HI SB2061

Requires at least 60% of residential condominium units within Hawaii Community Development Authority urban redevelopment sites to be set aside for owner-occupied residential use for a minimum of 10 years from the initial purchase date.

Removes the restriction prohibiting owners from owning other real property while owning a unit in an urban redevelopment site, allowing owners to hold additional real estate.

Allows owners to rent or sublease residential condominium units that are not part of the 60% owner-occupied set-aside, expanding permissible uses under "owner-occupied residential use."

Permits up to 40% of units to be sold to qualified Hawaii residents if units remain unsold after being offered for owner-occupied purchase for 60 days.

Requires prevailing wages for laborers and mechanics on construction projects for residential condominium units within urban redevelopment sites, with an effective date of July 1, 2050.