Real Estate tycoon Genshiro Kawamoto has decided to rent out 8 of his luxury waterfront homes on the Hawaii Island of Oahu for 150 dollars a month to low income families. The homes have been bought up over the past couple of years and are now sitting empty. Kawamoto is planning on putting a museum in 4 of the 20 homes that are part of this block of homes.
What do you think of this? I think it is pretty cool and a great opportunity for these families.
The low-income families could move into the furnished Kahala Avenue homes, purchased in 2005 for up to $3.4m each, as soon as this weekend. “They will be living in heaven now,” said Genshiro Kawamoto, 75, a real estate tycoon. Among Mr Kawamoto’s four rental homes is one with five bedrooms. The 603 square metre (6,489 sq ft) home was built in 1989 and is more than three times bigger than the average house on Oahu. Mr Kawamoto bought it in August 2005 for $3.4m.
The families were selected from 3,000 people who wrote him in response to his plan announced in October to rent to low-income Hawaiians. Mr Kawamoto said it was difficult to choose families because there was so much interest. He expects to select four more tenant families as early as next month.
He said he was renting the homes “because the affluent people can help the least fortunate people”. Mr Kawamoto has spent about $115m to purchase 20 homes on Kahala Avenue since 2002. Many of the houses have been vacant since then.via Guardian Unlimited.