In Honolulu, we are at the beginning of a housing crunch. With average prices of both single-family homes and condos rising each month, and the forecast not showing any signs of stopping, the Honolulu City Council has taken steps to try and ease housing options.
Resolution 14-200 in the Honolulu City Council, which passed today, calls on Mayor Kirk Caldwell to change the current land use ordinance written in 1990. Currently, land use only allows for certain lots that can build second or alternative dwelling units that only blood relatives can rent. Proponents would like to see this rule changed and allow homeowners to rent to anyone. They argue the main advantage would create more housing options and more affordable prices for the future.
Changing the law also has its downsides, and opponents are worried of the future damage it could cause to infrastructure and housing. Added units on each lot could mean higher congestion on streets, parking problems, and resource consumption in rural neighborhoods. It’s a tricky situation, and one every real estate investor (and I as an agent) are interested in.
The burden now falls to Mayor Kirk Caldwell to design new laws that will revise the current Ohana Dwelling rules. If he does, it will be interesting to see what the new laws will allow and how they will affect the real estate market.