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New report addresses Hawaii’s housing crisis, saying prices are out of reach for many

July 10, 2014 By idx guys Leave a Comment

A report by the Hawaii Appleseed Center for Law and Economic Justice says rents in Hawaii jumped by 45 percent between 2005 and 2012.

A report by the Hawaii Appleseed Center for Law and Economic Justice says rents in Hawaii jumped by 45 percent between 2005 and 2012.

The Hawaii Appleseed Center for Law and Economic Justice released a report Wednesday on Hawaii’s “affordable housing crisis,” saying that rents increased by 45 percent between 2005 and 2012, while wages increased by just 21 percent.

Affordable housing, the report says, is defined by spending 30 percent of an income or less on housing.

That means in order to afford the $1,640 fair-market rent for a two-bedroom apartment in Hawaii, one would need to make at least $65,600 per year, or $31.54 per hour.

However, the report says that mean hourly wage for renters in Hawaiian is just $13.86.

The report notes that Hawaii residents pay the highest electric bills in the country — 37 cents per kilowatt hour, three times the national average. Housing and transportation costs combined account for 61 percent of the average income and nearly 100 percent of Hawaii “moderate income” households are “cost burdened” by these expenses.

The report goes on to say that Hawaii has the country’s highest rate of homelessness and that homeownership is out of reach for many Hawaii residents.

“A lack of affordable housing affects not only households living close to poverty— many of Hawaii’s essential workers struggling to find affordable rentals, let alone purchase a home,” the report says. “Many professionals such as teachers and police officers cannot afford fair market rent for a two-bedroom apartment, while those in the service sector earn less than half of the housing wage.”

Earlier this week, the Honolulu Board of Realtors released figures showing that the median price for a single-family home reached a record $700,00 on Oahu in May. Board President Julie Meier warned that the high home prices would have a trickle-down effect and cause rents to rise even higher.

You can check out the full report here.

Bill Cresenzo Reporter – Pacific Business News

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Filed Under: Featured Blog, Oahu real estate, real estate in the news Tagged With: Oahu affordable housing

Weekend lottery to decide who will buy condos at former Honolulu Advertiser site

March 24, 2013 By idx guys Leave a Comment

Weekend lottery to decide who will buy condos at former Honolulu Advertiser site

Duane Shimogawa | Reporter- Pacific Business News  |  Mar 22, 2013, 3:36pm HST

The developer of a $200 million high-rise affordable condominium tower planned for the site of the former Honolulu Advertiser building will conduct a lottery on Saturday to decide who will snatch up the units, which are priced between $250,000 and $550,000.

This rendering shows Downtown Capital LLC's 801 South St. project, which will be built on the site of the former Honolulu Advertiser building in Honolulu. Courtesy Downtown Capital LLC

This rendering shows Downtown Capital LLC’s 801 South St. project, which will be built on the site of the former Honolulu Advertiser building in Honolulu.
Courtesy Downtown Capital LLC

More than 4,000 people have visited the sales office at the corner of Queen and Keawe streets in pursuit of a unit in the 46-story tower at 801 South St., which will feature a mix of studio and one-and-two bedroom units.

http://realestate.hawaiiamericana.com/i/6351/KAKAAKO_NEIGHBORHOOD

The lottery will be conducted at the sales office starting at 10 a.m. Those who turned in eligibility packets are welcome to attend, but they don’t have to be present if their number is chosen.

The results will be posted online at www.801southst.com.

“We are very pleased but frankly not surprised at the robust interest in the units,” Project Developer Marshall Hung of Downtown Capital LLC said in a statement. “This project addresses the critical shortage of housing that Hawaii’s residents can afford in Honolulu’s urban core.”

All of the 635 units are priced as workforce housing units. Bank of Hawaii (NYSE: BOH) will be the lead lender for the construction financing.

The developer expects to sell out quickly, paving the way for a second tower made up of 400 workforce housing units.

The Hawaii Community Development Authority approved the project last December. Construction is expected to begin this summer.

The project team includes Hawaiian Dredging Construction Co., Kazu Yato AIA & Associates Inc. and Marcus & Associates.

http://realestate.hawaiiamericana.com/i/6351/KAKAAKO_NEIGHBORHOOD

Filed Under: Featured Blog, Kakaako, New Condos for sale, Oahu condos for sale, Pacific Business News Tagged With: Kakaako, new condo construction, New Condos, Oahu affordable housing

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