HONOLULU — A University of Hawaii report published recently found regulatory costs account for more than half of the price of a new condominium in Hawaii, a place where high housing costs are fueling an exodus of local-born residents searching for cheaper places to live.
Regulatory costs comprised an average of $387,000, or 58% of the median Hawaii price, according to the report. Construction costs accounted for 41% and land 1.4%, the report said. Another significant contributor, he said, was the requirement that developers build road, sewer and other infrastructure as a condition for receiving construction permits.
Traditionally, county governments built this infrastructure with property tax proceeds, according to the report.
Source: Education Headlines (educationheadlines.net)
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