Crisis Across Maui Nui: Why the Plan to Create 5,000 Affordable Homes Is Both Far Too Few and Far Too Slow
These days the news is a rough place for the hopeful residents of Maui County looking for an opportunity to become homeowners.
A recent report update on the Maui County Comprehensive Affordable Housing Plan of 2021 (and as reported via Maui Now) detailed that the county is around 3,000 homes shy of the five-year goal of 5,000 affordable units as of this writing in March 2023. According to Jeff Gilbreath, one of our friends at Hawai’ian Community Assets, it would take a whopping 15 years to meet this goal at the current pace, a disheartening number for countless residents across the islands hoping for a reprieve. While funding for the program has increased over the past few years, regulatory hurdles and zoning reforms have been slow to follow, creating a massive jam-up in the process to bring relief to the working families of Maui Nui.
Furthermore, the statistics for the first two months of 2023 have been released by the REALTORS® Association of Maui, which have shown not only the continuation of million-dollar medians for single-family homes but also a new record-high median for condo units as well, with February’s tally reaching over $900,000, far above what the typical working family can afford to pay. In addition, a recent report released by the state’s Department of Business, Economic Development & Tourism (Hawai’i Vacation Rental Performance Report) showed that Maui County had the largest vacation rental supply in all of the Aloha State, which is sadly no surprise for potential buyers left out in the proverbial cold by rising interest rates, an ultra-competitive marketplace dominated by out-of-state investors, and ongoing budgetary constraints due to inflation.
And while the county’s 5,000-unit plan is an excellent start, it’s fair to question whether or not this would even be enough to meet the current need for our island kama’aina. So many of our neighbors, friends, and ‘ohana have long been awaiting an opportunity to become homeowners, battling a slow-moving system and rampant inequalities at every turn.
Thankfully, Alaula is committed to meet the housing needs of working families throughout Maui Nui, and is very excited to continue pressing forward on Kuihaki Village, our next 100% workforce housing neighborhood. Guided by the principles of smart growth and aloha to the ‘aina, this infill, multi-use neighborhood will become part of the vibrant solution to provide high-quality housing options to our citizens, fresh off the success of Hale Kaiola, our first workforce housing neighborhood in North Kihei.
Stay tuned for more news in the coming months, and don’t forget to sign up with our partners to learn more about the process of homeownership with all the free resources they provide.
You know what they say—if you want to go fast, go alone. If you want to go far, go together. Alaula is proud to provide housing opportunities to our fellow island residents, and we’re so excited to have you along for the ride here in 2023. Aloha!