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Some might wonder why the Hawaii Community Development Authority nixed Howard Hughes Corp.’s proposal to build 375 rental apartments in its planned 424-unit tower in Kakaako called 988 Halekauwila.
Those rentals, initially proposed as condo units, would have been reserved for those earning not more than 100 percent of area median income ($60,580 for one person, $86,900 for family of four).
But on closer review: Those rentals would have stayed moderately priced for 15 years only, not for the HCDA’s hope of 30 years.
No one begrudges the developer’s multimillion-dollar profits being made in the area; condos at its nearby Waiea average $3.7 million each.
But here’s a company that plans up to 4,300 units in 22 towers around Kakaako, and the 375 units at 988 Halekauwila would satisfy about half of its “affordable-housing” requirement for its entire master plan.
In the grand scheme of things, HCDA wants to do more for — and do right by — Hawaii’s working-class residents for the long run.