IMOA: Housing... A Fantasy in Paradise

 

(IMOA) Imagine Pacific Original Article 

Housing... A Fantasy in Paradise

By James E. Faumuina, MBA, MPA

Editor Imagine Pacific Pulse    

8/09/2023

The cost of living in Hawaii is perennially one of the highest in comparison to the national average. This high cost of living can be attributed to various factors, but the foremost cause is housing. According to the most recent income statistics from the US Census Bureau, the median household income in Hawaii is $88,005(1) based on 2021 inflation-adjusted dollars. Though it is a significant amount of money, it is not sufficient to remedy the cost of housing. Despite having a higher income compared to the national average, many residents still struggle to find affordable housing options within their budget. The relatively high housing costs in Hawaii create a significant financial burden for households, even with an income that is above the national median.

A report titled “ALICE: A Study of Financial Hardship in Hawaii (2)” found a family of four in Hawaii needed a household income of more than $72,000(3), to afford basics like food, clothing, transportation, health care, and shelter. It identified families with income below this amount as “asset limited, income constrained, employed,” or ALICE, and an estimated 48% of people in Hawaii were living below the threshold. This situation leads to some residents being compelled to share their housing with other families in order to meet the financial demands of subsistence.

Housing challenges are the largest burden for residents and have a profound impact on the well-being and economic stability of residents in Hawaii. Affordability and overcrowding persist, making it increasingly difficult for individuals and families to secure adequate housing. The disparity between high housing costs and income levels contributes to the housing crisis faced by many residents, exacerbating the already challenging economic landscape.

The proposed rule on Fair Lending, Fair Housing, and Equitable Housing Finance(4) Plans by the Federal Housing Finance Agency (FHFA) exemplifies policy progress aimed at addressing the housing challenges that affect all states including Hawaii. This rule has garnered support from organizations such as Prosperity Now(5), a nonprofit economic advocacy entity, as they believe it will play a pivotal role in narrowing the racial wealth divide and fostering equitable housing opportunities.

The primary objective of this proposed rule is to formalize fair lending practices and bolster the oversight functions of the FHFA. It advocates for the Banks to adhere to a framework that promotes equitable housing finance. The letter underscores the critical importance of creating an equitable housing ecosystem that addresses the needs of low-income families and marginalized communities. As the state looks at the locus of control internally with Governor Green's new housing initiatives(6), in tandem new housing rules could be just in time assistance needed in order to get his plans over the finish line.

Addressing this crisis requires comprehensive efforts to increase affordable housing options, improve income levels, and promote economic opportunities for residents of Hawaii. It will be crucial to implement policies and programs that alleviate the burden of housing costs and foster a more equitable housing ecosystem. By prioritizing affordable housing initiatives and investing in the economic advancement of its residents, steps can be taken to mitigate the hardships caused by the high cost of living and create a more sustainable and inclusive community. Regardless, it goes without saying that something needs to be done now, as prices continue to rise and the reality of home for many in Hawaii is becoming more and more fantasy in paradise.

James is the owner of Imagine Pacific Enterprises and the Editor of Imagine Pacific Pulse (IMPULSE). He is a retired Lt Col, Hawaii Air National Guard. Former medical administrator, planner, program manager, and operations officer. Graduated from the USAF Air War College and is a graduate student at the University of Hawaii studying Disabilities Studies and Diversity. He can be contacted at jamesefa@hawaii.edu. 

Keywords: #AffordableHousing, #HousingCrisis,  #FHFA, #InclusiveLiving #CostOfLiving, #HawaiiHousing,#IMOA, #FantasyInParadise,

 References:

1. Income By Zip Code. (n.d.). Hawaii Income by Zip Code. Retrieved from https://www.incomebyzipcode.com/hawaii
2. United Way. (2017). United Way ALICE Report - Hawaii.
3. Civil Beat. (2020, January). Report: Two-thirds of Hawaii Residents Struggle Financially. Retrieved from https://www.civilbeat.org/2020/01/report-two-thirds-of-hawaii-residents-struggle-financially/
4. Federal Housing Finance Agency. (2023, June 26). Fair Lending, Fair Housing, and Equitable Housing Finance Plans. 12 CFR Part 1293, RIN 2590-AB29. Notice of proposed rulemaking.
5. Prosperity Now. (2023, June 26). Letter to Clinton Jones, General Counsel, Federal Housing Finance Agency. Retrieved from https://prosperitynow.org/sites/default/files/PN%20FHFA%20Sign%20On%20Letter.pdf
6. Hawaii Public Radio. (2022, December 5). Governor Green Commits to Housing Initiatives and Regressive Tax Cutting.

