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J U N E 2 0 26

Rising Airfares Might Ruin Your Vacation p. 7 HAWAI I B U S I N E S S .CO M

P. 26

Waipahu High School’s Secret Formula P. 44

Pokémon Turns 30, Hawaiian Style P. 70

Successful business owners know more about starting a business than exiting one. By Agatha Viernes-LeGros

It’s never too early to start planning your exit plan. Exit planning can be a multiyear management and ownership process. Approaching exit planning early and thoughtfully is an act of stewardship. If you’ve been putting retirement planning or succession planning off, now is the time to begin the conversation.

The 4 most common exit planning mistakes Even experienced entrepreneurs can overlook critical elements of transition planning. By paying attention to these common mistakes in exit planning, you could avoid costly surprises and ensure your transition strengthens your business and your family’s future. At some point in the life of every business and every business owner, there comes a time to think about transitioning out of the business they have built and love. It’s called “Exit Planning.” But “exit” can feel a little cold and impersonal, especially for owners of family businesses who want to ensure that the company they founded continues to provide value for their loved ones, their employees and the community.

Protecting the legacy you’ve built for the people you love. In reality, exit planning is more like continuity planning, which is sound business strategy. It’s the structured process of preparing to transition business leadership and ownership in a way that both protects enterprise value and aligns with your long-term goals and beliefs.

A comprehensive exit strategy includes: • Aligning your personal financial needs with your business financial needs • Understanding what your business is worth and what drives that value • Ensuring your management team is ready for what’s next

1. Waiting too long. 2. Not understanding your post-transition financial needs. 3. Avoiding governance until there’s a conflict. 4. Not having a personal plan for what comes next.

It helps to have experienced exit planners by your side. At the Center for Family Business & Entrepreneurs from Bank of Hawai‘i, we support business owners who desire a holistic approach to planning. Together, and with the utmost in confidentiality, we will evaluate, identify and optimize opportunities for your business and family, and where they intersect. To begin a conversation with one of our Family Business experts, contact your banker or contact us to request a consultation. Agatha Viernes-LeGros is the Director of the Center for Family Business & Entrepreneurs.

• Structuring ownership for a tax-efficient transition • Coordinating estate and trust planning with business succession planning

boh.com/familybusiness

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06.26

CONTENTS

26 What Happened to Honolulu’s Affordable Condos? With median home prices in Honolulu well over $1 million, residents scrambling for affordable condominiums are facing their own hurdles. Purchasing condos comes with financial traps, and thousands of condominium owners feel stuck paying into a bottomless money pit due to long-delayed maintenance. Supplies of condos are limited, and government policies haven’t done enough to incentivize new, affordable units. We look at some short- and long-term strategies.

Photo: Aaron Yoshino

Airfares Are Up and May Go Higher

LETTER FROM THE EDITOR

Oil price hikes caused by the U.S.-Israeli war with Iran have already pushed up airfares around the globe, including here in Hawaiʻi. Hawaii Business Magazine sat down with Hawaiian Airlines CEO Diana Birkett Rakow to talk about these economic issues as well as a major milestone in its merger with Alaska Airlines — the combined booking system. The strategic plan is on track, Birkett Rakow says, as new hires have surpassed prior layoffs and new routes have been added to destinations in Europe.

Nonprofit: Storms Put Hawaiian Humane Society to the Test Hundreds of pets had to be rescued during the recent Kona low storms that swept over the state, causing widespread flooding and property destruction. But that was just the beginning of the mission for the Hawaiian Humane Society, whose staff worked to reunite animals with their owners, provide medical attention and find shelter for those left behind. 10

Prejudice Still Troubles Pride Month Hawaiʻi’s aloha spirit has created a long tradition of tolerance and acceptance of LGBTQ+ members of the community. But with a federal campaign aimed at cutting legal and civil protections against discrimination, the limits of Hawaiʻi as a refuge are also evident. We talk to four people — two trans men, a trans woman and a māhū — to discuss how safe and supported they feel in the Islands and why many still face prejudice and even violence in the Aloha State. 58

7 HAWAII BUSINESS (ISSN 0440-5056) IS PUBLISHED 12 TIMES A YEAR BY PACIFICBASIN COMMUNICATIONS. ©2026 PACIFICBASIN COMMUNICATIONS, LLC. ALL RIGHTS RESERVED. ANY UNAUTHORIZED COPYING, DISTRIBUTION, OR ADAPTATION IS STRICTLY PROHIBITED AND WILL RESULT IN LIABILITY OF UP TO $100,000. EDITORIAL, ADVERTISING AND BUSINESS OFFICES AT 1088 BISHOP STREET, SUITE LL2, HONOLULU, HI 96813. TELEPHONE (808) 534-7520. POSTMASTER: SEND ALL ADDRESS CHANGES TO HAWAII BUSINESS, P.O. BOX 913, HONOLULU, HI 96808. SUBSCRIBERS NOTIFY THE SAME OFFICE. PLEASE INCLUDE NEW ADDRESS AND OLD ADDRESS (MAILING LABEL PREFERRED) PERIODICALS POSTAGE PAID AT HONOLULU, HAWAI‘I, AND AT ADDITIONAL MAILING OFFICES. SUBSCRIPTION: ONE YEAR $24.99 / TWO YEARS $34.99 / THREE YEARS $44.99. FOREIGN: ONE YEAR $53.99 (US FUNDS). FOR SUBSCRIPTION INQUIRIES, ADDITIONAL RATES, INFORMATION, NOTIFICATION OF CHANGE OF ADDRESS AND SUBSCRIPTION SERVICE, PLEASE CALL (800) 788-4230. JUNE 2026 VOL. 71/NO. 12

JUNE 2026

44 Waipahu High School’s Amazing Turnaround Over a decade ago, Waipahu High School was a symbol of nearly everything that was wrong with public schools — high absenteeism, unmotivated students, low test scores. Then some leaders broke the mold and started to rethink nearly everything, from the purpose of school to how each student could take control of their experience. Today, Waipahu is “six schools in one,” featuring semi-autonomous academies with a track record that is the envy of other public high schools. Can the model be replicated?

Academy of Health & Sciences student Leila Manibog working alongside a mentor. Photo courtesy of Waipahu High School

Thirty Years and Counting, Pokémon is Big Business Once an innocent childhood hobby, collecting and trading Pokémon cards is now a thriving global phenomenon, and a big business. As the beloved Pokémon characters turn 30 this year, we talk with several Hawaiʻi shop owners and card collectors to find out what’s behind the Pokémon fever. It’s a bit different in Hawaiʻi than elsewhere. 70

SPECIAL ADVERTISING SECTIONS

Trial and Error Criticism from bosses or colleagues stings at any age, but it is especially difficult to adjust to when first starting out in a career. Hawaii Business Magazine reporter Ryann Noelani Coules relays some firsthand experience and talks with a seasoned expert about how to keep it all in perspective. One key lesson: Don’t take all criticism as rejection but rather as a learning experience that can strengthen your resilience. 79

Emerging Legal Stars

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Credit Union Report

Recognizing Hawaiʻi business attorneys who are setting the bar high with their expertise and experience.

A special report on the history, mission and unique membership benefits of the credit union industry in our state.

H AWA I I B U S I N E S S

HB EVENTS C O N N E C T W I T H H AWA I I B U S I N E S S M A G A Z I N E L O C A L LY OW N E D, L O C A L LY COMMITTED SINCE 1955.

Our goal is to strengthen the local economy and help our communities thrive. Publisher KENT COULES kentc@hawaiibusiness.com • (808) 364-5869

TRAINING DAY JUNE 18, 2026 Japanese Cultural Center

Best Places to Work: Training Day brings together Hawai‘i’s top-performing employers for a half-day conference focused on forward-thinking leadership, innovative HR strategies, and the evolving expectations of today’s workforce. Designed to inspire and equip, the event connects decision-makers and talent leaders for meaningful learning, idea-sharing, and practical takeaways that strengthen workplace culture and performance across the state.

