Bill > HCR20

This Concurrent Resolution requests the Department of Business, Economic Development, and Tourism (DBEDT) to provide a report to the State Legislature detailing the obstacles to creating affordable housing. The resolution highlights the severe shortage of housing that residents can afford on typical wages, noting that a minimum wage worker would need to work an excessive number of hours weekly to afford a one-bedroom rental. It defines "affordable housing" as costing no more than 30% of a household's income, including utilities, and explains that "area median income" is the midpoint of a region's income distribution. The resolution points out that current formulas for determining "affordable" home prices are outdated, don't account for the high cost of living, and may not be applicable to developments without federal subsidies, leading to situations where homes priced over a million dollars could be considered "affordable." To address this, DBEDT is asked to consult with other agencies and organizations, research methods for defining affordability in Hawaii compared to other high-cost areas, and submit its findings and recommendations, including potential legislation, to the Legislature by a specific date before the 2023 session.