The workforce housing program is different. ![]() Most of the developments are required to set aside at least 20 percent of units - known as reserved housing - for people earning moderate incomes. The urban area abutting downtown Honolulu has been gentrifying rapidly, aided by a state redevelopment agency that has permitted hundreds of luxury units. The notion of reselling workforce housing units - and whether the profits should be shared with the state - is at the crux of an ongoing debate over a state proposal to change the affordable housing rules in Kakaako. It’s unclear exactly how many units qualified because neither the state nor the developer kept track after the first two months. Seven of those resales, including the one by Kakaako Condo, involve units on a state list that were supposed to fulfill the project’s “workforce housing” quota. One of two towers that make up the 801 South Street condominium development, a workforce housing project in Kakaako. ![]() On average, sellers have made more than $109,000, cashing in on the shortage of units and high demand for housing. Two dozen units at 801 South Street Tower A have been resold over the past two years, and five more are on the market, according to data from Locations, a Hawaii real estate firm. The project permit only required the state to offer the unit to moderate-income buyers for the first 60 days on the market. ![]() The sale would be unremarkable except the unit was identified as “workforce housing” on state records, meaning it was expected to be owned by an individual or family with a moderate income to help ease Honolulu’s housing crisis.ĭerek Lock, project manager for the development 801 South Street, said the original income-qualified buyer fell through before Kakaako Condo acquired the unit. Kakaako Condo turned a profit of $46,592 when the company sold a high-rise unit after owning it for just a year.
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