JULY 17, 2026 Hilton Hawaiian Village Hawaii Business Magazine in partnership with First Hawaiian Bank presents the Leadership Conference, Hawai‘i’s premier leadership event, bringing together professionals, executives and changemakers for a full day of insight, connection and growth. Through candid conversations, interactive workshops and real-world tools, attendees gain fresh perspective and practical strategies to lead with impact. Connect with those shaping Hawai‘i’s industries — and leave with ideas you can put into action immediately. For more information on events, visit hawaiibusiness.com/events or contact Ashley McLean, Events Manager, at ashleym@hawaiibusiness.com

Editorial Editor-in-Chief JENNIFER ABLAN jennifera@hawaiibusiness.com Managing Editor KEN WILLS kenw@hawaiibusiness.com • (808) 987-8135 Senior Editor STEVE PETRANIK stevep@hawaiibusiness.com • (808) 534-7584 Senior Contributing Writer CYNTHIA WESSENDORF cynthiaw@hawaiibusiness.com Staff Writer RYANN NOELANI COULES ryannc@hawaiibusiness.com Staff Writer GRANT NAKASONE grantn@hawaiibusiness.com Copy Editor ELROY GARCIA Editorial Interns LILI HURD, KIANI VIDAURRI, ALLYSON WHALEY

Design & Photography Creative Director ESTHER MOHRMANN Graphic Designer CHASE NUUHIWA Graphic Designer KAREN TANIGAWA Graphic Designer GINNY WILLIAMS Staff Photographer AARON YOSHINO Digital Digital Director RANDALL LIBRAMONTE randalll@hawaiibusiness.com Digital Content Manager MARIANNE LEANO mariannel@hawaiibusiness.com Sales & Marketing Account Executive YONGCHAE SONG yongchaes@hawaiibusiness.com • (808) 228-5078 Operations Manager REBECCA BROOKING rebeccab@hawaiibusiness.com • (808) 534-7560 Events Manager ASHLEY MCLEAN ashleym@hawaiibusiness.com • (808) 272-6550 Events Coordinator OLIVIA DE SENA oliviad@hawaiibusiness.com Circulation hawaiibusinessmag@emailcustomerservice.com Connect with us on social media: HawaiiBusiness HawaiiBusinessMagazine

Hawaii Business is published by

Founder DUANE KURISU Chairman SUSAN EICHOR President BRANDON KURISU Director of Finance JADE CARREL

LET TER FROM THE EDITOR

Condos, Cards and Caps and Gowns: Hawai‘i’s Most Compelling Investments

ith volatility rattling stock markets and assets of all kinds, condominiums and collectible Pokémon cards are no exception. Both take center stage in our June issue, invaluable to those who chase them and utterly unpredictable for those who own them. Condos can be a complete nightmare, as investigated in a deep-dive exposé by senior contributing writer Cynthia Wessendorf. They are a critical part of the housing supply in urban Honolulu and its suburbs. Although vacation-home buyers and wealthy off-island investors have driven up prices in some neighborhoods, condos remain one of the few viable paths to homeownership for many local residents. Title Guaranty Hawaii data shows that 83% of all properties sold on O‘ahu in 2025 went to local buyers, mostly for long-term occupancy. New shortterm rental permits are now restricted to resort-zoned areas like Waikīkī and Ko Olina, further nudging the market toward long-term residents. Buying offers the promise of equity and stability, but the risks are real, as Wessendorf lays out on page 26. Maintenance fees climb year after year. Special assessments — sudden, large charges for repairs like new windows, roofs or plumbing — can blindside even the most prepared buyer. Wessendorf’s cover story highlights Ruth Rodrigues, whose situation illustrates just how daunting hidden costs can be. Displaced from her rental in Āina Haina, she explored a two-bedroom unit at the Mauna Luan towers in Hawai‘i Kai but balked at nearly $1,500 a month in maintenance fees, plus an unknown special assessment for window replacements. “I don’t want to be a horror story,” she says. “We lock in and then it’s, ‘hey, we need $50,000 more.’” She ultimately chose to keep renting, as 40% of O‘ahu households do. Yet there is a bright side. At Kuilei Place, a 1,005-unit condominium under construction in Mō‘ili‘ili, history professor Linda Lierheimer locked in a two-bedroom unit at $625,000 — well below the $833,000 market rate. When it opens in 2027, she’ll become a first-time homeowner just before retirement. “I’ll be a first-time homebuyer at 66, but that’s what Hawai‘i does to you,” she says.

hosted the Pokémon World Championships, more than 14,000 people attended, with lines stretching hundreds deep just to enter the pop-up shop. In Mānoa, Andy and Mari Oshiro turned their passion into Alola Mart, a brick-and-mortar shop that opened in August 2025. Andy has sold rare cards for thousands — one Pikachu card fetched $6,500 and could command five figures today, as Rachel Wagenman reports on page 70. But for the Oshiros, the real reward is community. “We’re in it for the community,” Andy says. “Pokémon is for every age — we have senior citizens, young kids and classmates from high school bringing their own kids in.” Collector Jomari Garcia agrees, selling at local events mostly just to fund his hobby. “Technically I don’t really make money,” he says. “I’m just breaking even.” WAIPAHU HIGH SCHOOL

The biggest investment in Hawai‘i is its people. When Hawaii Business Magazine came across Waipahu High School’s rise as the largest feeder school to the University of Hawai‘i at Mānoa College of Engineering, we started digging. What Grant Nakasone reports on page 44 is remarkable. Once noted for youth gang activity, Waipahu is now known nationally for its wall-to-wall College and Career Academy design — the first of its kind in Hawai‘i — integrating rigorous academics with specialized career pathways and an Early College program that lets students earn tuition-free college credits. Leila Manibog, a recent Waipahu High School graduate, took an interest in pharmacy and interned at Long’s Drugs through the school’s early career program, logging at least 120 hours packaging medications and counting pills among her responsibilities. “They treated me like a regular pharmacy technician,” she told me in a telephone interview. Manibog is one of many students who have passed through the school’s Academic Health Center, operated by Hawai‘i Pacific Health since 2024, training alongside real providers on the Waipahu campus. She’s now headed to the Thomas J. Long School of Pharmacy at the University of the Pacific in Stockton, California.

POKÉMON CARDS

On Pokémon’s 30th anniversary, what was once a childhood pastime has become serious business. High-profile sales, like influencer Logan Paul’s $16.4-million Pikachu Illustrator card, have brought real dollar signs to the hobby. When Honolulu

JENNIFER ABLAN EDITOR-IN-CHIEF

H AWA I I B U S I N E S S

YO U R R OA D M A P TO H AWA I ‘ I ’ S 2 0 26 BUSINESS EVENTS

JUN

June 18 Best Places to Work: Training Day

JUL

July 17 Leadership Conference

AUG

August 13 Top 250 CEO Celebration

SEP OCT

Hawai‘i Leadership Academy: Cohort Three September TBA Hawai‘i Excellence in Business Awards

October 8 HB20 (20 FOR THE NEXT 20) Impact Summit October 23 Wahine Forum Inaugural Wahine of the Year Pau Hana Celebration

NOV

November TBA CEO Roundtable

DEC

December TBA CEO of the Year Celebration

V I S I T W W W. H AWA I I B U S I N E S S . C O M / E V E N T S

EXC LU S I V E I N T E RV I E W

H AWA I I A N A I R L I N E S C EO D I A N A B I R K ET T R A KOW

War-Linked Airfare Hikes May Put a Damper on Residents’ Summer Travel Plans With the merger of Alaska Airlines and Hawaiian Airlines on track following the launch of its combined booking app, executives are focusing on global forces, including volatile fuel costs, that are affecting the competitive market. by K E N W I L L S

s the summer travel season moves into high gear, flights to the continent, Europe, Asia or even a short hop to another island come with a sticker shock — airfares are up and may well go higher. In an exclusive interview with Hawaii Business Magazine, Hawaiian Airlines CEO Diana Birkett Rakow says the U.S.-Israeli war with Iran forced across-the-board hikes in airfares for Alaska Airlines and Hawaiian Airlines in late April, and more increases and service cuts could occur if disruptions to global oil supplies persist. Birkett Rakow, who has been in the role since October, says the combined airline company is closely monitoring the unpredictable oil market, and like other global airlines, has had to recoup rising jet fuel prices through a number of strategies.

