For the first 30 days, a developer must designate at least what percentage of units for sale to prospective owner-occupants in a new condominium project?

In Hawaii, the law requires that for the first 30 days of a new condominium project, a developer must designate at least 50% of the available units for sale to prospective owner-occupants. This regulation is intended to promote home ownership and assist individuals seeking to purchase a home as their primary residence instead of allowing all units to be sold to investors or for rental purposes right at the outset.

This approach creates an opportunity for families and individuals who plan to live in the condominium to have a fair chance of securing a unit. By having a minimum percentage capped for owner-occupants, the state is attempting to balance the interests of various buyers in the real estate market, ensuring that there is an adequate supply of homes available for those who wish to occupy them rather than use them purely as investment properties.