RES 556 Draft 01 2022-2024 - Laserfiche WebLink

Home

WHEREAS, it is important to assess the validity of this assumption and understand the actual likelihood of existing vacation rentals being converted into long-term housing; and WHEREAS, an economic and fiscal impacts study would provide valuable insights and data to inform additional policy decisions and regulatory measures for transient accommodation rentals in Hawaii County that work for residents, taxpayers, transient accommodation rental hosts, and visitors alike; now, therefore, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAI`I that the Department of Research and Development is hereby requested to engage an economist to conduct a comprehensive study on the economic and fiscal impacts of the transient accommodation rental industry in Hawaii County. BE IT FURTHER RESOLVED that this study shall assess and analyze: • The daily data on AirDNA, a third -party data and analytics firm, relating to the transient accommodation rental listings in Hawaii County, including types of available rentals, occupancy rates, pricing, geographic distribution, market value of the land/building, proximity of the owner, number of structures, and other key metrics; • The direct and indirect economic contributions of the transient accommodation rental industry to Hawai` i County's economy; • The impact of transient accommodation rentals on housing availability and affordability for residents of Hawaii County; and + The potential and feasibility for transient accommodation rental units to be converted into long-term housing units. BE IT FURTHER RESOLVED that the study shall include engagement with relevant stakeholders, including transient accommodation rental hosts, local businesses, housing advocates, and industry representatives, to gather input and ensure a comprehensive analysis.