Bill > HB1492

This bill addresses Hawaii's affordable housing crisis by requiring the Department of Business, Economic Development, and Tourism (DBEDT) to develop a comprehensive action plan to establish a local housing market. The bill highlights several critical issues, including that nearly 60,000 Hawaii residents move away annually due to high living costs, with housing expenses being the primary driver. The plan will involve creating various types of community land trusts, such as transit-oriented, rent-to-own, and agricultural land trusts, designed to preserve housing for local residents. The comprehensive action plan must include definitions for different land trust models, incentives to promote their development (like tax credits and building exemptions), potential amendments to inheritance and residential statutes, and an analysis of legal considerations for restricting property sales to state residents. To support this initiative, the bill appropriates $300,000 for fiscal years 2025-2026 and 2026-2027, with the goal of creating a bifurcated housing market that prioritizes affordability for Hawaii residents and mitigates the impact of out-of-state buyers driving up home prices. The DBEDT must submit the comprehensive action plan 20 days before the 2026 legislative session, with recommendations for statutory amendments and potential legislative actions to address the state's housing challenges.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1492&year=2026