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Rich housing risks easing out locals


POSTED: 01:30 a.m. HST, Dec 19, 2013

~~<p>It was more than a touch ironic that the kamaaina real-estate developers who are building a second opulent condominium complex at Ala Moana Center announced the same week that their retail arm is shutting down all eight Price Busters stores elsewhere on Oahu, throwing nearly 200 people out of work after the holidays. Clearly, the profits are in luxury goods, not discount ones.</p>
<p>That's not a surprise, of course, in our glittering city at the crossroads of the Pacific. But the juxtaposition did give us pause, and cause to wonder anew: As Waikiki seemingly blends into Kakaako, what's in it for middle-class people who live on this island &mdash; as opposed to wealthy investors buying second or even third homes &mdash; not to mention those Oahu residents even farther down the economic ladder?</p>
~~

It was more than a touch ironic that the kamaaina real-estate developers who are building a second opulent condominium complex at Ala Moana Center announced the same week that their retail arm is shutting down all eight Price Busters stores elsewhere on Oahu, throwing nearly 200 people out of work after the holidays. Clearly, the profits are in luxury goods, not discount ones.

That's not a surprise, of course, in our glittering city at the crossroads of the Pacific. But the juxtaposition did give us pause, and cause to wonder anew: As Waikiki seemingly blends into Kakaako, what's in it for middle-class people who live on this island — as opposed to wealthy investors buying second or even third homes — not to mention those Oahu residents even farther down the economic ladder? Login for more...



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