06-17-2012, 11:35 AM
quote:
Originally posted by JerryCarr
The fact that the property may be sold is irrelevant. Isn't it true that any property owner in Pahoa has the right to sell and that the zoning designation goes along with it?
Thanks for that, Jerry.
Please think about this: if there is one lesson to have been learned from the global economic and financial turmoil of the past 10 years -- from boom to bust -- is the peril of instability wrought by activities only about speculation and zero about creating real wealth. Instability wrought from speculation.
In a good case scenario, an entrepreneur buys a rundown parcel zoned residential and applies to rezone to commercial in order to open up a locally owned business of the sort the local economy desperately needs. For whatever reasons, the business plan changes after the rezoning application is submitted and the parcel is listed for sale. All part of doing business. No harm done.
In a bad case scenario, buying a rundown parcel zoned residential and then putting it up for sale in sync with applying for commercial rezoning could be a variation on the 'flipping' that drove up real estate prices just less than ten years ago. No real wealth is created. Speculation drives transactions. The local economy is left to deal with the unstable outcome.
At this point, not having the same access as a sitting Council member, I do not have enough information on the case in point to know what scenario might apply. It is my hope that, when Bill 209 is being deliberated before him, that my Council representative will be consider the impact on the stability of the local economy.