STAND. COM. REP. NO. 2213

Honolulu, Hawaii

RE: S.B. No. 3281

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Housing, to which was referred S.B. No. 3281 entitled:

"A BILL FOR AN ACT RELATING TO CONDOMINIUMS,"

begs leave to report as follows:

The purpose and intent of this measure is to increase the minimum number of residential units in a condominium project that must be offered for sale to prospective owner-occupants in the thirty-day period following the initial date of sale of the condominium from fifty percent to ninety percent.

Your Committee received no testimony on this measure.

Your Committee finds that Hawaii faces a homeownership crisis. Many in the State are unable to afford the high cost of homeownership in Hawaii, which is driven by speculation in the real estate market. This measure will increase the availability of housing by requiring a higher percentage of residential units to be offered for sale to owner-occupants.

As affirmed by the record of votes of the members of your Committee on Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 3281 and recommends that it pass Second Reading and be referred to your Committee on Commerce and Consumer Protection.

Respectfully submitted on behalf of the members of the Committee on Housing,

________________________________

STANLEY CHANG, Chair