Hawaii House Bill HB929

Hawaii 2024 Regular Session

• Introduced: 1/25/23
• Refer: 1/30/23

Caption

Relating To Real Estate Transfers.

Impact

If enacted, this bill will amend Chapter 515 of the Hawaii Revised Statutes by introducing new sections that explicitly prohibit foreign entities, governments, or individuals from acquiring real estate in sensitive areas. It also sets a precedent for reciprocal prohibitions, meaning that foreign nationals from countries that restrict U.S. ownership of real estate will similarly be barred from owning land in Hawaii. This could reshape the real estate market dynamics significantly, reducing the potential for foreign investment in these critical areas.

Summary

House Bill 929 seeks to address concerns related to national security by prohibiting the purchase or receipt of real estate by foreign entities within two miles of federal land or other designated critical areas. The bill reflects growing apprehensions about foreign influence, particularly from entities linked to the Chinese Communist Party, in light of incidents like the attempted purchase of land near an Air Force base in North Dakota. The legislation underscores the importance of safeguarding U.S. territory from foreign ownership that might compromise security interests.

Contention

Debate surrounding HB 929 may focus on the balance between national security and economic accessibility. Some stakeholders may argue that restricting foreign ownership could limit investment opportunities while proponents of the bill assert the necessity of protecting national interests. The impact of such exclusions on local economies, property values, and tourism could also be points of contention, as communities weigh the risks of foreign investments against their potential benefits.