This proposed ban is one of the most significant Hawaii regulatory changes we’ve witnessed. It touches on a myriad of potent issues, legal, economic, and social. The changes afoot will in part define the future of Hawaii tourism and more.
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The Governor and Maui’s mayor are unleasing economic disaster. Their ill conceived ban on STR’s is short sighted and will ultimately hurt local Maui residents. Maui residents need to vote the mayor out.
104 units you say? I don’t know where your doom and gloom repercussions fit into That number. Of course the owners of these units are going to squak. We expect that. Nevertheless. We must make what is (and was) wrong, right.
You don’t help your case with hyperbole and division.
Tell the rich and the off islander, if you buy it you must make it your residence and live in it.
For the rich local that lives on island, Rent Control. Don’t let them get richer off the backs of renters.
Mr. Jerry… You need to look around. High prices are everywhere. It is not unique to the islands. Hope everything works out for you all, as your main industry dries up. Aloha🪷
Exactly!
These leaders should be in jail for negligence after the fire. This is just their attempt to save face with promises destined to fail after they get out with hotel money in their pockets. Basic financial and economic literacy, along with the failure of other STR bans to affect affordable housing, make it obvious that this is move for self gain.
I have been waiting for over two years for affordable housing in the state I live in on the mainland.
It is everywhere.
Vote November 4. Otherwise one cannot complain.
I am the president of our AOAO ( Minatoya list prop). Because of insurance costs and repair of our 42 year old development, my monthly dues are now $1953. Add mortgage, insurance and property taxes and you will see that the only way to keep these properties afloat are as STRs or second homes for the rich. They will never pencil out to affordable housing.
Knee jerk reaction to Lahaina fire that will kick Maui residents in the groin in the long run. This is the epitome of cutting your nose off to spite your face. Come up with a better plan or Maui will suffer.
The population of Hawaii is declining, there’s no need for this ridiculous poorly thought out ban which will only make the already overpriced hotel rooms even more expensive.
Most if not All who oppose this ban are 100% garenteed arent even From Here (aka Transplants) and are most likely your typical entitled Caucasian whos only concern is their own self interest….
This is an anti-tourist local who hates so many. I apologize on behalf of the locals who welcome all.
I’m Certain that those people who are accepting of Tourists enjoy the income that they provide. That income is what keeps people employed and food on their tables, the same income that keeps those unemployment and displaced workers checks rolling in, as well as the welfare benefits. Now that Tourism has been self reduced and declining, those benefits will undoubtedly be declining also. Thanks to people that believe as you, which are few but vocal, and mostly due to price gouging, Tourists have chosen not to waste their hard earned money to support Hawaiians. Be proud of helping fellow Hawaiians suffer, that is partially due to You!
You attribute the decline in Hawaii (and especially Maui) to cost. I disagree. Tourism has fallen with the rise of social media (Lahaina Strong) and government announcements (eliminate 7,000 Str) that loudly and clearly tell visitors, ” You’re not wanted!” It’s not just our beaches and mountains people love; it’s also the Aloha Spirit, which is now a whisper from the past.
Aloha Ernie, I vehemently disagree with the premise of your post
I am very surprised and taken back that such racist post against whites was allowed to be posted.
Maui is joining the band wagon of being racist against whites.
I know, cause I experienced and saw it.
Again, BOH why did you let such a racist post be posted?
I am just not smart enough to add my opinion. But I do know that The population explosion will not be ending anytime soon, so individuals better make darn sure they have income before playing house in a house they do not own. Just take a drive from Kaanapali to Napili and you will see the locals that are living in the units along that stretch, squeezing in life, family, their cars, and belongings in tight quarters. Ending STR’s will help, but it is just a band-aid. This is just the start of something new. What needs to be taught, and talked about is Birth Control…. there I said it.
Actually, the fertility rate in the USA dropped to the lowest rate in the history of the country last month. Why? Inflation. If young people can’t afford shelter, food, etc., they stop having children.
There are huge school closures happening across the US, especially in high cost of living areas. Seattle just announced last week 25% of elementary school closures in the entire metro-area, which is huge.
Also, the population of Hawaii has been dropping for years, and that drop has been accelerating more recently due to, again, inflation, and especially absurd shelter inflation.
