Hawaii’s turquoise waters, fine grains of sand, verdant mountains, luminous rainbows and stunning waterfalls are key components of the islands’ affordable housing crisis.
Housing markets with the potential to draw a virtually endless supply of well-off outsiders into their communities, it turns out, endure an almost inexorable increase in rent and real estate prices, according to a recently published policy brief from Todd Sinai, a real estate economist at the University of Pennsylvania.
Sinai wrote that a key driver of housing costs in such places “is not how many people actually live in a city, but how many people want to live there.”
To state the obvious: a lot of people are angling to live on these islands.
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