“We had about a $100 million fuel hit” for the first quarter, “and that’s obviously significant,” Birkett Rakow said during an interview on April 23 at the company’s offices at Daniel K. Inouye International Airport. “We’re projecting even higher fuel hits for the next quarter. And if the situation continues? I think, first of all, it’s just really hard to predict, because none of us knows exactly what’s going to transpire.” Besides fare increases, the airlines have been forced to look for fuel savings through changes in operations, such as taxiing to the runway using only one engine before starting the second closer to takeoff, or connecting to the terminal electric system when at the gate instead of cooling the cabins using the engines. “We have increased fares across the board — every airline has, and [also] bag fees,” she says. “Frankly, we’re only recovering a very small portion — a fraction — of the cost of fuel. It’s certainly important and significant to recover that cost, but it doesn’t cover all of it. So, we’re also looking at just how do we configure the business as well as possible for success in that time frame? We’re not changing our strategy.” The war, which President Donald Trump started on Feb. 28 in coordination with Israel, was originally intended as a short “excursion” but dragged on even after he declared in midMarch that the U.S. had “won.” Recent cease-fire announcements have been followed by a U.S. blockade of the Strait of Hormuz, which Iran had also blocked from its side. That standoff resulted in verbal accusations by both sides while a stalemate prevented oil and other shipments through the strait. About 20% of global oil supplies are shipped through the gulf.

H AWA I I B U S I N E S S

“

People love the Hawaiian Airlines brand. They’re so thrilled that we’re keeping the Hawaiian brand.”

JUNE 2026

Since the war began, crude oil prices have spiked, and despite some volatility, have remained about 50% higher than before the war. Brent crude, the global oil benchmark, topped $125 a barrel at one point and has remained above or near $100. Even more concerning, Goldman Sachs analysts have warned that damage to oil infrastructure combined with countries’ efforts to refill strategic oil reserves could keep oil prices high even after hostilities end. All airlines are struggling with the rising fuel costs after the Iran war, and Trump said his administration had considered a government bailout of Spirit Airlines, or possibly buying the company outright, before it announced in early May it was shutting down. United Airlines’ CEO, meanwhile, said he approached American Airlines about a possible merger as a way for the the No. 3 and No. 1 U.S. airlines to contain costs and better compete with global rivals. That effort reportedly was rebuffed by American. As for Hawaiian Airlines, Birkett Rakow says: “We’re full-steam ahead on implementing that [strategic] plan, but we may need to make some adjustments around the edges to get through it as well as possible. Does that include possible cancellation or the suspension of certain routes? It could. That’s not something that we’re actively looking at right now, but depending on how long the conflict and

the impact lasts… we take that kind of action really carefully, because particularly if you’re suspending a whole route, it’s harder to re-enter the market.” Birkett Rakow says the combined airlines passed an important milestone on April 22 when it merged the online booking and processing system. It is unique in the industry because both brands will remain active after the merger, and customers can still choose which airline they prefer to be predominant on the app. With that milestone completed, executives and employees can now turn toward other goals, including retaining customer loyalty, which has been historically very strong for the Hawaiian brand but was strained due to glitches and confusion tied to the merger. She emphasized that both airlines are now part of the Oneworld Alliance of 16 airlines that serve destinations in 170 countries. That means Alaska and Hawaiian customers can use their accrued miles on routes of the other member airlines. It also means more passengers from the other airlines may use their miles to travel to Hawai‘i, which has been struggling to recover from a slump in tourism. The combined company recently announced new one-stop routes starting in April and May from Hawai i to Rome, London and Reykjavik, Iceland.

Hawaiian Airlines aircraft at Daniel K. Inouye International Airport. Rising fuel prices and mergerrelated changes are shaping the airline’s next chapter. Photo: Aaron Yoshino

‘UNTIL THE END OF TIME’

BUILDING LOYALTY AT HOME AND ABROAD

Closer to home, Birkett Rakow says the airline is promoting its discount program for local residents to help defray rising fares on inter-island routes, some of which took place even before the Iran war. “We don’t make money on our Neighbor Island network,” she says. “And we don’t intend to do that [raise fares], but we do need to make sure that it’s closer to breaking even. It’s a really important service for us. “The way that we’ve tried to address affordability, particularly for local people, is with the Huaka‘i by Hawaiian program.” It provides state residents benefits such as free bags and discounts on inter-island travel. While an unfavorable exchange rate has hurt Japanese tourism to Hawai‘i, and a backlash from Trump’s comments about Canada have caused many Canadians to avoid U.S. destinations, Birkett Rakow says that has been somewhat offset by strong demand from U.S. travelers. “One of the things that we try to do as an air group is really take the long view where we can — we try to be nimble and adjust our business to what we’re seeing in the moment but also making sure that we’re set up for long-term success,” she says. “The connection between Japan and Hawai‘i is strong and will always be strong. Currency issues ebb and flow over time. That’s an important market to us. We just celebrated our 15th anniversary of flying to Japan. “People love the Hawaiian Airlines brand. They’re so thrilled that we’re keeping the Hawaiian brand.”

On the financial front, Birkett Rakow says Hawaiian Airlines had cut running annual losses of $350 million ahead of the merger to half that amount. “We pledged to cut those losses in half, and we did. We’ve taken some headwinds in the beginning of this year, but that core trajectory is one that we need to continue, and I think it’s enabled by some of the milestones — with coming onto one platform, reducing that guest friction, being able to deliver the full value proposition of the combination.” Although call wait times have improved, some guest friction remains even after the two frequentflyer mileage programs were combined into the new Atmos app. Customers who discover missing miles in their accounts find one set of instructions on the website and receive additional steps after emailing the material, requiring duplicate efforts. Automated replies advise frequent flyers to expect wait times of up to three weeks for a response to the submissions and eight weeks for the revisions to be posted to the customer accounts. Part of the airlines savings came from layoffs. Some 466 were announced, but Birkett Rakow says the actual number was less than that – 302 – as positions were found for some of those initially targeted. The airline says it has hired more than 1,200 new employees since September 2024, primarily in unionized roles based in Hawai‘i, maintaining a workforce of more than 6,500 employees across the Islands and more than 7,200 systemwide. Now the company is in discussions with labor unions to update contracts. Working to the airline’s advantage, state residents are loyal to the Hawaiian brand and image. “That is part of our strength,” Birkett Rakow says. “It also means anytime we change anything, people take it personally. And I get that. It’s part of the strength of that relationship. And I think people so want to protect Hawaiian Airlines and make sure that it can continue. “That’s my top goal, right? That’s what we’re all here to do, all of us, including my colleagues in Seattle. We will be better if we have two strong brands until the end of time. We will be a better organization.”

