House Bill 1211 also raises the conveyance tax, and carves out 10 percent for homeless service efforts. While advocates appreciate the bill has an allocation for services, they hope to raise that cap as the 2023 session continues.

When it comes to Hawaiʻi’s conveyance tax rates, advocates say the state is low compared to other high-cost areas in the U.S.

“San Francisco, Seattle—they have this problem, as well, severe affordable housing shortage,” said Kenna StormoGipson, the housing policy director at Hawaiʻi Appleseed.

According to StormoGipson, the state’s maximum conveyance tax rate is 1.25 percent compared to San Francisco's 6 percent.

“Seattle, they increased theirs to 3.5 percent for any home over $3 million. Our $3 million home is paying basically a half a percent, and hasn't been updated in at least 10 years. But has our homeless problem gotten worse in 10 years?”

StormoGipson estimates revenues from a conveyance tax rate hike could provide roughly $40 million annually for homeless services. That's more than triple the amount the state allocates for homeless services.