Bill > SB612

This bill addresses Hawaii's housing shortage by requiring the Hawaii Housing Finance and Development Corporation (HHFDC) to conduct a comprehensive study on a "rent-to-build equity" concept for state-financed housing projects. The bill highlights the challenging housing market in Hawaii, where home prices are extremely high (median price of $810,000 on Oahu as of 2018) and long-term renters struggle to build financial assets. The required study will explore potential mechanisms to help renters benefit financially from affordable housing developments, including examining the imposition of new taxes on housing projects after their initial affordable period expires, establishing requirements for tenant assistance if tenants are displaced, and investigating other strategies to help renters build equity. Specifically, the HHFDC must submit a detailed report with findings and recommendations, including potential legislative proposals, to the Hawaii Legislature by twenty days before the 2026 regular legislative session. While the bill's ultimate implementation is set for July 1, 2050, its purpose is to develop policy solutions that could help local families invest in their futures and create more equitable housing opportunities by preventing developers from solely profiting from state-subsidized housing developments.

Business and Industry, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=612&year=2026