Housing in Hawaii Sees a 22% Increase in Prices Since the Pandemic, Amid Concerns Over Land Acquisitions by Billionaire Marc Benioff
In Waimea, a small town in Hawaii, residents are expressing concern over the recent land acquisitions made by Marc Benioff, CEO of Salesforce. With more than 243 hectares of land now under his ownership, acquired through anonymous limited liability companies and a nonprofit organization, fears have arisen about potential drastic changes to the cultural and environmental landscape of the community.
The arrival of Benioff, a billionaire, has sparked worries among residents who already face a median household income of around $74,000. Rising housing costs and the uncertainty surrounding Benioff’s plans have left many residents apprehensive about the future of their town.
The lack of transparency regarding Benioff’s intentions has fueled rumors and speculation among the community. While some speculate that he may be planning to build a training center for Salesforce or make generous donations to the community, most residents remain uncertain about the impact of his land acquisitions.
Residents like Mike Donoho told NPR, “When there is no clarity or disclosure about the intentions of someone purchasing a property or multiple properties, then there is that level of uncertainty.”
The situation in Waimea reflects a broader issue faced by many communities globally, where large land purchases by wealthy individuals or corporations generate anxiety and doubt among local populations. There are fears in Waimea that the town’s unique identity could be lost in the face of these changes.
Despite his philanthropic efforts in Hawaii, Benioff’s lack of communication about his plans for the acquired lands has caused speculation and anxiety to soar in Waimea. The rising median home prices, which have surpassed $1 million, up 87% from before the pandemic, have only added to the difficulties for local residents and future generations to remain in the area.
In response to some of the concerns, Benioff recently announced the donation of 600 acres of land to the Hawaii Island Community Development Corp. for affordable housing development. The organization plans to build about 40 homes on the donated land, although the project will take several years to complete. This move has been welcomed by Keith Kato, executive director of the organization, who called it “a godsend.”
As Waimea and Benioff navigate their collective future, the actions and responses of the billionaire and the community will play a crucial role in preserving the cultural and natural heritage of this picturesque Hawaiian town.