Posted at 12:46 p.m., Thursday, March 3, 2005
Study cites lack of affordable housing in resort areas
Advertiser Staff
Four Hawai'i communities rank among the top 50 U.S. tourist destinations for lack of affordable housing.Ka'anapali, Maui, was the highest among Hawai'i communities, ranking 16th nationwide. Wailea, Maui, was 18th; Po'ipu, Kaua'i, was 17th, and Keauhou on the Big Island was 40th.
The rankings, published by The Wyndham Financial Group, are based on a formula that weighs local housing prices, rents and incomes.
"This is a dangerous situation," said William Hettinger, Wyndham president and chief executive officer.
"Skyrocketing prices of second homes drive up all housing costs, forcing year-round residents to move. Local businesses can't find or keep workers as rents become unaffordable," he said.
