Why Isn’t Affordable Housing In Kakaako More Affordable?…. The trendy Honolulu neighborhood is a designated special “community development district.” But critics say it has done little to ease the island’s affordable housing crisis.
When the Howard Hughes Corp.’s newest luxury condo tower, Victoria Place, opens in 2024, the building will have a private infinity pool, spa, rooftop garden, guest suites, wine room and 24-hour valet service.
All starting “from the low $1,000,000s” for a studio.
But there’s one thing Victoria Place won’t have: any affordably priced units in the building. In fact, the developer has said it might not build any affordable units at all — even off site — but instead might simply pay a “cash in lieu fee,” according to its most recent quarterly report filed with the Securities and Exchange Commission.
While it might not be surprising that Howard Hughes doesn’t plan to offer cheap homes for the masses at its poshest property, one thing is apparent: it’s not exactly what the Hawaii Legislature had in mind when it carved out Kakaako as a special district more than four decades ago.
