Ige attends panel on Hawaii housing market difficulties
With high prices and a shortage of supply, the housing market is full of challenges here in Hawaii. Governor Ige led a round table discussion on home-ownership on Sunday. Ige said there's reason to be optimistic for the future. For many people living here in Hawaii, the dream of home ownership is out of reach.
For many people living here in Hawaii, the dream of home ownership is out of reach. With high prices and a shortage of supply, the housing market is full of challenges. Governor Ige led a round table discussion on home-ownership on Sunday at the NACA event, a non-profit advocacy and home-ownership organization. He heard first hand accounts from people about their struggles.
"Living in Hawaii, the cost of living is high, while pay scale is low. Its a battle to not want to move to the mainland," said one panelist. "And I really don't want to move to the mainland."
The event sought to help people qualify for mortgages in the increasingly tough housing market. While there, Ige offered words of encouragement about the future.
"We're doing a much better job of working with private sector developers, because the state doesn't have all of the money needed to construct all of the homes that all of you want to purchase," said Ige. "We're trying to accelerate the process so developers can get their projects approved, especially for affordable housing production."
Ige also said he believes short term rentals are driving up housing costs, and that they don't belong in residential communities. He said that in the future, the state may begin to see housing prices fall.
"As we make more progress you'll see housing prices stabilize, in fact go down," said Ige. "I know one of the reports says housing prices have fallen."