H AWA I I B U S I N E S S

NONPROFIT WITH A MISSION

Humane Societies Help Reunite Pets and Owners, Find Foster Homes After Kona Low Storms by k i a n i v i d a u r r i

escuing endangered animals during the kona low flooding in March was difficult and hazardous enough, but that was just the first part of the Hawaiian Humane Society’s storm-related efforts. What followed was caring for the animals, locating their owners and, for those whose owners couldn’t be located, finding them new homes. Christopher Casey, an animal protection officer with the nonprofit humane society, says he waded through murky waist-deep water when he searched for animals for several days in Waialua with a rescue team that included two colleagues. Their work across the flooded farmlands was unlike anything they had experienced before, he says. “The terrain was our biggest obstacle,” says Casey. “The first couple days, it was pretty hard, because it was almost inaccessible.” Once, their truck got stuck in the mud, but they pushed the vehicle out and rescued four puppies that day. Humane society staff and volunteers set up food banks for animals in areas where people were stranded and provided pet food, medicine and leashes when needed. “I don’t think anybody realized the severity of the storm (beforehand). It was so sudden, so everybody kind of just evacuated … grab and go,” Casey says. Reuniting pets with their owners has been challenging because none of the animals that Casey rescued had been

JUNE 2026

The Humane Society rescued animals caught up in the storms, including pets and stray animals. Photo courtesy of Hawaiian Humane Society

Field ops and Inspire Church volunteers pass down pet food and supply donations through an assembly line after the Waialua floods. Photo courtesy of Hawaiian Humane Society

microchipped or wore collars with identifying information. The rescued pets that are being temporarily cared for by the humane society are listed at hawaiianhumane.org/found-pets so that they can be reconnected with their families. Other animals in their care at either campus are listed at hawaiianhumane.org/ stray-animals. Rescued animals received medical attention, and all were held for at least two weeks to give families time to retrieve them. If families needed more time, the Hawaiian Humane Society says, it worked with owners to extend their pets’ stays. Unclaimed animals were medically and behaviorally evaluated, microchipped and vaccinated, says Anna Neubauer, Hawaiian Humane Society president and CEO. Some are still available for adoption, and others were placed in foster homes or transferred to rescue partners, a network of local rescue organizations that includes

Hawaiian Humane volunteers prep donated food and supplies. Photo courtesy of Hawaiian Humane Society

H AWA I I B U S I N E S S

The rescue team provided animals with nutrition and took many into their care. Photo courtesy of Hawaiian Humane Society

Fur-Angel Foundation, Cat People of Oahu, PAWS of Hawai‘i and many more. “We really want to be able to help get families reunited,” Neubauer says. The organization is helping people who, for now, are unable to take back their pets — often those who “have lost everything” — by contacting boarding facilities across O‘ahu and seeking funding from private donors to cover the full costs of extended boarding, Neubauer says. Before being boarded, a pet must be spayed or neutered and vaccinated, which the nonprofit will do for free with the pet guardian’s consent. The society can also provide health certificates for people who need to take their pets off-island.

JUNE 2026

Nikki Russell, interim CEO at the Maui Humane Society, says her organization took in over 400 animals last year because of a lack of pet-friendly housing. Now, “with the storms damaging petfriendly homes, it’s just making things that much more difficult,” she says. When Russell was interviewed, Maui Humane Society was caring for 110 dogs but had only 43 kennels; 45 of those dogs were placed in foster homes. (Many dogs are not capable of sharing a kennel.) The Maui organization supported the Maui Emergency Management Agency during and after the storm, rather than conducting its own rescues, Russell says. That support included providing dishes and pop-up kennels for

people forced to evacuate. Russell says the nonprofit also has been helping with recovery efforts in Hāna and on Moloka‘i, two remote communities hit hard by the storms. On Moloka‘i, Maui Humane Society’s kennels were filled with mud. Russell says the storms discouraged a lot of people from visiting the Islands, creating even more hardships for residents who depend on tourism for their livelihoods. “It feels very reminiscent of Covid,” says Russell. She’s quick to thank donors and volunteers, and asks that volunteers continue to foster pets and provide food and health care. “It helps us help people,” she says.

Emerging Legal Stars SPECIAL PROMOTIONAL SECTION

M E E T S I X T E E N AT T O R N E Y S W H O ARE REDEFINING EXCELLENCE E A R LY I N T H E I R C A R E E R S by G R A N T N A K A S O N E

E M E R G I N G L E G A L S TA R S

Grant f. allison LU NG R O S E VO S S & WAG N I L D UNDERGRADUATE: Santa Clara University LAW SCHOOL: UH Mānoa

Sharon paris L U N G R O S E V O S S & WA G N I L D UNDERGRADUATE: University of Pittsburgh LAW SCHOOL: UH Mānoa

Sharon Paris is a litigator at the firm, concentrating in business, real estate, construction, and commercial litigation. Paris has handled agency litigation and land use proceedings; boundary and title disputes; historic preservation matters under HRS Chapter 6E; environmental litigation; foreclosure cases; construction defect claims; procurement disputes under Hawai‘i’s Procurement Code; and discrimination defense before the Hawai‘i Civil Rights Commission and Circuit Court. Was there an event or moment in your life that inspired you to pursue a career in law? “After I graduated college and moved to Hawai‘i, I took my LSAT, but put that on hold because I started my family. I started at a non-profit board, and an attorney that I was working with encouraged me to take the next step in my career. I looked into Richardson and by that time they had started their part-time program. So I was able to go back to school while still working full-time.” What advice would you have for your first-year associate self? “I would tell myself to be a little bit more patient and to slow down. This career is a practice. It’s not a race and it’s not something that you can accomplish with a checklist.”

JUNE 2026

Grant Allison is a litigator at the firm, concentrating in business, real estate, land use and construction disputes. Prior to law school, he worked as a commercial real estate appraiser in Honolulu, giving him firsthand expertise in property valuation, development, and finance that directly informs his practice. Allison regularly represents lessors and lessees in ground rent redeterminations and arbitrations across all Hawai‘i counties. Was there an event or moment in your life that inspired you to pursue a career in law? “I would say there was a person and that person was my mom. Her career was in urban planning and construction management and I would go with her on site visits and to meetings and she would take time and explain to me what she was doing and what sort of urban planning was and what use permits were. It just got me interested in it from a very early age.” What advice would you have for your first-year associate self? “You control what you can control. What you can’t control are the facts or what other people do and say, and you cannot fault yourself for what you can’t control. If you have done your job, you’ve been prepared, you’ve come and worked out all the contingencies and you have a strategy and you’ve done your job as a litigation counsel and as a lawyer, you should always hold your head up high and be proud of the work you’ve done.”

Kenory e. khuy GOODSILL ANDERSON QUINN & STIFEL LLP UNDERGRADUATE: UH Mānoa LAW SCHOOL: UH Mānoa

Steven t. wall GOODSILL ANDERSON QUINN & STIFEL LLP UNDERGRADUATE: Loyola Marymount University LAW SCHOOL: University of California College of the Law,

San Francisco

Steven Wall focuses his practice in the firm’s Captive Insurance group at Goodsill Anderson Quinn & Stifel LLP. He leverages years of experience in litigation and corporate transactions to develop tailored strategies that address the unique legal needs of every client. With a diverse background advising on insurance, regulatory compliance, contracts, construction, personal injury, professional malpractice, employment and a wide range of business disputes, Mr. Wall draws on a broad base of experience to deliver practical and effective solutions to complex legal challenges.

