HI SR204

Urges the City and County of Honolulu and the counties of Hawaii, Kauai, and Maui to implement an empty homes tax similar to Vancouver, British Columbia's vacancy tax to address affordable housing shortages

Notes that approximately 25% of housing in Hawaii is owned by non-residents and that low property taxes (approximately 0.28%) have encouraged real estate investment by out-of-state investors

Cites Vancouver's empty homes tax results: 36% of vacant properties in 2019 were converted to occupied in 2020, a 26% reduction in vacant properties from 2017-2020, and $86.6 million generated for affordable housing initiatives between 2017-2020

Specifies that an empty homes tax should not apply to principal residences, properties with exemptions, or homes rented for at least six months per year

Directs transmission of certified copies of the resolution to the Mayor and Council Chair of the City and County of Honolulu and the Mayors and Council Chairs of Hawaii, Kauai, and Maui counties