$11.3B Loss: Elimination of TVRs Would Drive Hawaii into Economic Depression
KAHULUI – Today, the Travel Technology Association and Hawaii economic consultant Kloninger & Sims released a study on the economic and fiscal impacts of the short-term rental market in Maui County and across the state.
According to the report, under Mayor Richard Bissen’s proposal to phase out approximately 7,000 short-term rentals on the Minatoya list, Maui County could lose up to $91.8 million in annual tax revenue and up to $280.9 million in total tax losses if all short-term rentals are discontinued in the county. If other counties followed suit and phased out short-term rentals, the State could lose as much as $554 million in annual tax revenue.
