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Even the experts where saying how do you control greed in reference to housing costs? Further that real estate in Oahu is an foriegners game. The ideal of supply and demand has been a crutch to keep the housing thrend the same IMHO. There is a demand for moderate and low income housing on Oahu but no supply because its not profitable enough. Anotherwords supply and demand has been controlled or the market controlled. The solution is society, things will change when our value systems change as a whole.
Why doesn't Hawaii build social housing for the lower-income people like Singapore does? To pay for it, they could tax the foreigners to the moon (and they'd still pay it, because they can). To keep the newcomers from taking advantage of this cheap social housing, they could have long-term residency requirements, which would of course favor those who grew up in Hawaii as opposed to people moving over from the mainland on a lark.
I just find it odd that Hawaii is such a "blue" state but with massively "red" state results.
They just need to find a way to inflict pain on the foreigners and the rich who can just as easily live somewhere else, and let the long-term residents of Hawaii enjoy the standard of living they're entitled to, like the rest of us here in the US.
One thing I've always pondered about Hawaii, is what happens if the all the lower and middle-income people decide to pull up stakes and move to the mainland, leaving the rich to have the islands to themselves? Would it be a paradise for the rich, or would they suffer due to the lack of teachers, service personnel and other low-income workers? It sure would be interesting to find out how things would play out if something like this really did happen.
To pay for it, they could tax the foreigners to the moon (and they'd still pay it, because they can). To keep the newcomers from taking advantage of this cheap social housing, they could have long-term residency requirements, which would of course favor those who grew up in Hawaii as opposed to people moving over from the mainland on a lark.
They just need to find a way to inflict pain on the foreigners and the rich who can just as easily live somewhere else, and let the long-term residents of Hawaii enjoy the standard of living they're entitled to, like the rest of us here in the US.
Hawaii has the highest state income taxes in the nation. Again, highest.
Who are these "foreigners" you are referring to? Immigrants? Most come from the Philippines who have been moving to Hawaii - I don't exactly think they have a lot of money to "tax to the moon".
Although having been to places like, lets say Georgia, I think most in Hawaii would take the standard of living here than there - because well, you'd be in Georgia.
Hawaii has the highest state income taxes in the nation. Again, highest.
Are you sure about that? The highest income tax rate in Hawaiʻi is currently 11.0%, while the highest income tax rate in California is 12.3%. The lowest income tax rate in Hawaiʻi starts at 1.4%, while the lowest income tax rate in at least 25 states is higher than 1.4%. Here's a link to a PDF by the Federation of Tax Administrators that shows the individual income tax rates by state… http://www.taxadmin.org/FTA/rate/ind_inc.pdf
Location: Southernmost tip of the southernmost island in the southernmost state
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Originally Posted by Jonah K
Are you sure about that? The highest income tax rate in Hawaiʻi is currently 11.0%, while the highest income tax rate in California is 12.3%. The lowest income tax rate in Hawaiʻi starts at 1.4%, while the lowest income tax rate in at least 25 states is higher than 1.4%. Here's a link to a PDF by the Federation of Tax Administrators that shows the individual income tax rates by state… http://www.taxadmin.org/FTA/rate/ind_inc.pdf
Having just finished my taxes claiming half a year each in Hawaii and California, I agree, I'll take Hawaii's taxation rates.
Let me clarify as bankrate.com led me astray - the highest income tax rate in Hawaii starts at only $200,000, so pretty easy to get there - as opposed to California you are still at 9.3% up to $250K and the top rate doesn't hit until $519,000
But unfortunately wages haven't kept up with the cost of living, especially honolulu. Unless you have an union job or executive job.
Unfortunately, wages are only part of the story.
A better indicator in my opinion, is how much money do have - not so much, how much do you make.
The median for household net worth in Hawaii is about $200,000 - second only to Vermont. Think about it, half of all households in the entire state have net worth of at least $200,000
I listened to the entire video and didn't hear any real solutions offered that would result in lowering the cost of housing or the cost of living. Everyone can see the issues when they go to buy groceries or go to buy / rent a house. But nothing suggested that would have an immediately and meaningful impact.
Unfortunately the island has global demand and that skews local markets. It is not an issue that can be solved on the supply side, it can only be controlled by diminishing the demand side. Oahu is a small island. It can only support so much. If government can't control demand and population growth pressure, then the markets eventually will with ever increasing cost of living.
Given the unique circumstances of an island, the government needs to decide what the islands capacity is in terms of people, food and water and take some unique steps to set limits based on the islands ability to sustain itself.
I'm watching the linked video right now - most of the panel seems kind of weak.
The program did prompt me to do a bit of searching about UH and yeah it does seem to have climbed in the rankings since I last checked <cough> decades ago.
Thanks to nerdlette for this thread and I'll be watching some of the other videos at the PBS Hawaii page.
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