Kenory Khuy concentrates her practice in estate planning, probate and trust administration, and civil litigation. She graduated with honors from the William S. Richardson School of Law in 2019. Following law school and prior to joining Goodsill, Khuy served as a law clerk to Chief Judge R. Mark Browning of the First Circuit Court of Hawai‘i Probate Court and to Associate Justice Sabrina S. McKenna of the Hawai‘i Supreme Court. Was there an event or moment in your life that inspired you to pursue a career in law? “I credit my current career in law to a series of serendipitous mentors. First, was a close friend whom I reconnected with who was having a great time in law school and encouraged me to apply. Thereafter, I had professors, supervisors and classmates who made my law school experiences so uniquely enjoyable. After law school, I had the good fortune of clerking for an amazing judge and justice, both of whom showed me how impactful good and bad lawyering could be on our community, and that being an attorney is both an honor and a great responsibility.” What advice would you have for your first-year associate self? “As fun as the practice of law is, it will consume your life if left unchecked, and burnout is not only a disservice to yourself but also to your colleagues and clients.”

Was there an event or moment in your life that inspired you to pursue a career in law? “I wouldn’t say that there was a single moment for me. When I was in school, each attorney in my family and friend network spoke with a level of intellect, poise, and authority that I aspired to develop. Moreover, each was as passionate about the law as they were about their personal interests, and I respected every one of them. I’m very thankful for those experiences, because the full body of these interactions inspired me to pursue my career in law.” What advice would you have for your first-year associate self? “I would tell myself to start networking immediately— to branch out and meet as many people working in our community as possible, because you never know where those connections might lead.”

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T HE HAWA I ‘I L E A DE RS H I P ACAD EM Y I S A PART NER SH I P BET WE E N THE HAWAII EMP LOYERS COUNCIL AND HAWAII B USINE SS MAGA Z I N E.

Stephanie haro-sevilla LA LUZ DE EL CAMINO LEGAL UNDERGRADUATE: UH West O‘ahu LAW SCHOOL: UH Mānoa

Stephanie Haro-Sevilla recently joined La Luz de el Camino Legal. Previously, she was a Post-Juris Doctor Legal Fellow and Immigrant Advocate at the Refugee and Immigration Law Clinic, where she still volunteers. Before returning to Richardson as a fellow, she served as a law clerk for the Honorable Rowena A. Somerville of the O‘ahu First Circuit Court of Hawai‘i.

Sabrina m. kawana GORDON REES SCULLY MANSUKHANI LLP UNDERGRADUATE: Willamette University LAW SCHOOL: UH Mānoa

Sabrina Kawana is an associate in the firm’s Honolulu office and a member of its Construction and Commercial Litigation practice groups. Prior to joining GRSM, she practiced as a litigation associate at a civil law firm in Honolulu and served as a law clerk to the Intermediate Court of Appeals and the Honorable Jeannette H. Castagnetti of the First Circuit Court of Hawai‘i. After earning her undergraduate degree, she returned home to O‘ahu to attend the William S. Richardson School of Law, where she received CALI Awards for the highest grades in Civil Rights and Construction Litigation.

Was there an event or moment in your life that inspired you to pursue a career in law? “I was a DACA recipient. So when then President Obama announced the DACA program, it really solidified that the law can impact people and it can make a difference. Through AP government classes, I learned I really like the law and want to have the same impact that these leaders are having on me by helping people.” What advice would you have for your first-year associate self? “Don’t be afraid to be the first one to make an impact. When I first started the immigration and detention hotline, I was very scared at what I was doing because it had never been done before in our state, but if we hadn’t taken the step, then no one else would’ve.”

Was there an event or moment in your life that inspired you to pursue a career in law? “I always enjoyed problem solving with my friends and peers. Often, they would come to me with their concerns or their problems and I loved taking action and helping them through any hardships or difficulties. A career in law really appealed to me for the problem solving aspect and being able to advocate for others” What advice would you have for your first-year associate self? “I was the hardest and biggest critic of myself as a first year associate and I often got in my own way because of it. So my advice would be to celebrate the small wins and small victories.”

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E M E R G I N G L E G A L S TA R S

Kendrick s. chang WA T A N A B E I N G L L P UNDERGRADUATE: George Washington University LAW SCHOOL: UH Mānoa

Travis yu REMILLARD BARBOUR & YU UNDERGRADUATE: UH Mānoa LAW SCHOOL: UH Mānoa

Travis Yu is the newest Partner at Remillard Barbour & Yu, a personal injury law firm. Prior to his partnership, Travis practiced exclusively for eight years at Park & Park, demonstrating his dedication to his clients and his craft. He specializes in a wide range of personal injury matters, including auto collisions, slip-and-fall accidents, medical negligence and wrongful death claims. At Remillard Barbour & Yu, he continues his mission of securing justice and accountability for individuals facing their most challenging moments. Was there an event or moment in your life that inspired you to pursue a career in law? “My father was an attorney in Hawai‘i, but more importantly to me growing up, he was an amazing father and he was a loving husband to my mom. He had a strong moral compass and he inspired me to want to be an attorney and help people in this state” What advice would you have for your first-year associate self? “I would say do your best to keep an open mind, learn as much as you can every day and do your best to remember that it’s not a sprint, but a marathon.”

JUNE 2026

Kendrick Chang joined Watanabe Ing as an Associate in 2022, focusing on public utilities, creditor’s rights and regulatory affairs. He frequently represents clients before the Hawai‘i Public Utilities Commission, Hawai‘i Community Development Authority, and county liquor commissions. Chang is actively involved in multiple professional and community organizations. He serves on the boards of Livable Maunalua Hui, Hawai‘i Kai Lions Club, NAIOP Hawai‘i Developing Leaders, and the United Chinese Society of Hawai‘i. Was there an event or moment in your life that inspired you to pursue a career in law? “I would follow my grandfather a lot and he always enjoyed going to coffee with his other Chinese community association friends. One of whom was a retired circuit court judge and he, at that time, identified that I would either enter a career in law or politics, and I think that was the very first light bulb of inspiration to enter my current profession.” What advice would you have for your first-year associate self? “I would say keep your head up high. Don’t get emotional or depressed over the little things. Always just keep moving forward and don’t look back on the little mistakes.”

Bryce m. nakamura CADES SCHUTTE LLP UNDERGRADUATE: UH Mānoa LAW SCHOOL: University of Arizona

Reyn s.p. ono CADES SCHUTTE LLP UNDERGRADUATE: Claremont McKenna College LAW SCHOOL: UH Mānoa

Reyn Ono is an associate in the firm’s Finance, Real Estate, and Corporate Department and serves on its Recruiting and Summer Associate Program Committees. His practice spans public utilities, energy, water resources, real estate, banking and finance, and construction. Reyn represents public utility companies and common carriers regulated by the Hawai‘i Public Utilities Commission — including providers of electric, sewer, water and transportation services — in certification, rate cases, asset sales and transfers, regulatory matters and formal proceedings

Bryce Nakamura is a litigator at Cades Schutte specializing in commercial, construction and real property disputes. His practice focuses on representing builders, design professionals, and owners in construction contracts and defects disputes. He has been listed in Best Lawyers: Ones to Watch for 2025 and 2026. He attended the James E. Rogers College of Law at the University of Arizona and served as Senior Managing Editor of the Arizona Journal of International and Comparative Law and as President of the Arizona Sports and Entertainment Law Society. Was there an event or moment in your life that inspired you to pursue a career in law? “While I was obtaining my undergrad business degree at UH, I had the opportunity to review and analyze different types of contracts that were affecting college athletics at the time. So, I became interested in contract interpretation and how the disputes could arise, and that inspired me to attend law school and pursue a legal career.” What advice would you have for your first-year associate self? “Put in the time and effort to excel at any task that’s thrown at you, no matter how minor or trivial it might seem. Each assignment, whether it’s reviewing documents or checking citations in a brief, is an opportunity to develop the trust of the other attorneys in your firm.”

