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Hawaii remains in a severe housing crisis, new report says

Hawaii is grappling with a severe housing crisis, as highlighted in a recent report by the Hawaii Housing Finance and Development Corporation. The report indicates that the state needs to construct 50,000 new homes over the next decade to meet the demand, with a significant portion, 26,750 units, required for residents earning less than 80% of the area median income. The crisis is exacerbated by high construction costs, limited land availability, and regulatory hurdles, which together have driven up housing prices and made homeownership increasingly unattainable for many residents. The report also notes a particular shortage of affordable rental units, contributing to a rise in homelessness and forcing many to leave the state in search of more affordable living conditions.

Read the Full KITV Article at:
[ https://www.kitv.com/news/business/hawaii-remains-in-a-severe-housing-crisis-new-report-says/article_1d3975cf-ca52-419a-8b15-1d89a5460630.html ]