The fires that broke out on Maui last week have exacerbated Hawaii’s housing crisis as more than 3,000 buildings in Lahaina were damaged or destroyed, leaving many wondering if homeowners can afford to rebuild
as well as families that have been there for decades, concerns are rising that the state could become the latest example of"climate gentrification," when it becomes harder for local people to afford housing in safer areas after a climate-amped disaster.
Thompson predicted potential developers and investors will research who has mortgages and said Maui residents should expect cold calls. “You won’t be able to go to a grocery store without a flyer attached to your car,” she said.his state attorney general will draft a moratorium on the sale of damaged properties in Lahaina, to protect local landowners from being"victimized" by opportunistic buyers as Maui rebuilds.
Justin Tyndall, an assistant professor at the University of Hawaii Economic Research Organization, explained that Hawaii is the most expensive state to rent or own a home in the U.S. “by a considerable margin” with a median price single family home on Maui exceeding $1 million. “Even in the condominium market on Maui, the median price is close to $900,000, so there’s really no affordable options throughout all out of the state,” he explained.
Tyndall said the Native Hawaiian community has been hit the hardest by the housing crisis and there has been a “huge exodus” due to this lack of affordable housing. With wildfires, areas that don't burn become more desirable, changing cost of living considerably. The, was an example of this as people moved down into the Central Valley to Chico where there is far less risk of wildfire, Keenan added.
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