Post by: groveler on May 11, 2020, 09:08:11 AM
https://www.dailymail.co.uk/news/article-8306909/Hawaiis-unemployment-surges-3-34-one-highest-rates-America.html
The Daily Mail is as Liberal a rag as any American newspaper.
It has world wide readership.
Ige and his party have done a good job destroying a good portion
of the Main Hawaiian income stream. The government foolishly think they'll
continue to prosper on property taxes, GET, and fees.
NOT!
I personally don't depend on tourism for income, but I know many that do.
They are hurting. When they leave, they won't be coming back.
Post by: RSN172 on May 11, 2020, 10:39:10 AM
Post by: Kuleana on May 11, 2020, 12:14:55 PM
When that happens, will the cost of living in Hawaii go up or down. Opinions anyone?
In the short-term, there will be a period of local price deflation to clear current inventories and spur economic activity; hence, for most, it would seem like the cost of living is going down. This is fool's gold; however, as in long-term, the excessive money printing by the FED and by the trillion dollar bailouts by the government will cause tremendous nationwide price inflation, possibly leading to varying degrees of hyperinflation for all.
Post by: 6716J on May 11, 2020, 12:18:42 PM
When that happens, will the cost of living in Hawaii go up or down. Opinions anyone?
Short answer is yes
Cost of goods will go up
Hoping real estate market crashes. These +$800K 2-bedroom 1-bath houses have to go. Who the F thinks affordable is $500k for a studio condo?
Post by: RSN172 on May 11, 2020, 12:41:42 PM
Hoping real estate market crashes. These +$800K 2-bedroom 1-bath houses have to go. Who the F thinks affordable is $500k for a studio condo?
[/quote]
Most Oahu people.
Post by: Heavies on May 11, 2020, 07:48:16 PM
Short answer is yes
Cost of goods will go up
Hoping real estate market crashes. These +$800K 2-bedroom 1-bath houses have to go. Who the F thinks affordable is $500k for a studio condo?
What would be the outcome for those who already own property and would now be 40 fathoms underwater? :'(
Post by: 6716J on May 11, 2020, 08:37:10 PM
We are all underwater anyways. When the average 25 year old married couple now has to save 50 years for a down payment to buy the median home, is that a sustainable model?
What would be the outcome for those who already own property and would now be 40 fathoms underwater? :'(
I don't want people to lose their only "asset" but where do we go? Who's going to buy it other than foreign money and we lose more to offshore investors who just charge exorbitant rates for illegal Air BnBs?
We are all screwed economically here in Hawaii.
Sent from my SM-G970U using Tapatalk
Post by: Heavies on May 12, 2020, 07:20:53 AM
We are all underwater anyways. When the average 25 year old married couple now has to save 50 years for a down payment to buy the median home, is that a sustainable model?
I don't want people to lose their only "asset" but where do we go? Who's going to buy it other than foreign money and we lose more to offshore investors who just charge exorbitant rates for illegal Air BnBs?
We are all screwed economically here in Hawaii.
Sent from my SM-G970U using Tapatalk
busted my butt for 45 years to get comfortable. Now this state is finding new ways to screw us. Need to somehow break out from under this "progressive" bullshit. I think there is many ways for this state and opportunity, however the first step is to fire all the current status quo politicians.
Post by: groveler on May 12, 2020, 08:47:36 AM
We are all underwater anyways. When the average 25 year old married couple now has to save 50 years for a down payment to buy the median home, is that a sustainable model?"We are all screwed economically here in Hawaii"
I don't want people to lose their only "asset" but where do we go? Who's going to buy it other than foreign money and we lose more to offshore investors who just charge exorbitant rates for illegal Air BnBs?
We are all screwed economically here in Hawaii.
Sent from my SM-G970U using Tapatalk
If you aren't in a union private or Government, that has
recently been the case in Single
party state Hawaii.
Even when I was in the longshoreman's the wages weren't
all that great given the cost to live here.
I'm retired( on a economically safe pension), own my home
on a "gentlemans farm", and I'm debt free.
I suppose that makes me "rich".
So I can survive in the harsh economic environment
the Party has created for the state.
If I were a younger person with skills and a family,
in debt, or renting, I'd get the hell out of Hawaii!!!!!!!!!!
