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Surely, after so many units built 3,, including those under construction , we should be seeing some relief by now. Instead, rents are up and housing prices are setting records every month. But, in , the number of units completed sank to a low not seen since ; the state granted just permits in , also a low. One effect of the shortage is predictable: The price of housing keeps going up and is staying up.
Rentals, too, shot up more than 10 percent over the past two years. It may be hard on real estate developers when it pops, but the end of a bubble is usually a good thing for renters or buyers. But the moment we are in today seems different from, say, the s or People in the know seem to be saying that the bubble will continue, but the construction of new units will end. Costs are in a bubble, too. Downtown Capital specializes in workforce housing, not luxury units.
Especially the luxury market. These things go in cycles. Sometimes you go five, 10 years without anybody building. It all comes to a close in F uture historians may note Jan. But when buyers rushed in to grab 40 percent of its units in the month of May, the local condo market seemed certified golden for the next decade, with plans for up to 20 new high-rise towers on the books of major players like Howard Hughes and Kamehameha Schools.
By the time all condos closed on a single day in , a development dash was on. But the HCDA is an authority, not a democracy, and developers carried the day again and again. Various rationales were offered: The luxury condos would be offset by 20 percent affordable housing; millennials prefer cozier urban environments where they can skateboard to work.
North Shore activists cried foul. Locations executive vice president Scott Higashi had signaled concern nearly three months earlier: The boom was over. And yet Stephany Sofos was still seeing a boom. What the heck was going on? A tale of two markets, it seems. And, possibly, a core problem: Edit Module Show Tags.
Best of Honolulu Honoring the Life and Legacy of the Late U. Life at the Smallest Park in Our City. Neighborhood of the Month: Edit Module Show Tags Advertisement.
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