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Council advances change to property‑dedication program to encourage longer‑term rentals, with administration urging caution
Summary
Bill 63 (CD1) would expand the property dedication program for residential owners to five‑year rental dedications and raise the AMI threshold to 100% to attract participants; BFS recommended starting at 100% AMI and keeping a five‑year dedication window to preserve revenue and program stability, while Realtors warned five years and rollback penalties may deter owner participation.
Councilmember Kia‘aina presented Bill 63 (CD1) on Jan. 13 to update Honolulu’s property‑dedication program intended to increase rental housing supply by offering a residential tax rate for properties dedicated to long‑term rental. The measure would allow five‑year dedications and set eligibility at households earning up to 100% of area median income (AMI), replacing the…
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