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A recent article reported that the affordably priced units at a new development, the Sky Ala Moana, have not sold, while all of the market-priced units have sold out (“Hawaii affordable housing demand is sky high, but not at one tower,” Star-Advertiser, Aug. 6).
The developer believes that the primary reason for the lack of interest is the requirement that the units remain at the affordable price for 30 years.
The developer negotiated and agreed to the 30-year term, after having already received concessions in exchange for lowering the number of affordable units to only 84 out of 774 total units.
The Honolulu workforce really needs for the units to remain affordable in perpetuity, but 30 years will have to do in this case. Let’s hope that the city stands up for what is right. The affordable units have not sold because the price the developer has set is too high for the affordable package being offered. Pure and simple, the developer needs to lower the price to what buyers are willing to pay.
Doug Tonokawa
Kailua
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