In Hawai‘i, we have too many short-term rentals owned by too many individuals who live on the mainland. There are tens of thousands of housing units across the state that should not be short-term rentals, they should be homes for our people.
Short-term rentals make on average four times what they would if the property were rented long-term to a local family — and 52 percent of these short-term rentals in Hawai‘i are owned by non-state residents, with 27 percent owning 20 units or more.
Currently, an estimated 75,000 of the 89,000 units in Hawai‘i’s short-term rental market are ‘not legal’ according to our existing laws. So last year, after listening to community activists like Lahaina Strong on Maui, we passed legislation empowering the counties to reform short term rentals, returning thousands of housing units to the local market, increasing supply and bringing down prices.
In just two years, we have made significant progress on housing, but there is still more work to do to meet our pressing needs. We will remain committed to creating more affordable housing for Hawai‘i’s nurses, teachers, firefighters, and all the working families across our state.
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I signed into law — the largest income tax cut for Hawai‘i families in our state’s history. This tax cut will take effect in steps over the next seven years, providing an estimated $5.6 billion in total savings to our people. It will reduce taxes from between 10 to 71 percent for working families, depending on household income — moving Hawai‘i from having the second-highest, to the fourth-lowest tax burden in the country. A family of four making the median household income of $88,000 in Hawai‘i will see its take-home pay increase by more than $3,600 by 2031 when the tax reform has been fully implemented. These tax cuts are already going into effect now, and by 2031 the number of Hawai‘i households that will pay zero state income tax will rise from 25 to 40 percent — keeping more money in people’s pockets, and stimulating statewide economic growth.
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The state of Hawai‘i is strong. By uniting as one ‘ohana, we have weathered incredible hardships and made meaningful progress on critical challenges—from affordability to housing, homelessness to health care, and to Maui’s recovery. These challenges demand bold action and unwavering commitment, and together, we are proving that no obstacle is too great when we stand with purpose and compassion.
Hawai‘i’s best days are ahead of us, and I am committed to building a brighter future where every family can thrive in the place we all call home.
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