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COUNTY OF HAWAII <br />STATE OF HAWAI`I <br />RESOLUTION NO. SSG 24 <br />A RESOLUTION REQUESTING THE DEPARTMENT OF RESEARCH AND <br />DEVELOPMENT TO PROCURE A COMPREHENSIVE STUDY ON THE ECONOMIC <br />AND FISCAL IMPACTS OF THE TRANSIENT ACCOMMODATION RENTAL <br />INDUSTRY IN HAWAI`I COUNTY. <br />WHEREAS, over the years, Hawai`i's tourism industry has evolved with the onset of <br />hosting and booking apps, expanding the variety of available accommodations to meet diverse <br />traveler needs and price points; and <br />WHEREAS, transient accommodation rentals provide an opportunity for residents to <br />become entrepreneurs by leveraging their properties to generate additional income, which can be <br />used to support their families, invest in their homes, and contribute to the local economy; and <br />WHEREAS, Kloninger & Sims Consulting LLC prepared a report dated June 12, 2024, <br />for The Travel Technology Association titled State of Hawai `i and Maui Economic and Fiscal <br />Impacts of the Short -Term Rental Industry, which states that in 2023, 43.7% of all visitors to <br />Hawaii Island stayed in transient accommodation rentals, contributing an estimated $1.3 billion <br />to the local economy, resulting in more than $17.7 million in transient accommodations tax <br />revenue and more than $7.1 million in general excise tax revenue; and <br />WHEREAS, there is a need to understand the broader economic and fiscal impacts of <br />transient accommodation rentals in Hawaii County, including potential impacts on tax revenue, <br />employment, economic activity, housing affordability, neighborhood character, infrastructure, <br />public services, and local businesses; and <br />WHEREAS, there is a belief that existing transient accommodation rentals, if phased out <br />or restricted, will be converted to long-term housing units, thereby increasing the availability of <br />housing for residents and potentially alleviating housing affordability issues; and <br />