These million dollar condos with HOA fees of $1500 a month will no way provide additional housing unless people there make 500k a year. With all the exhuberant fees charged for all vacations in Hawaii, the gov should be subidizing housing like DC or San Fran. Frustrated Hawaiians hate on tourism should be transfered to a hate on their government. There’s a lot of money in the system, time to make the government accountable!
Right on Ken!
It’s long past time for citizens to demand that government is accountable in all areas.
Unfortunately, the government has a license to steal from its subjects. Just awful.
Many places trying to manage over-tourism (Tahoe, Amsterdam, Venice) appear to be doing their best to use measured approaches so as not to shock the system. Hawaii’s problem is exacerbated by the Maui fire and the resulting urgent needs and a “big stick” approach. This will not end well … except for the hotels.
There is a shortage of trades people in Hawaii due to lack of housing. The trades people we have are often too busy with short term rental jobs ,making it difficult for a resident to find help
Well, duh? Did anyone really believe that the new law was implemented to help working people? The hotels benefit and the wealthy (the same people who invest in the hotels) benefit. Everyone else is a sucker. Has anyone looked into the “campaign contributions” made to the politicians who voted for this?
Great article with a lot of points that deserve recognition or at least some thought. Let’s hope that Maui politicians reconsider after seeing how many locals are negatively impacted by their actions
Hawaii STR situation is just about to get more complicated and not because of Bill 2919, but because of California AB 537. Those of you who have STR, check with your managing agents how this will affect your bookings staring 7/01/24. Any violation – subject to $10K penalty. STR have multiple fees (cleaning, service, property fees…) – these will have to be included in the rate. The bill states:
“A place of short-term lodging… shall not advertise, display, or offer a room rate, as defined in Section 17561, that does not include all fees or charges required to stay at the short-term lodging except taxes ..”
Because California is number 1 for Hawaii market, this will have an impact. Only in July 486K airline seats are from CA.
Wait, STR owners need to advertise the $600 cleaning fee, $300 administrative fee and $239 property fee?
California, being #1 for Hawaii, is also leading the nation in rising unemployment.
Airbnb hosts have seen their earnings decline for 22 out of the last 24 months:
x.com/rohindhar/status/1792619741473026182
Aloha BOH – Mahalo again for your excellent coverage. The mayor’s assertion “These were originally built for housing, and became short-term rentals …” strikes me as a highly dubious claim. For instance, I’ve been staying in the Wailea and Honokowai-Napili areas for over 4 decades and I’ve never seen a STR complex that seemed designed for permanent residents with ample parking and other facilities typical of apartments or condos. And as others have said, how many residents would be able to afford oceanfront/ocean view units well north of $750K? It would seem that there are 2 separate markets that have been conflated for political expedience – STR vacation units and the lack of housing for permanent residents.
Peter,
I am guessing not a lot of residents could afford that price.
The owners of homes that were destroyed in the fires are being offered $1,500,000 for their homes from the electric company. Only 51 families have taken that offer.
With that amount of money, even after taxes, one could buy something paid in full on Maui.
I’ll tell you what, I have an STR on another island and boy-oh-boy, have I seen a real slowdown in bookings. Like I’m really getting worried as I can’t make my second mortgage payment on this second house without tourists bookings.
Not sure what I am going to do??
That is happening to a lot of people.
It’s all about pivoting. I have clients that have STR’s on the Big Island and they are solidly booked for months and continue to get bookings. Find your niche and step up your game. Putting a property on AirBnB and leaving it on autopilot doesn’t work anymore.
I’m a big STR owner, have been for a few years.
I create lots of jobs. They might not be the best jobs, but they are jobs (cleaners, realtors, property managers). If my STRs go away, so do these jobs, so I am thinking that the STRs need to stay and that these workers that I am paying can just move into affordable housing and everyone will be happy.
There are no negatives for STRs that I can think of.
Also, I am doing this for the Hawaii economy and the Hawaii people.
I didn’t think much about the impact of short term rentals on a community until I experienced a major plumbing problem as a resident homeowner. The plumbing job took one month because plumbers were committed to short term rentals. I need new screen door installation and the trades people are busy with short term rentals.It became clear to me that as a long term senior home owner my household jobs are a low priority compared to short term rentals The Kauai Bus doesn’t run on Sundays due to labor shortage.Yes short rentals provide jobs; but do these jobs help the community?
