action in creatively responding to Hawaii's affordable housing crisis through innovative tax measures.
Urging The Federal Emergency Management Agency To Utilize Funds For Non-congregate Housing For Infrastructure And Development Needs For Affordable Rental Housing.
Urging The Federal Emergency Management Agency To Utilize Funds For Non-congregate Housing For Infrastructure And Development Needs For Affordable Rental Housing.
Urging The Hawaii Housing Finance And Development Corporation To Amend The Priority For Which Low-income Housing Tax Credits Are Allocated And Moneys In The Rental Housing Revolving Fund Are Used And To Adopt Certain Administrative Rules That Incentivize The Development Of Affordable Housing In The State.
Urging The Hawaii Housing Finance And Development Corporation To Amend The Priority For Which Low-income Housing Tax Credits Are Allocated And Monies In The Rental Housing Revolving Fund Are Used And Adopt Certain Administrative Rules That Incentivize The Development Of Affordable Housing In The State.
Urging The Counties To Amend Or Adopt Ordinances To Be Consistent With The Hawaii Housing Finance And Development Corporation's Rules Regarding Residential Income Requirements And Affordability Terms On Housing Projects Or Subsidize Any Resulting Revenue Shortfall To The Housing Project.