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In a 2024 State of Hawaii Housing Study, it concluded that 64 percent of the affordable homes are needed for those earning less than $100,000 per year.
The Rise Bonds require that infrastructure for homes built with these bonds need to be paid back to the county with the future property taxes from the homes built on this infrastructure.
Most affordable homes need to have tax credits or government grants to lower the cost of homes for these folks. They are the majority of those who work in our tourist industry and small businesses.
I do not see Rise Bonds being used for folks earning lower incomes because they could never generate the property taxes to pay off the bonds.
In other words, Rise Bonds will be used for homes of those earning above $100,000.
If we depend on Rise bonds to build homes for the majority of our people, we will again not build homes for those who need them the most.
I am voting no on the Rise Bonds.
Stan Franco
Ha'ikū