Of course plumbing and other trade jobs help the community. The thousands of people employed in these jobs are members of and represent a large part of the community.
Resort hotels also create jobs but most of them are relatively low-paying service jobs; how much do those jobs help the community? Perhaps the solution is for more locals to train for the building trades. These far-better paying jobs would reduce the maintenance back-logs and help the local economy.
Aloha, We all have trouble finding tradesman to help us out. When you call for service, they don’t ask if you’re an STR to bump up your priority – we get in line like everyone else. Hotels can afford to keep trades people on staff, but not single owners of a condo.
This issue is totally misdirected.
We have had a legal STR for over 50 years and have employed locals for all our support. They were all valued friends.
Now to abolish legal STRs just puts all those people out of work and will make them move off island, exactly the opposite of the intent of 2919. Move the locals into Wailea or Kaanapali?? Won’t work
How about first abolish the illegal STRs?
I have a multitude of STRs in various states, numerous in Hawaii, in both resort and residential zoning.
I feel strongly that I am a:
1. Job creator,
2. Creator of economic wealth for local economies, and
3. not in any way taking housing for locals.
In my view, there should be many more STRs due to the reasons given above. Clearly, there could be 95% STRs in residential zoning because of the Massive job and economic creation.
Why not make most every home or apartment in residential zoning an STR? It is a huge loss for the state and everyone living in the state to not have as many STRs as possible.
I am assuming this is a joke…I certainly hope so.
Maybe you could explain what you find amusing about Bernards comment, instead of making us guess?
This will end very badly.
How will the units be made affordable? The only answer is by crashing the entire market or government subsidy. But how can they subsidize when they are eliminating a huge % of their tax base?
There is ample case law applicable to newly prohibited land uses, and the standard is a phasing out period, not an instant prohibition. Consequently STRs will be permitted for years even if outlawed.
It may be feasible to outlaw STR over an extended period, but that period will be too long as a short term remedy to housing supply.
It appears everyone understands this except for the promoters. Too bad, because this initiative will extend the misery of the Lahaina victims.
I live on the West side of Maui in an apartment. Joe was my neighbor before he was priced out and moved to Oahu. I work at a condo resort and here is what I do not understand about the plan. An average one bedroom condo listed for our resort is $900,000. A mortgage at 20% down, $180,000.00, and 6.8% interest on 30 year fixed would be about $4,693.00. Then there is Maintenance Fees of maybe $2,280.00, which does not cover electric. I am unsure which of my neighbors can afford about $7,500.00 a month payment on a one bedroom?
Hi Heather!!
Aloha Joe!
Heather, in Kahului there are some nice clean condos for sale for two bedroom at $450,000. It is not like that everywhere on Maui
Tom, I think you are missing the point.
Now additionally assume that the land the condo is on is a leasehold property. Ours is. We pay roughly $2000 per month to a local family for their ownership of the land upon which our unit sits. Adopting Heather’s math means that leasehold properties could cost close to $10,000 per month. Many condos in Hawaii are leasehold. Several properties on the Minatoya list are leaseholds. These properties are certainly not even close to meeting the term “affordable housing”.
I believe that this is going to blow up in the Mayor’s Face, as well as Maui’s balance sheet before all of this becomes settled law. My fervent hope is that the lawsuits include the venerable Governor Green. Regardless of what he thinks he has avoided by authorizing “others” to choose how to proceed, he’s the catalyst of it all. Possibly this will be the wakeup call that the Voters need to elect trustworthy, honest, people across every office large and small. They have all perpetuatd the Lies of Affordable Housing.
I believe the “catalyst for this thing” is Lahaina Strong. They are the ones looking to remove STR so that they can have housing.
At first I was supportive, but when many of them wouldn’t take Free Government Housing in Kihei because it was too far, they kind of lost me.
Yes, I agree. At first, I contributed, but then quickly realized they weren’t satisfied with tens of millions of dollars pouring in; they want a land/property grab. In the words of their spokesman, “we’re going to take it all back, neighborhood by neighborhood.” But as a previous commenter said, you have to be financially literate to see how their plan will fail.
Again, I don’t really understand what is new about this State law promulgating authority to restrict STVRs to the Counties. The BI already regulates them, and from this article it sounds like Maui does too. So, how does this law change anything?