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IMSPARK BABY BONDS (Video)

🎯 IMSPARK: Imagine Baby Bonds as a Means to Counter Child Poverty

 

💡 In today's episode, we explore Baby Bonds, a proposed policy for government-funded savings accounts for children under 18, with the potential to close wealth gaps and empower children with a means to create mobile assets for the future.

 🌟 Imagined Endstate:

Imagine a future where Baby Bonds empower savings accounts for children under 18.

With the potential to substantially close the wealth gap in the United States.

Aimed at promoting economic mobility for lower-income families and reducing child poverty.

Children have the opportunity to build assets, break the cycle of poverty, and achieve financial stability throughout their lives.

📚 References:

 - Morningstar Policy Research

- Prosperity Now

- Imagine Pacific Envisioned Analysis

💼 What's the Big Deal:

 Baby Bonds create a foundation of savings from birth, enabling the opportunity to accumulate assets and build wealth over time.

While they may not fully close existing wealth gaps, they provide a crucial starting point and a structured way to initiate savings and financial growth for those who might not have had access otherwise.

Baby Bonds offer an avenue for individuals to start building wealth and assets, particularly important for those without similar opportunities.

👋 Thank You for Watching IMSPARK: Imagine Baby Bonds as a Means to Counter Child Poverty! Don't forget to like, subscribe, and check out Imagine Pacific for more episodes of IMSPARK and more from the Imagine Pacific YouTube Channel.

🩺IMSPARK: AI Predicting Diagnosis for Geographically Dislocated Veterans🩺

 

🩺IMSPARK: Imagine... AI Predicting Diagnosis for Geographically Dislocated Veterans🩺

Imagined Endstate:

Imagine a future where artificial intelligence (AI) algorithms can accurately predict the spread of aggressive prostate cancer, enabling personalized and targeted treatment plans for veterans, regardless of their geographical location. This groundbreaking technology could enhance telehealth and access to care for veterans in the Pacific and beyond. 🩺

Link:

🔗 https://news.va.gov/121606/new-va-study-to-develop-artificial-intelligence-that-can-predict-aggressive-prostate-cancer/

Source:

Sprey, E. (2023, July 3). New VA study to develop artificial intelligence that can predict aggressive prostate cancer. 📚

What's the Big Deal:

The Department of Veterans Affairs (VA) is embarking on a groundbreaking research study that aims to develop an AI algorithm capable of predicting the metastasis of prostate cancer. 🧬By analyzing data from thousands of veterans with high-risk prostate cancer, including diagnostic images, biopsies, and social determinants of health, this AI system could detect patterns indicative of aggressive cancer. 🧠The VA's unique combination of extensive electronic medical records, precision oncology care, and socioeconomic considerations positions it at the forefront of this innovation. 💪If successful, this AI program could revolutionize prostate cancer management, improve treatment outcomes, and pave the way for similar advancements in other cancers. 💻For veterans geographically dislocated from Tricare and the VA, this new technology could be a game-changer, enhancing telehealth capabilities and ensuring equitable access to cutting-edge cancer care, even in the remote areas of the Pacific. The VA's commitment to leveraging AI and integrating patient data showcases its dedication to advancing healthcare for veterans and beyond. 🏥

 

#ProstateCancer, #AI,#TelehealthAccess,#VeteransCare,

🔍 IMSPARK: Empowering Vulnerable Communities with Data 🔍

 🔍 Imagine No Longer Being "Driven into Debt" 🔍

💡 Imagined Endstate:

Envision a future where equitable access to parking ticket data empowers vulnerable communities nationwide, breaking the cycle of debt caused by traffic violations.

🔗 Link:

https://www.propublica.org/article/the-ticket-trap-how-people-are-using-our-chicago-parking-ticket-data

📚 Source:

Coryne, H. (2019, November 29). The Ticket Trap: How People Are Using Our Chicago Parking Ticket Data in Their Research.

What's the Big Deal:

ProPublica's groundbreaking "DRIVEN INTO DEBT" series exposed the disproportionate impact of traffic enforcement systems on vulnerable communities nationwide. In pursuit of transparency, ProPublica made parking ticket data accessible, attracting over 1,300 users from diverse backgrounds. 🚗Students, professionals, and researchers delved into the data, unearthing valuable insights beyond initial analysis. Supported by institutions, in-depth research explored fines' consequences and revenue strategies. Despite challenges, data accessibility fueled advocacy for government reform. Empowered by information, individuals are driving change, and ProPublica's commitment to transparency continues to fuel impactful investigations and constructive dialogue. 🔍

#SocialJustice, #Data, #IMSPARK, #Advocacy

 

🧒IMSPARK: Imagine….Baby Bonds as a Means to Counter Child Poverty🧒

 

🧒 Imagine….Baby Bonds as a Means to Counter Child Poverty🧒

💡Imagined Endstate:

Baby Bonds, a proposed policy for government-funded savings accounts for children under 18, has the potential to serve as a strategic method to close the racial wealth gap in the United States.

