HomeMy WebLinkAboutCOM 0675.019 2022-2024 Sent: Monday, January 22, 2024 12:37 PM
To: Jessica Carter
Cc: Council Testimony
Subject: RE: Council meeting 1/23/24 @ 1PM, written testimony for TAR
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From:Jessica Carter
Sent: Monday,January 22, 2024 12:37 PM
Subject:Council meeting 1/23/24 @ 1PM,written testimony for TAR
Aloha,
Putting restrictions on hosted rentals will exacerbate the already unaffordable housing problem on the island.
Particularly operator hosted rentals. Situations change especially with economic conditions such as the high
inflation we have been faced with. One may have purchased a home at a time when values were high and
have to leave the island and wish to have an operator hosted rental where a portion is rented to a full time
manager and the rent is supplemented by short term operator hosted rentals, currently acceptable. However,
by making this not possible where not in resort zoning you are limiting the homeowners ability to pay their
mortgage. Current long term rents are not substantial enough to cover a mortgage on a home
purchased within the last 11/2 years when values nearly doubled and interest rates soured. Current values
are less than 1 1/2 years ago, limiting the homeowners ability to sell the property should they be forced to
should the TAR go into effect. You say they can be grandfathered in?That leaves homeowners scrambling to
hurry up and create an operator hosted rental before this passes and is problematic.This isn't going to fix a
housing crisis but create one. As we know from 2007-2011 when homeowners cannot pay their mortgage, we
have a foreclosure crisis.This is not how we want to make homes affordable- by homeowners having to walk
away from them and banks selling them for a lesser value.This results in blight and the deterioration of
neighborhoods. On top of this, asking homeowners to pay exorbitant fees to register a TAR whether owner or
operator hosted and possibly pay more for permitting paperwork and construction costs in an already inflated
economy with less disposable income puts further strain and stress on homeowners. In many situations, short
term rentals weren't created to make high profits but to supplement income and absorb the high housing
costs. Everything costs more including the cleaners who clean these and the transient taxes impgs- b he
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county cutting into the bottom line of the short term rental profits and you want even more money. It's too
late for affordable housing. We must deal with what is in front of us. When a homeowner bought a home
under the premise that they could do an operator hosted rental, do not take that away from them.This goes
the same for 30-180 days unhosted rentals.
Thank you
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