My understanding is the BI actually enforces their STR regulations whereas Maui has been kind of lax on enforcing their STR regulations. I also understand a larger number of residents on the BI are not necessarily in favor of eliminating STRs. I dont know if Maui is doing anything to build affordable housing. Where we stay in Waikoloa Village, they have been building affordable housing, although I am certain more is needed.
No they don’t really. I live here and I am all for STVR’s. Enforcement happens if there is a neighbor complaint or if the STVR is an easy target.
Kim F:
I thought the same about Kauai. Our STR manager explained to me that the county has (or had?) to submit it’s land use/zoning plans to the state for approval every decade or two. For example, Kauai has 5 (I think) so called Visitor Designation Areas (VDAs) that Kauai last vetted with the stated back in the mid-2000s. STR permits from that point forward were only allowed within these VDAs. An exception-compromise (primarily to avoid the litigation expenses and uncertainty) was to “grandfather” existing STRs located outside of the VDAs. This new law apparently gives Kauai more leeway to reduce STRs both inside and outside existing VDAs without seeking new approval from the state. Something like that.
Seeing our family’s favorite condo on the chopping block. As a family of 5, hotels don’t want us unless we book an over-priced suite.
Maui won’t miss us; but, we don’t vacation anywhere unless we can cook some or all of our meals.
The Op Ed stated: “Temporary vacation rentals are the largest single revenue source in the Maui County budget. For fiscal 2024, the TVR property class accounted for $212.5 million of all county income, or 39.9%.”
How do Maui officials propose to make up the lost revenue and/or pay for legal court challenges?
The Op Ed hit the nail on the head…IF the courts uphold this plan, politicos take a W and if the courts decline this plan, politicos take a smaller W and say “They tried.”
Aloha, I recently purchased a STVR on the Big Island. I didn’t know about this ongoing controversy at the time of purchase. We have loved the islands since 1987 and have been coming back almost every year since then. The complex where I purchased was the first place we stayed in Hawaii! I thought purchasing the unit would be a good thing for the local economy and I wanted to have an affordable STVR so that others may come and enjoy the aloha in Hawaii without paying exorbitant hotel prices. Just knowing I have a very small part of this beautiful place makes my wife and I happy. We know we can come back and stay in our own little piece of paradise. Thank you Beat of Hawaii for your ongoing communications regarding this important subject!
Depending where it is, you may be fine. If it is on a rural place, you could run into issues. I live here on BI, I know
Youtube.com/watch?v=6TnpGtq-iE8
Many other countries are solving housing problems. Chile recently had back to back disasters destroying housing. They met the challenge. A few years ago I personally saw so much public housing being built there. We traveled 1000 kilometers and saw many of these projects. We stopped at one that was just winding down. I asked why they were stopping. The answer was, “Everyone that needs a home in this area has one. When more homes are needed we will continue to build.”
Singapore has a similar solution.
The Governor’s solution I believe will create larger problems as many have stated.
The US is an embarrassment when it comes to housing its people.
There are two sides to this story. Young families with children are moving to the mainland because they can no longer afford to live on the islands They are being replaced by wealthy retirees.
Who is going to work in the restaurants, stores and other service businesses? Everyone just wants what benefits themselves.
No one wants to look at the big picture.
They mostly move away for better opportunities. They may return when the kids get older but school systems are terrible and job options are limited.
Exactly. The STR gamblers think that they are “job creators” and “helping the economy”. The only “economy” they care about is their own “economy”.
And it is not just lower income families leaving the islands, or not in-migrating. It is at all levels of the pay-scale, doctors, nurses, engineers, planners, mechanics……….everyone. There are huge shortages everywhere.
If the housing prices available are not commensurate with incomes, people out-migrate and do not in-migrate.
The funny thing is that the retirees that have moved here don’t realize how screwed they are with medical services and everything else, until after they arrive. And it is just getting worse and worse as each month and year passes…
Gee Bill, have you ever considered the fact that High State Taxes have anything at all to do with Professionals exiting Hawaii’s Paradise Lost? Possibly the Fact that necessary Supplies and Equipment might have something to do with it also? These are Real Facts via Exiting Polls taken. Chew on those Facts and see how you address them. Bill, less than 3% have identified cost of housing, or lack of it, as a consideration 🤔
Bill, the local economy I’m referring to are the realtors who sold me the condo, the property management team who take care of the condo, the HOA I pay for the grounds and buildings to be kept up, the local restaurants, bars, tour companies etc. All of these people benefit from me purchasing a STVR. As a business move, it is not the most lucrative, as I have lost money every month and the way tax law works, I can not write off the expenses against any other income.