🔗 Link:

Morningstar PDF Document

📚Source:

Mitchell, L., & Szapiro, A. (2020, September). Baby Bonds: A Path to Racial Equity? Morningstar Policy Research. 📊

💥What's the Big Deal:

💰 This policy proposes a program that could promote economic mobility for lower-income families and reduce child poverty. This policy proposal analyzes the impact of Baby Bonds on the racial wealth gap using data from the Panel Survey of Income Dynamics. It reveals that Baby Bonds could significantly reduce the gap in total wealth by one-fourth and by two-thirds when excluding home equity. 💼To enhance equity and efficiency, the authors suggest supplemental payments for older children, investment options, and integration with college savings plans. 🌟Baby bond legislation has passed in California, Connecticut, and Washington, D.C. Another eight states have introduced legislation, including Iowa, New Jersey, New York, Wisconsin, Washington, Delaware, Nevada, and Massachusetts. The American Opportunity Accounts Act is a bill that proposes to establish tax-exempt savings accounts for American children under 18, funded by the federal government and available for specified purposes. 

#BabyBonds, #EconomicMobility, #WealthEquity, #ChildPovertyData, #Inclusion, #GenerationalPoverty,  🌈

IMPRES (Imagine Pacific Presentations): United Nations Disability Inclusion Part 2

🌐 IMPRES: UNDIS Part 2: Bridging the Inclusion Gap 🌐 (VIDEO)

In this episode of Imagine Pacific Presentations (IMPRES), we delve into the critical theme of "Applying the United Nations Disability Inclusion Strategy." focusing on the Inclusion Gap.

🌍 The COFA Nations' Struggle: We shed light on the Compact of Free Association (COFA) nations, exemplifying countries in need of disability inclusion policies. Discover the aftermath of nuclear testing in the Bikini Atoll and the impact it had on the COFA citizens' health and economic disparities.

💔 Addressing Disparities: Learn about the alarming health conditions faced by Micronesians in Hawaii, with high infant mortality and decreased life expectancy. Dive into the prevalence of malnutrition, diabetes, and barriers to equal opportunities, contributing to their marginalization.

📊 The Digital Equity Declaration: Uncover the sobering statistics of digital access in Hawaii, where a significant portion of households lacks internet subscriptions and computer ownership. We examine the implications of these gaps on various sectors.

🏥 Impact on Health: Understand how digital access affects telemedicine and health services, and its significance in modern medical care.

💼 The Changing Workforce: Explore how the digital economy is reshaping the job market and the challenges faced by those without digital access in participating fully.

📚 Education and Training: Witness the transformative role of online education and training, especially during the COVID period, and the consequences of limited digital access on students' academic advancement.

💳 Commerce, Benefits & Advocacy: Discover how digital identities and access impact banking, benefits entitlement, and engagement with artificial intelligence, affecting trust and inclusion in the digital society.

🙌 Join us on this journey of understanding and advocating for a more inclusive digital society. 

Don't forget to like, subscribe, and hit the bell icon for updates on IMPRES and other Imagine Pacific episodes. 

Thank you for being part of the Imagine Pacific YouTube community

#ImaginePacific, #UNDIS,#Inclusion,#DigitalAccess,#DisabilitiesStudies,#DigitalDivide, #IMPRES,#HealthEquity,#WealthEquity,

💻 IMSPARK: Imagine... Digital Access for All 💻

Imagined Endstate:

🌟 Imagine that every household in Hawaii has access to affordable, reliable, and high-speed broadband internet. Imagine that the digital divide is bridged and that everyone can benefit from the opportunities and services that the internet offers. 📱 Imagine that Hawaii becomes a leader in innovation, education, and sustainability through the use of broadband technology.

Link:

🔗 Broadband Hui 📚Internet

Source:

Broadband Hui. (n.d.). Home. Retrieved July 12, 2023. 📚

What's the Big Deal?

