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New law preventing home construction - pbmaise - 02-12-2015
Before you can build a home, all lenders, all speculation builders, and most homeowners want to know the completed home will be insurable. Many insist on a policy during construction.
Lawmakers are deciding on Feb 18, 2015 on a law that will prevent any new homes from being built.
See
capitol.hawaii.gov/measure_indiv.aspx?billtype=HB&billnumber=380&year=2015
The measure legally allows HPIA to not write a new policy since most new home wasn't insured before June 1, 2014.
Notice the names of all the senators supporting this measure. I highly suggest directly writing and calling.
Ask another loan officer what this measure will do if you don't believe me.
100% - 90% = 10%
So, who are the 10%?
They are only those with so much money they don't need HPIA.
RE: New law preventing home construction - kalakoa - 02-12-2015
a law that will prevent any new homes from being built.
Good.
RE: New law preventing home construction - pahoated - 02-12-2015
It's not a law, it is a bill. You really need to give it a rest. The bill is trying to direct HPIA to end the existing moratorium and continue insuring those covered before June 1, 2014, meaning the policy can't be canceled if it comes up for renewal. This isn't about new construction. It is just one of several similar bills that have been submitted to get HPIA from ending lava zone coverage beyond existing policies. It has passed the first reading, which may or may not mean anything. There are about 3000 bills submitted every session and about 300 make it all the way through. It is when it passes 2nd reading and gets assigned to a committee that it starts showing it has a chance of getting through.
"Mahalo nui Pele, 'ae noho ia moku 'aina" - kakahiaka oli
RE: New law preventing home construction - Justin - 02-12-2015
Ironically, it would be more beneficial to existing homeowners if no new homes can be built. Supply and demand.
RE: New law preventing home construction - pbmaise - 02-12-2015
Most are more familiar with the term laws.
The laws of Hawaii are termed the Hawaii Revised Statutes HRS. The proposal changes HRS.
For most homeowners, HPIA was the insurance of last resort. Taking it away will reduce homebuilding.
My view is backwards as usual. Instead of desiring new construction to be in other neighborhoods, I specifically hope homes are built in my own.
My reasoning is home values will never rise significantly above the cost of raw land and construction if the number of lots is unlimited. Owning a home with a very high construction cost isn't wise when lots across the street can put up new homes for 1/2 your investment cost.
Instead of banning construction indirectly in this manner I have a creative idea.
If someone wants to build on one lot, they may do so. Good luck in finding insurance. But no law against.
If someone wants to obtain HPIA insurance they may do so if they consolidated 3 or more lots into 1.
This would help solve the problem created years ago by making giant neighborhoods and selling lots on TV.
For single lots already surrounded by homes, noncontiguous lots would be acceptable provided they are within....
Exempt properties are those with _ acres or more.
One uncertainty I have about the measures is whether buyers of existing homes can take over existing policies already in place. It forces a new party into a contract.
RE: New law preventing home construction - kalakoa - 02-12-2015
HPIA was the insurance of last resort.
An "assigned risk pool" only works if regular ratepayers subsidize the hazard policies.
Taking it away will reduce homebuilding.
Reducing homebuilding in LZ1 and LZ2 means that taxpayers in LZ3 and above don't have to subsidize the emergency.
RE: New law preventing home construction - dakine - 02-12-2015
Reducing homebuilding in LZ1 and LZ2..
Is a very good idea methinks.
I think collectively we need to recognize that standard bedroom/urbanized communities in hazardous settings is wrong, especially at the price of the entire community (state/county) subsidizing it. As with any high risk area I think those who are willing to take the risk should be allowed to, to one degree or another, but not at the general publics expense. That's just plain stupid.
So, if we want the world to take lower Puna seriously we probably have to adjust to the truth as it is, not the illusion that's been perpetrated upon us, and that probably means a serious adjustment to all the industries associated with land and it's development. And, unfortunately for some land/home owners it probably means a loss. But so be it. In the long run I hope we have a more common sense based land use policy, and I strongly believe it will go a long way towards preserving the charm we all feel for the area.
I do applaud Joy for what she is trying to do to protect the consumers (homeowners) that are caught up in this change, and hope her colleagues will agree with her. I believe those that would suggest she is doing otherwise are themselves a sign of how stressed some are during this time of reconciliation.
RE: New law preventing home construction - Obie - 02-12-2015
We bought our home here with the understanding that we may have problems with natural hazards !!
I agree that most of LZ1 and LZ2 should have never been developed.We bought with that in mind.
There should be no lending for building in these zones but cash buyers should still be allowed !! My insurance just covers me for liability and fire/theft loss.
I would think that I should be able to keep my insurance !
RE: New law preventing home construction - Punatic007 - 02-12-2015
As I've written in other threads, when first building a few decades ago, in zone 2, the building inspector suggested a double ridge beam, screwed together to easily move the house in 2 pieces. We once collectively knew where we were, then something drastically changed with the building boom. Never ending HPM suburban 3 bedroom kit homes seemed to have been breeding on their own, popping up everywhere like a bad strain of mildew. It was so bizarre, yeah so much for living light on the land, and honoring Tutu Pele, or in other words if you don't know Pele....having the common sense not to get too materialistic or big on the edge of an active volcano.
Now we have all this chaos, people thinking they came to Disneyland, mortgages in tow. No, this is a place to live and tread lightly, not get too attached or materialistic, and be deeply grateful for everyday of being able to afford what would cost millions for a single small empty lot anywhere else comparable in the world without an active volcano. For so long Pele was our best friend, keeping the developers and bourgeois at bay, perhaps sanity and respect are returning to her sacred ground.
RE: New law preventing home construction - Guest - 02-17-2015
Thank you for that wonderful post.
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You can't fix Samsara.