While I appreciate your concerns about the tight housing market on the island, I still find it odd that in America, a place where if you work hard and succeed that can be penalized for enjoying the fruits of your labors.....kinda like China's old one child policy. I don't think a one house policy would go over well for retirees. My place on Oahu is a second home, not a vacation home. I do not rent it out, I just stay there when I feel like it. I just don't stay there enough for a homeowners exemption, so in the eyes of Hawaii legislators I'm a prime target for extortion. I have neighbors who live in Honolulu during the week and come up to thier places on the north shore on the weekends....they too are screwed because they have to pick which property they want thier exemption assigned to. I do have a rental unit that I rent long term (my current tenants have been there almost 3yrs). More than happy to pay extra taxes on that one, but I just pass the addtional costs onto my renters.