Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
3y
So the Governor wants to take away the rights of a property owner to sell their property in the name of the greater good. Since some of these property owners may not have insurance or the ability to rebuild, that land will remain a burnt structure for a long time. To ensure nobody "steals" a property he has also asked his building and planning departments to stop approving any construction projects. What was a slow and expensive process just became slower and more expensive.
With the intent of "saving" Lahaina, the Governor may have ensured it can never recover.
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
3y
So the Governor wants to take away the rights of a property owner to sell their property in the name of the greater good. Since some of these property owners may not have insurance or the ability to rebuild, that land will remain a burnt structure for a long time. To ensure nobody "steals" a property he has also asked his building and planning departments to stop approving any construction projects. What was a slow and expensive process just became slower and more expensive.
With the intent of "saving" Lahaina, the Governor may have ensured it can never recover.
Investor · Statewide, MO · Member since 2011 · 814 posts · 425 votes
3y
That's insane.
Anyone remember the massive Joplin tornado?
Many people sold early - their lots / destroyed homes..... and got the most money by far. People that held for more got a lot less.
Buying a fire damaged house from someone that does not wish to own it is "predatory" ?
I've dealt with fires. In my own experience, if I had a buyer for the shell I had remaining, I would have been grateful. I had to barter the house and got plumbing work and $1 for it.
Many people sold early - their lots / destroyed homes..... and got the most money by far. People that held for more got a lot less.
Buying a fire damaged house from someone that does not wish to own it is "predatory" ?
I've dealt with fires. In my own experience, if I had a buyer for the shell I had remaining, I would have been grateful. I had to barter the house and got plumbing work and $1 for it.
To be fair Joplin is not the same as Hawaii. Nobody was desperately trying to buy Joplin native homes before the tornado. and those who did sell in Joplin were able to buy pretty similar homes right after. This is not the case in Hawaii and if people do end up selling to the "predator" investor they are likely selling property that has been in the family for generations and will be forever priced out of a similar living situation.
I'm a free market person, but investors who are trying to buy these places in Hawaii are not helping people, they are trying to use a horrible situation to get a great deal. Just call it what it is.
Residential Real Estate Broker · Paia, HI · Member since 2016 · 479 posts · 311 votes
3y
I agree with both posts. Sure, it might be predatory, but then again maybe some people don't have the ability or desire to rebuild. Freedom means nothing if you don't give people freedom to make their own choices. It is not the governor's place to regulate land sales.