Here Comes The Regulation
Updated: Aug 26
The Honolulu Board of Realtors recently released July 2021’s housing statistics. To no surprise, the median single family home price is nearly $1 million. When August’s statistics become available, I will not be surprised if our elected officials start to think of ways to regulate the housing industry.
What are some better options? Well, as I often discuss on this blog, Oahu has a housing shortage. For some reason, monster homes are still popping up, but developers still run into problems into building more housing. As many will agree, the Department of Planning and Permitting needs to be completely overhauled. What has “worked” in the past is no longer working today.
Second, buildable land is scarce, especially in metro Honolulu. The only option is to build vertical. Maybe the building codes need to be amended to allow developers to build higher.
Third, how can the government help? One way is to quicken the entitlement process. Currently, this can take years to do. Next is to repurpose land to allow housing. Also, maybe the state and city can work with private developers to build an array of housing products.
Seeing how the rail has played out, I think it is clear the government is not the best in project management. What happens if Ala Wai Golf Course was turned into housing? I get it. Ala Wai is a very popular municipal golf course. However, the land is prime real estate. You have to wonder if having a golf course the best use.