This story is kinda interesting: About 250 people (some of them students) will be displaced when the 'Ohi'a Apts in Waikiki get converted into full fledged dorms in the fall. While this helps out students who are desperately seeking housing off campus, what's supposed to happen to the nonstudents who today are renting studios for upwards of $1,000/mo? The developer thinks he can cram 2 kids into a studio apt and charge each person about $700 with no problem at all, which means an increase in profit of $400/unit/mo. Using my trusty little calculator, that means if there are 250 units, then that's an additional $100k/mo and about $1.2 MILLION a year more than what Savio's group is bringing in now. Pretty sweet profit for doing virtually nothing but doubling up on occupancy.
Miulang
Miulang
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