Was there an event or moment in your life that inspired you to pursue a career in law? “I worked in the travel industry before this and enjoyed the client-facing parts of the job. All of those kinds of experiences really informed me and into realizing that a career in law might be right for me.” What advice would you have for your first-year associate self? “Growth happens when you’re in an uncomfortable position. You’re not growing if you’re always comfortable. So I would tell myself to focus on your growth, be open to feedback, and that mistakes are going to happen early and often, so give yourself some grace.”

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E M E R G I N G L E G A L S TA R S

JUNE 2026

Alicia m. fung CARLSMITH BALL LLP UNDERGRADUATE: UH Mānoa LAW SCHOOL: UH Mānoa

Alicia Fung is a partner in the firm’s Honolulu office and a member of its Transactional Practice Group, with a focus on real estate and development, as well as business and corporate matters. Before pursuing law, Fung worked as a construction engineer for Hawaiian Dredging Construction Company, Inc. She later served as a law clerk to the Honorable Derrick H.M. Chan at the Intermediate Court of Appeals.

Ian r. wesley-smith CARLSMITH BALL LLP UNDERGRADUATE: Colorado State University LAW SCHOOL: UH Mānoa

Ian Wesley-Smith is a partner in Carlsmith Ball’s Hilo office and a member of its Litigation & Alternative Dispute Resolution practice group. He focuses on commercial litigation, including matters involving breach of contract, construction performance and defects, business entity disputes, intellectual property rights, and business torts. He works to achieve successful outcomes in mediation, arbitration, and in both state and federal courts, for clients ranging from publicly traded companies to local individuals.

Was there an event or moment in your life that inspired you to pursue a career in law? “I wouldn’t say there really was a single dramatic ‘aha’ moment for me that spurred my entry into this career. It was more of a gradual process — a pull towards more of the problem solving and an interest in how deals actually come together behind the scenes.” What advice would you have for your first-year associate self? “I’d tell myself not to assume that you’re supposed to know everything because you won’t, and that’s okay. Honestly, that’ll continue for a while and well into the career. That is the nature of the practice; we’re constantly learning. The field is always changing, so that’s something that you need to be comfortable with early on. In earlier years, it’s also easy to get caught up in simply getting the work done, but you should take the time to take a step back and try to understand the bigger picture and purpose behind each assignment.”

Was there an event or moment in your life that inspired you to pursue a career in law? “It was more of a lifetime process. Every day, I get to help people. Whether your client is a company or whether your client is a person, they’re coming to you because they have a problem or they have a difficult situation, and you get to resolve it for them.” What advice would you have for your first-year associate self? “I think that litigation is very much a craft or a trade in the same way that construction or plumbing is. The job is to approach things in a way where you’re trying to learn this trade and to just have that learning mindset, whether it’s getting a good mentor or whether it’s volunteering for hands-on experience in court.”

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E M E R G I N G L E G A L S TA R S

Hannah matsunaga D AV I S L E V I N L I V I N G S T O N UNDERGRADUATE: Vassar College LAW SCHOOL: Stanford University

Zoe m. hernandez LU K E L A & KO B AYA S H I UNDERGRADUATE: Cornell University LAW SCHOOL: Pepperdine University

Zoe Hernandez is a family law attorney with experience handling a full range of family law matters, including divorce, post-divorce issues, paternity, temporary restraining orders, child custody and support, adoption, guardianship and premarital agreements. After returning to Hawai‘i from law school, Hernandez focused on family law, handling a broad range of cases, including complex divorces involving high-value assets and business interests, as well as child custody matters. Was there an event or moment in your life that inspired you to pursue a career in law? “It wasn’t necessarily one single moment: I’ve always known and I’ve always been driven by a desire to help others and to serve my local community. I think that’s been the biggest theme for me throughout my life.” What advice would you have for your first-year associate self? “Be patient with the learning process. One big thing is to not equate uncertainty with inadequacy, which I think I did a lot in the beginning. Early on, there’s a tendency to feel like you need to have all of the answers, but I’ve definitely learned that real growth comes from asking the hard questions and being open to feedback.”

JUNE 2026

Hannah Matsunaga’s practice focuses on catastrophic personal injury, medical malpractice, sexual abuse and civil rights. In her first year at Davis Levin Livingston, she helped try a wrongful death case for a man who died by suicide at Halawa Correctional Facility and a medical malpractice case for a child injured by negligence at Tripler Hospital. Both resulted in record-setting victories. Hannah began her legal career at a California civil rights law firm, focusing on gender discrimination, pregnancy discrimination and sexual harassment. Hannah also recently taught trial advocacy skills to students at her alma mater, Stanford Law School. Was there an event or moment in your life that inspired you to pursue a career in law? “My parents are both lawyers and a lawyer is all I’ve ever wanted to be. I grew up thinking this was the coolest job in the world and it’s part of why I went straight through from college to law school.” What advice would you have for your first-year associate self? “Take the leap. I had really set up a life for myself in the Bay Area that I was quite happy with until I had to take a hard look at what I really wanted, and that was to come home.”

H AWA I I B U S I N E S S

E M E R G I N G L E G A L S TA R S

Lauren k. onaka S TA R N O’ T O OL E M A R C U S & F I S H E R UNDERGRADUATE: Chapman University LAW SCHOOL: UH Mānoa

Lauren Onaka is Senior Transactional Counsel at the firm, focusing on real estate and commercial transactions. During law school, she was a research assistant in the Scholar Advocate Program, conducting legal research and writing on the Korematsu coram nobis case and proposing a new framework for judicial duties.

Eric robinson UNDERGRADUATE: University of North Florida LAW SCHOOL: UH Mānoa

Was there an event or moment in your life that inspired you to pursue a career in law? “My mentor in college asked me what attributes I wanted in a career. I said that it was important to me to have a career that challenges me and allows me to work closely with my co-workers and in a client-facing environment. Most importantly, I wanted to develop skills that would allow me to help solve problems for people. My mentor said that his children were attorneys and what I described sounded like a great fit for practicing law.”

Eric Robinson focuses his practice on commercial litigation, administrative law, government relations and land use, with particular expertise in Special Management Area (SMA), shoreline and sea level rise matters, including on the North Shore of O‘ahu and in West Maui. Robinson advises clients on land use and development in shoreline and SMA areas, including administrative rules, entitlements and approval processes, seawalls and shore protection structures, environmental review and governmental affairs.

What advice would you have for your first-year associate self? “I would tell myself not to be consumed with trying to achieve perfection, but rather to push myself in the work and to jump into the practice with both feet. It is always important to do good work, but the first year is like drinking from a fire hose. Attacking the work without as much hesitation allows you to grow faster and understand the full picture of what the practice of law really is.”

S TA R N O’ T O OL E M A R C U S & F I S H E R

Was there an event or moment in your life that inspired you to pursue a career in law? “Before my career in law, I served on active duty in the U.S. Marine Corps in roles that required making consequential recommendations and decisions. The most formative experience was serving on an administrative separation board that would determine whether a Marine with nearly 20 years of service, who had just been acquitted at court-martial, would lose the ability to retire. Working through burdens, standards and imperfect policies during that process made it clear to me that sound legal judgment matters most where the stakes are highest and the answers aren’t obvious.” What advice would you have for your first-year associate self? “Clarity beats brilliance. Early in practice, it’s easy to focus heavily on being legally right. However, effectiveness depends not just on being legally right, but on how well you can distill complex issues into something decision-makers can actually engage with and understand.”

