HI SB3335

Imposes perpetual deed restrictions on housing developed with government funds or assistance to maintain affordability at the original area median income (AMI) level for all future sales

Eliminates the previous 10-year time limit after which owners could sell at market rate, replacing it with permanent price controls tied to AMI levels

Removes provisions allowing sellers to receive appreciation-based returns, limiting resale prices to the AMI-adjusted amount plus cost of improvements and amounts owed to the Hawaii Housing Finance and Development Corporation

Requires nonprofit housing trusts that acquire such properties to maintain affordability restrictions in perpetuity rather than "as long as practicable"

Amends HRS sections 201H-47, 201H-49, and 201H-23 to create a separate "local housing market" where prices reflect local wages rather than global buyer resources