HomeMy WebLinkAboutCOM 0600.046 2022-2024P / COunci 1
Statement in Support of Bill 104 (draft 6) )I) 711 `{`SIN ''�' N'l € l.1
Aloha County Councilmembers,
I am writing to express my strong support for Bill 104 (draft 6) to create a long-term rental class.
I have a long-term rental condo that I purchased as a favor to the tenant when the unit he was renting
was going through foreclosure. The tenant is employed by the condo complex and is a huge asset to the
community. I did not want him to be displaced so I purchased the unit. I still do not want him to be
displaced. However, he is paying under market rent (but it is not low enough to meet the ridiculously
low threshold for the affordable rental class) because that is all he can afford. With him paying the
maximum rent he can afford, with his wife, two daughters, and granddaughter all living with him, I do
not make enough money to make it worth it. With savings account interest rates at 50/G, I would be
better off selling and putting my money in the bank.
It used to be that landlords could make decent money on rentals. Those days are gone. After paying
high mortgage rates, drastically increased maintenance fees due to the nationwide insurance fiasco, and
high county property taxes, there is zero benefit to being a landlord anymore.
I would love to sell this unit to the tenant if he could qualify. However, even in the best -case scenario,
his monthly payments would exceed his rent by $1,0001
We need more long-term housing. When an owner ciphers the difference between long-term and short-
term renting, there is no difference in the property tax burden and the numbers for short-term renting
usually win. Creating a long-term rental tax -class that can keep taxes at a moderate level will allow more
landlords to make the choice for long-term instead to create more long-term housing units, while also
allowing existing landlords to continue renting rather than giving their tenants notice and selling.
I would like to see a change to proposed section 4(k)(3) to prevent the long-term rental class from
removing the homeowner tax class for owners who rent portions of their home, and I would like to see
section 4(k)(4) written as a percentage of median value per district so that the cap can fluctuate with
time and district. Besides those two suggestions, I fully support Bill 104 and I strongly encourage the
Council to create a long-term rental tax class.
Sincerely,
ky-a D-I-onson
Kyra Bronson
808-238-6194
Comm. No. Ot 4
Ref. To:
Ref, Date 2 4