JUNE 2026

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H AWA I I B U S I N E S S

The Disappearing Affordable

of Honolulu

JUNE 2026

Escalating maintenance fees, shoebox condos, strict occupancy rules and high mortgage rates make it increasingly difficult to buy and own property. Can this be turned around? by C Y N T H I A W E S S E N D O R F

hortly after volunteering to be board chair of a five-building, 37-unit condominium in Hawai‘i Kai, Mark Marabella discovered he was living in a time bomb. The 1970s buildings, like hundreds of others in Honolulu, are falling apart. “I had no idea what I was getting into,” says Marabella, a senior consultant in quality improvement for the healthcare industry. “I get texts all the time about sprinklers, leaks, mold, wood rot, spalling — everything that’s going wrong with the property.” Marabella inherited a pile of deferred maintenance issues and a management executive who didn’t keep lists of vendors, rarely answered emails and managed to give a $55,000 deposit for new roofs to a company without a license. The latter was discovered when the permit was declined; it took a year to get the deposit returned. He’s dealing with problems with lighting and irrigation, while putting a plan in place to tackle major repairs on the 53-year-old buildings: painting, tenting for termites and the re-roofing project that was delayed. He’s also working with a plumbing company to try to extend the life of the drain lines and dodge having to replace the system. To pay for it all, he’s in the unenviable position of overseeing two increases in condo fees, which now break the $1,000 mark, as well as a one-year assessment of nearly $300 a month to beef up reserves. Before that, fees were low, but little got done. “Now we’re in a world of hurt. It’s so bad that it keeps me up at night,” he says.

In addition to repair costs, the condo association’s hurricane insurance policy, through Lloyd’s of London, shot up almost 500% at the height of the insurance crisis, from $51,555 in 2023 to $247,824 in 2024. By 2025, the cost had settled downward to $148,086. To his relief, the former management executive quit and a far more capable one has replaced him. In talking with other boards, the consensus is that property management companies aren’t the problem. “The only thing that makes a difference is if you have a great management executive. A great one makes the property run well and a bad one ruins your life,” he says. Marabella says he’s determined to get the property and finances in good shape, but it’s been a difficult two years getting up to speed, with almost no assistance from former board members or the property management company. While the burden has fallen on one volunteer, “we have to turn it around and work together as a group,” he says, hopefully. In less hopeful moments, he considers selling his unit and renting an apartment, thus passing off the headaches to a landlord. For all their benefits of larger spaces and decent prices, as condominiums hit the half-century mark, the bill comes due. Like Marabella, tens of thousands of condominium owners feel trapped paying far more than they budgeted, while others struggle to find newer units they can afford, and that won’t bring future surprises.

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HOW DID WE GET HERE? Honolulu real estate hit a point of no return in 2022. The median price for a single-family house jumped above a million dollars that year, even as mortgage rates rose almost three percentage points over the 12-month span, dampening the frenzied pandemic-era market. Today, rates remain high, sales activity is subdued, but the price of a house just keeps rising. Condominiums, in comparison, are a bargain for middle-income residents. About half the price of a house, they offer a foothold in Hawai‘i’s formidable real estate market and its promise of upward mobility. With the average rent for a tiny studio in Honolulu exceeding $1,500, and a 1,000-square-foot apartment at more than $3,500, condos give renters a chance to funnel their monthly payments into an asset. But purchasing a condo comes with financial traps. Many of the gleaming new buildings rising across the urban core tap state incentives in exchange for reserving a selection of reduced-priced condos for middle-income residents. Units, however, can be pricey, minuscule and saddled with strict occupancy rules. The more affordable options are condos from the building boom of the 1960s and '70s, which are priced right but can come with failing pipes and maintenance fees topping $2,000 a month. Then there are the condos that were never built.

Honolulu Condo Fees Keep Rising Maintenance fees have risen 70% over the past decade because of a convergence of factors. Insurance premiums spiked as global natural disasters grow more frequent and intense. Aging buildings in Hawai‘i require expensive repair work. Deteriorating pipes cause water leaks and trigger insurance claims, which drive up premiums.

A promising “workforce housing” model, for example, that brought thousands of new units to the market, at decent prices, was abandoned nearly a decade ago. While efforts are underway to help middle-income buyers, prices seem to continually outpace stagnant wages. Many housing experts say the best way to push prices down is simply to increase supply, at all price points. “We’re never going to get where we need to be in affordability unless we build a lot more housing,” says Justin Tyndall, an associate professor at the UH Economic Research Organization (UHERO) and UH Mānoa’s Department of Economics. But can Honolulu build its way out of this mess?

A HOUSING CRUNCH Condos may be cheaper than a house, but the median condo price on O‘ahu is still hefty, at $510,000, according to March data from the Honolulu Board of Realtors. That’s only topped by California and some Mountain West states, where a growing population competes for a limited supply of housing. That same dynamic of too many people vying for too little housing has played out in the Islands for a century. Newspaper clippings from the 1930s bemoan a housing crisis caused by an influx

of U.S. Navy personnel and their families, according to a history of the crisis published in Honolulu Civil Beat. Each decade brought more alarmed headlines, more bold ideas, and more pushback from lawmakers, developers and residents. One historical data point remains telling. According to the U.S. Census Bureau, the number of permits for privately owned housing units fell dramatically from 1960, when 8,129 permits were issued, to 2023, when just 3,791 were issued—even as the state’s population more than doubled. Throughout the 1960s and '70s, more than 10,000 annual permits were routinely issued, with a high mark of 18,599 permits in 1974. In the 1980s, permitting numbers remained high but a gradual slide had begun. By the 2010s, new home construction was only a third of what it was in the 1970s, according to UHERO’s Hawai‘i Housing Factbook 2025. The current decade is expected to see even less building, making it the least productive period since the 1940s. Restrictive zoning, meanwhile, confines residential housing for Hawai‘i’s 1.46 million people to just 4% of the land and favors the sprawl of single-family houses. The result is both a severe lack of housing and some of the highest prices in the nation. While single-family houses dominate many housing discussions, and the real-estate dreams of would-be buyers,

ROLLING 12-MONTH AVERAGES OF CONDO FEES FOR UNITS ON SALE IN THE PAST SEVEN YEARS:

1,051

$1,400 $1,200 $1,000

667

$800 $600 $400 $200 $0 2020

STUDIO

2021

1 BR

2022

2023

2 BR

2024

3 BR & UP

2025

2026

ALL UNITS

Source: Honolulu Board of Realtors, based on MLS residential resales data.

JUNE 2026

2 1

5 3

High Fees Affect Affordability of 1970s Condos

1114 PUNAHOU ST. $495,000 | 1,032 sq. ft. 3 bedrooms, 2 bathrooms

1,531

2122 LIME ST. $240,000 | 395 sq. ft. 1 bedroom, 1 bathroom

917

2501 COYNE ST. $355,000 | 925 sq. ft. 3 bedrooms, 1 bathroom

HOA

1,398

435 WALINA ST. $335,000 | 625 sq. ft. 1 bedroom, 1 bathroom

1,207

HOA

1,083

1521 ALEXANDER CT. $408,000 | 792 sq. ft. 2 bedrooms, 2 bathrooms

778 WILIWILI ST. $620,000 | 1,177 sq. ft. 3 bedrooms, 3 bathrooms

HOA

1,752

HOA

Condo maintenance fees, or homeowners association dues, include insurance costs, repair work and sometimes utilities. As buildings age, the fees offset reasonable sales prices. According to real estate professionals, rising fees sometimes force people with limited budgets and fixed incomes to put their units on the market, and can make them hard to sell.

