“Renting to tourists 12 times a year in our neighborhoods is unacceptable!”
Our residential neighborhoods are being bought out by mainland investors who are able to out-bid local families because they are running mini-hotels. The new vacation rental business model is to rent 12 times a year (1x a month) to tourists.
Bill 41 will stop this loophole by requiring all residentially zoned properties to be rented for a minimum of three months (90 days). The 3 month minimum will make renting to tourists unprofitable since most vacation rental tourists stay only 14-30 days.
Oahu is facing a housing crisis. Not only is there a shortage of homes for local families, but the cost of residential-zoned homes and long-term rentals is simply unaffordable for most residents.
Vacation rentals in Residential zones increase the number of tourists who visit Oahu to unsustainable levels and promote tourism sprawl.
