New rules to make sure affordable housing units in Kakaako stay affordable and remain available to those who really need them.
From this point forward new affordable reserved housing units in Kakaako will now include a 10-year restriction on re-sales.
That means you have to live in a unit for at least 10 years before selling it.
Officials say this is to help stop people from flipping their units which means buying them for cheap and turning them around as soon as they can to make money.
“It’s not retroactive on anybody who already owns a unit,” said Garett Kamemoto of the HCDA. “It’s kind of unfair if you bought under a certain set of promises and the promises change.”
The new rules do not apply to any current housing, or housing projects that have already secured permits.