Latest real-estate & development news and updates
Maui County is poised for a significant shift in its real estate market following the passage of Bill 9, spearheaded by Mayor Richard Bissen. This legislation mandates the phase-out of over 6,200 short-term vacation rentals, primarily in West and South Maui, transforming them into long-term residential units.
Maui County is poised to overhaul its short-term rental market following the Maui County Council's final approval of Bill 9, spearheaded by Mayor Richard Bissen. While the legislation mandates the conversion of over 6,200 units to long-term rentals, critical questions regarding implementation and economic impact remain unanswered, leaving local entrepreneurs and investors in a state of flux.
Mayor Richard Bissen has officially signed Bill 9 into law, a move aimed at tackling Maui's critical housing shortage by re-evaluating the use of apartment-zoned properties. The new legislation, approved by the Maui County Council, seeks to convert transient vacation rentals into long-term residential housing, marking a significant policy shift for the island's real estate market.
Council Member Tom Cook of South Maui outlines his reasons for voting against Bill 9, the controversial measure phasing out certain short-term vacation rentals. Cook's opposition centers on potential detrimental effects on the local economy and the potential for a decline in essential services.
Maui County is poised for significant changes as Mayor Richard Bissen officially signed Bill 9 into law, a move aimed at increasing long-term housing availability by phasing out transient vacation rentals in apartment-zoned districts. The legislation has major implications for real estate investors, property owners, and the overall tourism-dependent economy of Maui.
Maui County has officially passed Bill 9, a pivotal piece of legislation poised to significantly reduce the number of short-term rentals (STRs) across the island by 2030. This decision will reshape the local real estate market, impacting both investors and the broader tourism sector.
The Maui County Council has passed Bill 9, a pivotal measure designed to phase out thousands of short-term vacation rentals and convert them into long-term housing for local residents. This decision, impacting over 6,200 units primarily in South and West Maui, marks a significant shift in the island's housing landscape and tourism-dependent economy.
The Maui County Council has officially approved Bill 9, a measure that will phase out thousands of short-term vacation rentals in apartment-zoned districts. This decision, which passed with a 5-3 vote, is poised to reshape Maui's real estate landscape and presents both challenges and opportunities for local businesses and investors.
The Maui County Council has approved a bill to phase out over 7,000 vacation rentals by 2031, sparking both celebration and concern within the local business community. While proponents see this as a move to address the housing crisis and prioritize long-term residents, critics fear the policy could backfire, leading to vacant properties and economic instability.
A Honolulu Charter Amendment is set to streamline housing approvals by reforming zoning variance hearing and notice regulations, potentially reducing delays and costs for developers. This move aims to address the pressing need for more housing units in Honolulu's increasingly competitive real estate market.
Maui is poised to significantly reduce its vacation rental inventory, with a vote today expected to phase out thousands of units. This decision will likely reshape the landscape for both visitors and those invested in the island's tourism sector, creating opportunities and challenges within Hawaii's business environment.
The Oahu real estate market is undergoing a shift, with dropping home values and increasing costs creating a bifurcated landscape of opportunity and challenge for local investors and homebuyers. Understanding these dynamics is crucial for success in the evolving 'new normal' of Hawaii's property market.
A new report from the Hawaii Appleseed Center for Law & Economic Justice highlights the escalating home insurance crisis in Hawaii, driven by climate change, aging housing, and the withdrawal of private insurers. This crisis threatens to destabilize the real estate market and create significant challenges for homeowners and the broader economy.
Maui County is poised to make a landmark decision today as the County Council prepares for a final vote on Bill 9. This legislation, championed by Mayor Richard Bissen, proposes the phase-out of over 6,000 short-term vacation rentals, aiming to convert them into long-term housing, with potentially significant impacts on local businesses, tourism, and the real estate market.
Thousands of Oahu property owners near streams may soon be required to purchase flood insurance due to updated Flood Insurance Rate Maps (FIRMs) released by FEMA. The new maps, which reflect evolving flood risks, could significantly impact homeowners' finances and influence real estate decisions.
A recent column in the *Honolulu Star-Advertiser* warns that Maui's proposed Bill 9, aiming to curb short-term rentals, may face legal challenges and could inflict significant economic harm on the island. The legislation, intended to address the housing crisis and support the community after the 2023 wildfires, is now under scrutiny.
Thousands of Oahu property owners near streams may soon be required to purchase flood insurance following updates to the Federal Emergency Management Agency's (FEMA) flood maps. These changes could significantly impact homeowners, real estate values, and the local insurance market, necessitating careful review and potential appeals.
Honolulu's housing shortage is compounded by inefficient permitting processes, according to recent reports. Delays in approvals and a cumbersome system are hindering construction and increasing costs for developers and homebuyers alike.
Oahu homeowners and businesses are urged to review newly updated FEMA flood maps, as significant reclassifications could impact property values, insurance costs, and development prospects. These changes place some properties into high-risk flood zones for the first time, necessitating immediate attention from affected stakeholders.
The Hawaiʻi Housing Finance and Development Corporation (HHFDC) unveiled the Hale Kamaʻāina Mortgage Program, offering a much-needed boost to aspiring homeowners. This initiative, formerly the Hula Mae Single Family Mortgage Program, provides qualified first-time homebuyers with access to significantly reduced mortgage interest rates.