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From: Nancy Pheatt <br />To: LPCtestimonv <br />Subject: Economic Impact Study of Bill 121 <br />Date: Friday, May 17, 2024 11:41:07 AM <br />May 17, 2024 <br />Dear Chairwoman Barbara Defranco, <br />We urge the Leeward Planning Commission to recommend against Bill 121 because no <br />economic impact study has been completed. <br />The economic impact study we are proposing would answer, at a minimum, the following <br />questions regarding Bill 121: <br />• How many people will be forced to sell their homes and move because they can no <br />longer afford their homes, absent short-term rental income? <br />• How many homes that can no longer be used as short-term rentals will actually be <br />offered as long-term rentals? Will these be affordable long-term rentals? <br />• How much TAT and GE revenue will the County lose? <br />• What will be the impact on tourism if short-term rentals are no longer available? <br />• What will be the impact of redefining "transcient accommodation" as less that 180 days, <br />instead of less than 30 days, as presently defined? What will happen to renters when <br />they can no longer convert to month-to-month renting at the end of a long-term lease? <br />We urge that the University of Hawaii issue an RFP (Request for Proposal) to solicit research <br />groups to conduct this scientific economic impact study of Bill 121. An advisory committee to <br />the University should be established to review the draft RFP and the RFP responses, as well as <br />select the awardee. The cost of the study could be covered by TAT revenue. <br />Thank you. <br />Mark and Nancy Pheatt <br />75-5919A1ii Dr #N23 <br />Kailua-Kona, HI 96740 <br />916-768-6246 <br />916-529-5294 <br />npheatt@hotmail.com <br />