Rich real-estate speculators can afford to help educate keiki

Every year we say education is a priority, but we don’t do enough to improve chronic underfunding of our public schools. As a result, Hawaii’s children are falling behind and schools struggle to prepare students for 21st century jobs.

We need to reinvest in our public schools to make Hawaii more competitive, attracting good-paying jobs and ensuring that our keiki have the skills they need to compete in the worldwide economy.

Thousands of students are regularly taught by uncertified and unqualified long-term substitutes, some of whom lack a college degree. That’s because Hawaii teachers have the lowest pay in the country, factoring in Hawaii’s high cost of living, causing constant turnover and more than 1,000 teacher vacancies each school year. To better educate our students, we must attract and keep quality teachers.

Hawaii is the only state in the country that does not use property taxes to fund its schools. As a result, our state spends the lowest percentage of both state and local revenue toward education in the entire nation.

We need to invest in our schools to give our educators and our students the resources to excel.

The Legislature recently nearly unanimously approved a proposed constitutional amendment to ask voters to decide, in the Nov. 6 general election, whether the state should gain the power to impose a surcharge on residential investment properties to help fund public education.

The Legislature, which would set up the surcharge next year if voters approve the constitutional amendment, does not want this surcharge to apply to owner-occupants. Instead, it is aimed at owners of second or third homes worth $1 million or more.

Several years ago, Trump Towers quickly sold out more than 400 units, with some condos selling for more than $10 million. Many wealthy people use these properties for investments. If these rich out-of-state investors can afford multimillion-dollar properties, they can afford to pay taxes to help educate Hawaii’s children.

Leaders of the House and Senate made it clear that they do not intend to create a surcharge that would affect the average Hawaii resident. Owner-occupants would be exempt, and even those who own second or third homes or condos would only be affected for each property valued over $1 million. We do not want to tax the average homeowner.

The proposed constitutional amendment goes after the speculators who are buying up so much property that it’s driving up the cost of living so people can’t afford to live in Hawaii.

Vote “yes” on the constitutional amendment for two major reasons: it discourages speculators who are driving up the cost of living in Hawaii while investing in the future of our keiki.

Corey Rosenlee is president of the Hawaii State Teachers Association.