To some Hawaii is a tropical paradise. For others, it's an expensive place to live where working class and needy families are finding it hard to find an affordable place to live. Hawaii ranks number 47 out of 50 for the most affordable housing market, according to a 2005 Coldwell Banker study. That's why Japanese billionaire Genshiro Kawamoto' created a plan known as Kahala Ave. Mission, where he will rent nine of his multimillion dollar homes to deserving needy Hawaiian families for between $150 to $200 a month for a three-year lease on the island of Oahu. Rent for these Tudor style homes in Oahu could easily run around $5,000 a month or more. Kawamoto said in a written statement. "I would like to give an opportunity as a gift to rent my nine houses to nine native Hawaiian families who have difficulties finding a place to live." Kawamoto has been a controversial figure in Hawaiian real estate, having bought nearly 200 Oahu homes in the late 1980s. Many locals feel Kawamoto has not maintained his properties. But Kawamoto blames his property managers. Since 2002, Kawamoto has bought 22 properties on Kahala Avenue in Oahu for about $115 million. To answer his critics, Kawamoto has made a public stand to improve his properties as well as rent them out to families in need. — Gerald Magpily
See Honolulu Advertiser article
Continue reading below
