Honolulu Empty Homes Tax Proposal Advances
A plan to increase taxes on empty homes in Oahu advanced after a Honolulu City Council committee approved it for the budget committee. Bill 46 proposes an empty homes tax starting at 1% of the home’s value, rising to 3%. Supporters believe the tax will discourage property speculation and address the housing affordability crisis by pushing owners to sell or rent unused homes.
Revenue from the tax could reach $180 million, with some directed toward affordable housing. However, enforcement and fund allocation remain unresolved issues. The bill still needs approval from the budget committee and full council.