Hawaiʻi Appleseed attorney Victor Geminiani, representing tenants, said the developers claimed in 2015—when they first asked for deregulation—that the property was worth $8.6 million. But in their recent testimony opposing SB 1266, they claimed the current value—after the removal of the affordability requirements—was between $31 million and $47 million.
Geminiani said political leaders need to act now if they want to prevent homelessness and a loss of affordable housing.
“Our political leaders in both the county and the state are going to have to develop a concrete plan to acquire this property,” he said.