Hi, Lee,
Of course we need housing for working people and families. The point of this article is that the government should be providing subsidized housing, since few locals can afford market value properties. What isn’t a good idea is to eliminate the STR’s that pay 40% of the county revenue. That money should be building workforce housing, but poor leadership has collected STR property tax, TAT, GET and county TAT and failed to wise it wisely.
Bissen: “these units were originally built for housing, and became short-term rentals”. This is untrue. They were built as vacation homes. Statements such as this cause the media to make incorrect statements themselves, such as:
1) BOH: “Minatoya properties have been operating as STRs for 35 years.” Incorrect – it has actually been 45 years.
2) BOH: “…. seeks to convert these short-term Maui vacation rentals back into long-term housing stock for residents” is misleading. You can’t convert something “back” into something which has never been. These units were build as vacation homes.
There were never any “apartments” in these “apartment-zoned” units. It’s the zoning that needs to be corrected.
The condo that my husband and I live in was originally built as a hotel. The msn and lady that built it also ran it. He is deceased but she tells that she would rent the rooms (condos) out, cleaned them and met the guests. Somewhere along the line they sold the condos to individuals. Our condo complex was never for long term rental, even though some rented long term and others short term.
I put a lot of blame with the county government. We know of a complex that isn’t on the ocean that was long term rentals until just a few years ago. Were they paid off to change to TVR?
I question why they cannot live within their budget. If they do away with STR who will replace the huge shortfalls?
Illegal collusion between the extremely liberal and selfish island council and hotel association to punish and again rip-off those off island owners who fund this welfare state. I mean, an 18% occupancy tax, ridiculous property taxes, and the second highest cost of living in the 50 states? All of those taxes spent on what? Our road in Poipu waited 30 years for repaving. If I sold my condo after 30 years, I would have to pay 60% taxes. Gosh, I don’t feel welcome here even though I and my guests contribute $150,000 per year benefitting the local economy.
Salient points made by Rolf regarding collusion with the hotel lobbyists. Compared with hotel room rates well over $1,000 per night, these privately owned str condos have been the key to making travel to Hawaii “somewhat” affordable, especially for groups and families. This move to appropriate privately owned condos will be met with numerous class action lawsuits which will delay any possible short term benefits for locals. It may be years before most of these properties will be available for long term (6 months plus) rental and most would agree the monthly rents will likely exceed $3,000 for just a 1 bdrm which is Not affordable for most working locals. Additionally, here on Maui, the enforcement of STR operations has been non-existent.
I agree. The local county council on Maui and the State government is corrupt and in the hotel lobby’s pocket. The taxes are punitive to the small people that own short term rentals. Many of us are residents also who depend on the small income after the exorbitant taxes Maui charges. Shame on the local government for their incompetence.
The long term ramifications of this change in usage of TVRs will not only result in costly litigation brought by property owners, but will result in a negative economic impact. Those who have occupied TVRs over the years have spent thousands of dollars on vacation in Maui. TVRs have provided affordable vacation housing for those who could not afford hotels. This regulatory change will reduce the number of visitors to Maui resulting in a loss of revenue for Maui’s tourism-based businesses, and loss of tax dollars to the county/state. Businesses who depend upon tourist dollars will shrink or close, laying off workers, increasing unemployment and forcing workers to move off-island. Not a positive way to solve the housing crisis.
Here is a potential win-win. Presumably, the County is willing/able to exist without the property tax revenue associated with the higher tax rate for STR’s. If so, why not table this entire STR ban concept (which will have untold unintended consequences for the local economy) and instead, leave STR alone but earmark the difference between the LTR and STR tax revenue for a restricted fund that will service a Bond Issue floated to building workforce housing. Instead of blowing up the economy with a “solution” that will not satisfy the need for housing, develop a program that both supports the economy, employment And creates a meaningful fiscally responsible way to meet local housing needs.
Well thought out, George…the problem is, this is being sold as the “quickest” way to solve the housing crisis. They want to house the displaced and everyone else looking for a place…Now.
