HONOLULU (KHON2) — The Honolulu City Council is introducing several measures to enhance housing affordability.
A key proposal is a 3 percent “Empty Homes Tax,” aimed at addressing the housing shortage by encouraging homeowners to rent or sell their vacant homes to locals and raise funds for affordable housing and homelessness solutions.
This tax would not affect homes occupied by long-term residents.
The 2020 census revealed a 9 percent housing vacancy rate, with over 34,000 homes unoccupied.
Additionally, another measure will offer tax break for homeowners who rent out their properties for 10 years or more. Another will allow homeowners to who fall behind on property taxes to settle their debts in four separate payments.
These proposals will be reviewed by the full council on Wednesday.