HomeMy WebLinkAboutCOM 0600.051 2022-2024/ '(
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From: Debbie H
Sent: Tuesday, September 3, 2024 6:35 AM
To: Council Testimony; Kimball, Heather, Kagivvada, Jennifer; Michelle Ga|irnba; Lee Loy,
Sue; Inaba, Ho|eka; Kierkievvicz, Ashley; Evans, Cynthia F.VV.; Kanea|ii-K|einfe|der, Matt;
ViUegas, Rebecca
Subject: FULL support Bill 104 Oraft6- please vote
Aloha Council nnernb8[S!
M8h8ko for 8Uthat you do for our island oonnnOUOhv.
| am in fU0 auppOrtof Bill 104' DrmftG. If you want to keep arnaii investors renting apartments, long term
on year's teases, the best way to heip into form o new class of property tax and help these owners with
reduced property taxes, otherwise we cannot continue to provide this service.
AS3small. investor }8nnmperfect example ofwhat iahappening. I have several. 2bedroom, 2 bath
apartments that | rent Onyear's teases. | try tokeep the rents below market tohelp iS\8Ddfamilies,
encourage them to stay long-term and only rent on year's teases, no short term rentats.
I have had to ask for the biggest rent increase ever, because of the huge increase in insurance costs and
property taxes. In the last 6 months all of my apartment's condo fees have increased by $250. per month
(or $3,000 per year) because the insurance for the condo association, to insure the entire complex,
increased bv3OO96. | paid $4'324inproperty taxes iOAugust of2O23, | paid $5,824 iDAugust Of
2O24.That iaenincrease of$1,5OOper year.
Add the increased HOA insurance fees to the increased property taxes and the total increase is $4,500
p8[ynnr. This brings my cash f tow down to close to zero which is my income besides social
security. With management and repairs this investment no longer pays me an income to feed my
fmnnik/. Small business owners may have toset[ and put their money into aCD.
You can significantly increase the abitity for "mom and pop" property owners, who rent longterm to stay
in business, by creating anew designation for tong term rental properties and reducing property
taxes. The next step is to set the taxes at a reasonable rate for tong term rentals, possibly close to the
residential rate,,because that's what is being provided- residences for residents.
M8h8k}-
DebbigHaoht
_
Debbie Hecht
/808\989-3222