Very dramatic, impassioned and impressively bold. And, of course…illogical and legally unsound. Residents are eating it up, though. Such is the way of politics.
And, may I repeat again…this bill has nothing to do with housing. It’s all about staying in bed with the hotels. Hotels want to have all of the accommodations business, and, importantly at this point, get those protesters off the beach!
George that’s an excellent course of action for our governor and mayors if the goal is to build affordable housing. It’s a terrible idea if the goal is to satiate their private equity & corporate hotel masters.
Maui has a housing supply problem. The county should upzone the wide swaths of single family and strip-mall sprawl in Kahului and Wailuku for stacked-flat, up-to-6-unit condominiums, and mixed use, and create dense walkable neighborhoods.
Good ideas asdf,
I am thinking taking out all the golf courses also to build housing would free up a lot of land.
Golf courses put tons of fertilizer, phosphorous, and other chemicals down which ruin and kill nature. I have always been confused as to why Hawaii allows golf courses. They really do want to protect and respect nature. Then they have golf courses that kills nature(scratching my head.)
Hmmm….me thinks, cause golf courses cater to the rich tourists and greedy politician.
You want salt in the wound? Hotels have convinced the county (gotta love those campaign contributions) to classify them as “conservation land” so they pay pennies for property tax
Agree. This was a bad idea. It has already led to a glut of properties on the market with resulting softening of prices. These units will be snatched up by mainlanders as second homes. It also penalizes local who own STR units. It discourages tourism which how we butter our bread. It is also likely unconstitutional since it removes an owners right to use their property with compensation. It was pushed by the antis who are basically selfish.
I hope the State of Hawaii is sued right out of existence over this unconstitutional law. Just remember, you get what you vote for. Keep voting for these corrupt, failed politicians and all you’ll get are higher taxes, higher cost of living, lost jobs, lost jobs, lost of freedoms, and tyranny.
Amen to that
Agree completely, but don’t hold your breath. These one party states are intoxicated with the spoils of a steady stream of government control, regulation and ridiculously high taxes.
Just look at California, New York and Illinois. Horrendous spending, crumbling infrastructure and fleeing residents, yet they continue to elect special interest politicians that enjoy making things worse for everyone. It’s a vicious cycle of total incompetence.
I saw the video when Greene signed the bill. Looks to me like he had a bunch of locals standing around him giving him fistbumps and hi-fives. Ultimately he cares about getting reelected so he has to listen to the local population (the visitors dont vote). If the wrong people had his ear, then the rest of the population should have said something.
Absolutely!
Left Maui after over a decade. Starting with Victorino in ’18, the place has become the most mentally retarded place I ever lived.
This won’t end well, unfortunately too many are too stupid to understand what happened.
I live in my oceanfront condo in Honokowai, year-round, but I would hate to see the short-term rentals eliminated. The value of my property would plummet, and some of the long-term renters that are now staying here are less than ideal neighbors. Multiple oversized vehicles, thefts from the laundry room, vandalism, large family gatherings at the pool, illicit pets, etc.
Can Hawaiian Government be this obtuse to the serious ramifications of this unconstitutional legislation? Yes, of course they can. At a minimum, this will be tied up in court for many years ahead.
Guessing the mayor of Maui and the Governor should have paid more attention in their civics classes. Spoiler alert: “Laws apply to them too!”.
Of course politicians on the Left keep getting away with it, treating their citizens (or subjects as they like to think of them) with contempt, and getting re-elected by a populous that thinks more government is a blessing.
Looking forward to them getting their “hats” handed to them in court.
There is some thought whereby some of these small resorts were actually built as short term rental units, not as “Apartments” for long term rental. That may be another issue that comes up in future litigation. How will people afford over $6,000+ per month rent to cover the current cost basis of present owners in many of these units?
That is the real truth. Although the plans were to have “workforce housing” in the mix back in the early 70’s, little workforce housing was actually built. The lure of profits from higher-end vacation units, surrounded by golf courses and ocean views, was just too strong for developers and builders to ignore. The government at that time, eying the large tax revenue higher-end housing would bring, issued all the permits. Hardly anything was built for workers, which has proven to be a mistake.
The affordable housing crisis has reached a tipping point all over the country. I suspect the reason is that developer pressure to build higher-end housing probably hasn’t changed much since the 70’s, causing a lower-end housing dearth.