SB2197 amends Hawaii housing law to fix rental prices during a five-year option period for potential buyers.

SB2197 modifies Hawaii Revised Statutes to establish a fixed sales price for rental units at the start of the rental term, remaining fixed during a five-year option period. During this period, renters have the option to purchase the unit at the designated price. If they do not exercise this option within the five-year period, they lose the right to continue living in the unit, which then becomes available to another purchaser or renter. The bill takes effect on July 1, 2050.

SB2197 amends Hawaii housing law to fix rental prices during a five-year option period for potential buyers.

SB2197 modifies Hawaii Revised Statutes to establish a fixed sales price for rental units at the start of the rental term, remaining fixed during a five-year option period. During this period, renters have the option to purchase the unit at the designated price. If they do not exercise this option within the five-year period, they lose the right to continue living in the unit, which then becomes available to another purchaser or renter. The bill takes effect on July 1, 2050.