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Keith and Ordway join Roth on December 18, 1993 to diagnose Hawaii's housing crisis. Only 4.3% of state land is classified as urban, Ordway notes, and pent-up demand for more than 25,000 households could theoretically be met with just 3,600 acres — about three-tenths of one percent of total state land. Keith argues government regulation adds 35–50% to home costs, meaning a house sold for $300,000–$400,000 could be available for $125,000 with a streamlined process; in Hawaii, subdivision approvals can take up to 20 years, compared with overnight in Dallas, Texas. Both guests find the 60/40 affordable housing program ineffective: the roughly $75,000 subsidy per affordable unit was simply shifted onto buyers of market-rate homes. One guest estimates rent control would reduce property values statewide by over $10 billion, citing New York City as a cautionary example. The discussion also covers Hawaiian homelands — one guest argues land should be distributed immediately rather than leaving Hawaiians to die on waiting lists — and the broader puzzle of what to do with land coming out of sugar and pineapple production.
Transcript
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