Assessing the Feasibility of Adapting Singapore's Housing Model to Honolulu

This paper examines the applicability of Singapore's housing model to Honolulu's affordable housing crisis, focusing on leasehold tenure, revenue-neutral financing, and buyer eligibility. Honolulu's median price-to-income ratios of 10.5 for single-family homes and 5.3 for condominiums compare with 4.2 for Singapore's four-room HDB resale flats, or 3.7 after an assumed S$80,000 grant for eligible first-time buyers. Key challenges in Hawaii include historical resistance to leasehold tenure, fragmented housing agencies, fiscal constraints, and anticipated opposition to buyer restrictions. Legislation enacted between 2022 and 2026 empowering three housing agencies to develop and sell 99-year leasehold housing nevertheless signals potential for incremental adaptation. While full replication of Singapore's model is unlikely, selected elements may inform Hawaii's housing strategy, and Hawaii's experience offers lessons for other jurisdictions seeking to adapt Singapore's framework.