In a few years all that will be here
is the "rich", Democrat government workers,
a worker class struggling to survive servicing the needs of the "rich",
and the homeless.
I know that is what we have now but there will be more stratification.
Deeper poverty, more "rich", and that gulf will widen dramatically.
Hawaii's future is not bright.
Get out while you can and don't take
your bad voting habits with you.
Aloha.
Post by: Inspector on May 16, 2020, 05:52:39 AM
My opinion is if you are considering leaving Hawaii soon, take your losses and get out as soon as you can. It will take a long time for things to come back. If you can wait then wait it out. If your plans are to stay then ride it out and enjoy the comeback when it comes. Just realize it will take a while before it comes back to where it was. Our economy is cyclical.
I won’t suggest the things that Kuleana is suggesting are going to happen. I also won’t say it can’t happen because it can. I just don’t think it will happen for now.
Post by: Rocky on May 16, 2020, 12:36:25 PM
This is my opinion only. I am seeing softness in the RE market. I sold my home for $50k less than what it was worth 6 months prior. Less people are making offers and those that do are qualifying for lesser amounts. More people are leaving Hawaii right now than are arriving. This is going to cause the housing market to continue to be soft. I can’t say if it will crash or not. But prices will probably continue to drop. Especially as more and more houses are being built. Ho’opili is continuing to be built even though the market is softening. The issue with this shutdown of our economy is causing our government to destroy the basic economy. Combine lower income from the GET/VAT taxes, climbing expenses with the rail, climbing expenses and indebtedness then you are probably going to see more new items that are currently not taxed to be taxed, government employees to get pay decreases, higher GET/VAT taxes and raising of property taxes. Where else are they going to get the money to continue keeping the government open for business? If you don’t know what is going on in CA you should update yourself. The tourism economy won’t come back right away. As people get back to work they are not going to have a lot of the extra money for an expensive vacation. Tourism will come back, it will just take longer than reopening restaurants, barber shops and other retail.Yup.
My opinion is if you are considering leaving Hawaii soon, take your losses and get out as soon as you can. It will take a long time for things to come back. If you can wait then wait it out. If your plans are to stay then ride it out and enjoy the comeback when it comes. Just realize it will take a while before it comes back to where it was. Our economy is cyclical.
I won’t suggest the things that Kuleana is suggesting are going to happen. I also won’t say it can’t happen because it can. I just don’t think it will happen for now.
If you are personally having an issue with the past 2 months of unemployment/lockdown, what will you be feeling in another 1 or 2 months of the same ? :shake:
Now compare that to the cost of running a state which is running a bigger deficit, and controlled by those that will not be unemployed and have no problem borrowing money they don't have to pay back or simply raising taxes. :wacko:
As there is now nor will there be any GET from local sales anytime soon cuz everybody get no mo money fo buy, :(
TAT ain't there cuz ain't no tourist, 8)
No tourist mean no mo job cuz tourist related jobs only second to C &C / state job in job #'s. :-[
C &C / state job will be furloughed or pay decrease cuz C &C / state no mo money. :-\
WHAM ! Only thing left to tax is property >:D (or ammo )
I am soooooo glad I don't own property here and have to pay for their incompetence. ;)
I figure you'll be unable to sell your home for a decent price as the market is about to be flooded as most folks are having or will be having problems with mortgage payments. :P
Most "tentative" buyers would have been "off island" money purchasing second home as income property but that will be tough as Vacation rentals are all but barely legal so that takes that segment out of the income property. :wacko:
Locals aren't going to rent cuz "hell I just lost my house I'm outta here" or no mo money / no mo job. ( I had a job but with the extended shutdown, my boss made no money and went bankrupt / closed down). :grrr:
I see best case scenario for house sales in 2025 which would mark the cyclical calendar our guru above mentioned, but can you take this years dent, a prolonged recovery and hang on for another 4-1/2 years. ???
JMHO, Emoji's included.
Post by: groveler on May 17, 2020, 08:58:30 AM
https://www.redstate.com/alexparker/2020/05/16/tarique-bronx-new-york-travel-hawaii-arrested-beach-14-days-quarantine/
You just can't make this stuff up!