💥 📧 Broadband access is a big deal because it can improve the quality of life, economic development, social equity, and environmental sustainability of Hawaii. 💻 Broadband can enable telehealth, distance learning, telework, e-government, e-commerce, and other online services that can enhance health, education, employment, civic engagement, and commerce. 📱 Broadband can also support innovation, entrepreneurship, creativity, and collaboration across various sectors and industries. Broadband can help Hawaii achieve its goals of becoming more resilient, self-reliant, and carbon-neutral. 📝 This is the vision of Broadband Hui, a coalition of stakeholders from various sectors who are committed to advancing broadband connectivity and digital inclusion in Hawaii. 🌍 🚀 🌐 💡

 

#BroadbandAccess, #DigitalInclusion, #Innovation, #Sustainability,#DigitalEquity,#DigitalDivide

💼IMSPARK: Imagine... Increased Access to Work 💼

 💼IMSPARK: Imagine... Increased Access to Work 💼

Imagined Endstate:

💡Imagine a future where remote work enables professionals from geographically separated Pacific Islands to access employment opportunities and work from anywhere, bridging the distance between these islands and the mainland.

Link:                                

The Future of the Office Survey 🔗

Source:                           

U.S. Chamber of Commerce. (2023). The Future of the Office Survey. 📚

What's the Big Deal:

💥The rise of remote work presents a transformative opportunity for professionals in geographically separated Pacific Islands. With increased access to employment opportunities and the ability to work from anywhere, individuals living on these islands can bridge the geographical divide and tap into a broader job market. As highlighted by the survey, the future of office spaces emphasizes flexibility and adaptability, enabling professionals to thrive regardless of their physical location. By embracing remote work and leveraging technological advancements, we can empower individuals in Pacific Islands to overcome geographical barriers, foster economic growth, and create more inclusive work environments. 🚀 This shift towards increased access to work holds the potential to transform lives, bridge gaps, and promote equal opportunities for professionals in geographically isolated regions. 🌍💼

#RemoteWork #GeographicalAccess #InclusiveEmployment #EconomicGrowth #EqualOpportunities

💰IMSPARK: Imagine... Addressing Financial Insecurity in America 💰

💰IMSPARK: Imagine... Addressing Financial Insecurity in America 💰

• Imagined Endstate:

• 💡Imagine a future where every household in the United States has the financial stability and resources to meet their needs, build wealth, and participate fully in society. 

• Link:

• 🔗 Link to The New Wealth Agenda 

• Source:

• Aspen FSP. (2023). The New Wealth Agenda.

• What's the Big Deal:

• 
  

• 
  

• 💥 Financial insecurity affects over half of U.S. households, threatening their basic needs and perpetuating inequality. The New Wealth Agenda offers a comprehensive framework with eight key objectives to increase wealth ten-fold by 2050 for households of color and those in the bottom half of the wealth distribution. This agenda aims to foster financial stability, tackle debt, provide startup capital, offer wealth-building career pathways, promote equitable homeownership, ensure retirement security, explore shared ownership strategies, and leverage new innovations to protect and grow household wealth. By pursuing these objectives, we can create a future where all households have the opportunity to thrive financially, fostering inclusion, agency, and dignity for everyone. 🏠📈💰 

  
  

•  

🌟IMSPARK: Imagine... Addressing Housing Challenges in Hawai‘i: Building a Sustainable Future🌟

1. 🏘️Imagine... Addressing Housing Challenges in Hawai‘i: Building a Sustainable Future🏘️ 
   
   
   

1. 💡 Imagined Endstate:

2. Imagine a future where housing challenges in Hawai‘i are effectively addressed, leading to increased affordability, improved living conditions, and sustainable communities.

3. 
   

4. 🔗 Link:

5. The Hawai‘i Housing Factbook

6. 
   

7. 📚 Source:

   University of Hawaii Economic Research Organization. (2023). The Hawai‘i Housing Factbook. Retrieved from https://uhero.hawaii.edu/wp-content/uploads/2023/06/TheHawaiiHousingFactbook.pdf

8. 
   

9. 💥 What's the Big Deal:

10. The high cost of housing in Hawai‘i is a pressing issue that adversely affects residents' quality of life and hampers the state's workforce recruitment efforts. Some households face overcrowded living conditions, while others are forced to leave the state or experience homelessness. The release of the annual housing report by the University of Hawaii Economic Research Organization (UHERO) provides comprehensive data at the state, county, and zip code levels, facilitating informed discussions, highlighting ongoing research, and promoting a more accessible housing debate. The forthcoming online data portal empowers the public to explore and analyze the data themselves, contributing to a clearer understanding of the housing challenges. Addressing these challenges is crucial for creating sustainable communities and ensuring a brighter future for all residents of Hawai‘i.

11. 
    

12. #HousingChallenges
    #AffordableHousing
    #SustainableFuture
    #WealthEquity,