Not sure if it's been settled, but there were lots of condo associations suing the state after the mandatory lease-hold- to -fee-simple fiasco. The condos spent tens of thousands trying to convert to fee simple under Mayor Jeremy Harris. When he left, Mayor Mufi Hannemann made changes that basically returned the power to the landowners. The condos sued over all the money they spent converting property holdings and then back again. in order to receive a share of any settlement, the owners who were there during the conversion had be be the owner of record after the settlement. One of my coworkers had to move away after retiring, so he missed out on any reimbursement. The conversions were paid out of annual assessments, which were higher to cover the legal fees.
Anyway, it shows how government needs to keep their fingers out of housing markets.
Imagine all the money we're spending on the rail and housing should have taken priority. It think the only other thing taking priority over housing is the jail. What good is having a home if criminals can keep breaking the law with little punishment. Built another prison and pay guards way more as to attract more guards. This way we can keep repeat offenders behind bars, no early releases, etc... But this is a separate issue I guess, so I 'll end it here.
Just for comparision, I've been keeping tabs on the Vegas housing market which increased by at least 30% since 202o and all the CA people moving.
A 500sqft 1/1/1 condo unit here in Kakaako can be rented for $2500/mo.This is a newer built condo, so it's not like 20 years or older.
In Henderson (Vegas) a 2/2/2 1100sq foot apartment that has walk in closets in each bedroom and built with in the past 5 years goes for $1600. So double the square footage and much less.
Imagine if all the CA people didn't move in 2020, this same unit would prob go for $1200/mo.
So with more condo units in HI available, the cost should go down. The unfortunate part is most developers want to build luxuary condo's instead of regular ones. So the state would have to get involved to help convince developers to build. I'm not talking "affordable units" either. Cause those numbers are all jacked up anyways. The most recent project Kuilei Place has about 25% vacancy still cause the states income requirements suck. Compare this to Ke Kilohana back in 2016 that sold out all their affordable units in 1 week. I can dive deeper into this if anyone else wants to know more info.