H AWA I I B U S I N E S S

The Central Ala Moana on Kapi‘olani Boulevard opened in 2021 with 202 market-rate units and 310 income-restricted units. UHERO estimates that 500 homes were freed up in Hawai‘i in the three years after the condo opened. Photo: Aaron Yoshino

JUNE 2026

condominiums are a critical part of the housing supply in urban Honolulu and pockets of the island’s suburbs. The State of Hawai‘i Data Book 2025, produced by the Department of Business, Economic Development & Tourism, counts 167,412 condo units in Hawai‘i in 2023. Among structures with three or more units, not all of which are condos, the data book says 80% are on O‘ahu. And condos aren’t just for vacationers and affluent people wintering in their second homes. Statistics collected by Title Guaranty Hawaii show that 83% of all properties sold on O‘ahu in 2025, both condos and houses, went to local buyers, mostly for long-term occupancy. Short-term rentals were banned outside Waikīkī and a handful of smaller resort areas in 2022.

because of high homeowners association fees: “You can get a nice two-bedroom for $550,000, but then the HOA is $1,400 and there’s going to be an assessment for another $300, at least. You’re paying close to $2,000 a month, and that becomes a problem of not being able to afford it.” At current mortgage rates, even a $600 monthly maintenance fee is the difference between buying a $400,000 condo or a $500,000 condo, which can mean one bedroom instead of two, says Tangonan. Rising maintenance fees, along with the prospect of special assessments to fund big projects, are keeping buyers on the sidelines, afraid to invest in a money pit.

THIS OLD CONDO

Ruth Rodrigues is one of them. In January, she was devastated to learn that the owners of her rental house in ‘Āina Haina planned to sell it. She, her husband and four-year-old daughter were told in January they needed to find a new place to live, with a deadline at the end of March. This was not the first time the family had been displaced by a landlord wanting their property back, an expensive ordeal requiring a deposit, the first and last month’s rent, and cleaning and moving costs. But she had hoped to stay for many years as she loves the house and the neighborhood, so much so that she tried to negotiate with the landlord to sell the house to her family. But nothing worked. The preapproval letter she received for a bank loan was in the low $600,000s, not nearly enough. She searched, without luck, for gap-funding programs to help local house buyers, or tax incentives for sellers to keep their houses in local hands. She investigated the state’s affordable-housing programs, but she and her husband, both public-sector employees, earn too much. Defeated, she began looking for a condo in Hawai‘i Kai, where her mortgage preapproval would cover a two-bedroom unit at the 20-story Mauna Luan towers, built in 1975. Rodrigues says she was seriously considering the condo despite the maintenance fees being nearly $1,500 a month, a financial stretch. The biggest obstacle, however, was a coming special assessment for window replacements, the sum unknown. “I don’t think we can pull the trigger and sell half our life to fit into a condo, then pay the homeowner’s fee and risk the assessment,” she says. “I don’t want to be a horror story. We lock in and then it’s, ‘‘hey, we need $50,000 more.’” Rather than deal with the financial precarity of buying a condo, Rodrigues decided to hunt for another rental house, remaining one of the 40% of O‘ahu households who rent. In mid-March, with nothing yet secured, her preschooler had started telling her mother that she was heading to an open house to look at rentals and would follow up with an email, the anxiety fully absorbed.

Many of Honolulu’s condos were built before the slowdown of the 1990s, and they’re a mixed bag. These older structures can be stark and drab, bearing hallmarks of Stalinist architecture: slabs of unadorned concrete, with small windows and low ceilings. But others are brighter, with private lanais, roomier interior spaces and softer touches such as ornate concrete breeze blocks. They’re often hundreds of thousands of dollars less expensive than newer condos. For example, a 923-square-foot, two-bedroom, two-bath unit at the Moana Pacific on Kapi‘olani Street, built in 2007, was listed for $775,000 in mid-March. A slightly smaller unit with a spacious lanai at the Punahou Towers on Dole Street, built in 1973, was priced at $430,000. But these aging structures are also showing the impact of salty air and spotty upkeep. Cast iron drainage pipes that last for a century in some climates are failing after three or four decades, says Jeff Sakamoto, a vice president and commercial real-estate loan officer at First Hawaiian Bank who helps condo associations with low-interest loans for major repairs. Exposed, unpainted concrete flakes and cracks as water is absorbed, requiring expensive spalling repairs. Other costly work includes elevator modernization, new roofs and fire-sprinkler installations. All of this work, coupled with rising insurance premiums, has led to rapidly escalating maintenance fees, also known as homeowners association dues. Sales data collected by the Honolulu Board of Realtors shows the average maintenance fee in February was $1,051. ‘Ewa Gentry, Mililani, Salt Lake and Hawai‘i Kai have seen some of the sharpest increases, according to sales data tracked by UHERO. Over the past decade, condo fees have jumped 70%, accelerating over the past three years, says Aaron Tangonan, president of the Honolulu Board of Realtors. “When repairs are delayed, costs rise and drive up insurance premiums for the building, which then leads to high condo fees, creating a cycle,” he says. Even basic units are hit with high fees. Real-estate listings advertise a 600-square-foot condo on Lunalilo Street, near the freeway, with fees of $1,316. A 925-square-foot cinderblock walk-up near the Japanese Cultural Center has maintenance fees of $1,531. A 959-square-foot unit in a mid-rise condo on Ala Moana Boulevard in Waikīkī has fees of $1,715. All were built in the early 1970s. Amanda McCann, a Realtor with Hawai‘i Modern Realty, says she has listings in Waikīkī that languish on the market

FEAR OF HIDDEN FEES

“

I don’t want to be a horror story. We lock in and then it’s, ‘hey, we need $50,000 more.’” - RUTH RODRIGUES Renter in search of a condo to buy

H AWA I I B U S I N E S S

INSURANCE CRISIS AVERTED In March 2025, media reports began warning about a secret Fannie Mae “blacklist” of condominium associations without enough insurance to cover the full cost of rebuilding. Fannie Mae wouldn’t back up home mortgages for these condos, and owners struggled to sell. The list included hundreds of Hawai‘i condominiums that couldn’t find or afford skyrocketing hurricane insurance, driven up by costly natural disasters in Lahaina and across the country. Scott Saiki, the Hawai‘i insurance commissioner and former House speaker, had learned of the problem earlier and drafted legislation to reactivate a Hurricane Iniki-era insurance program, which filled the hole left by private insurers fleeing the market. The fund had been dormant since the early 2000s. It took Gov. Josh Green’s August 2024 emergency proclamation to address the crisis, and a second legislative vote in 2025, to bring back the Hawaii Hurricane Relief Fund. The state insurance plan is designed for condo associations that have been turned down by at least two Hawai‘ilicensed insurers and covers secondary insurance up to $140 million, says Saiki. Condos need private insurance to cover the first $10 million of losses. The initiative was successful. Since opening on June 24, 2025, until early March of this year, the fund had received 286 applications and written 98 insurance policies, representing $2.38 billion in insured value. One 44-story condo in urban Honolulu saw its hurricane premium drop from $266,000 to $143,000, says Saiki. “We weren’t sure what to expect, but were pleasantly surprised,” Saiki says. Those 98 policies don’t tell the whole story. The HHRF issued 269 quotes in the first eight months, and condo associations

“

There needs to be a focus on governance and management of condo buildings.” - SCOTT SAIKI Hawai‘i Insurance Commissioner

JUNE 2026

are using them to negotiate lower premiums from private insurers, he says. “We cap an agent’s commission fees on the HHRF side, which incentivizes them to go with the private side.” “Just the fact that the HHRF was revitalized helped the insurance market to reduce rates, and that’s a good thing,” says Sue Savio, the president and owner of Insurance Associates Inc., which handles the majority of Hawai‘i’s condo associations. She says premiums had spiked about 300% for her clients, and are significantly cheaper now. While the state insurance agency doesn’t monitor the so-called black list, Saiki asked a local lender about their experience. He was told the lender had 190 underinsured condos at the height of the crisis, and only 33 were still underinsured. Of the 157 that purchased full insurance, 60 got HHRF policies and 97 got policies through private insurers. By stabilizing insurance premiums, the state fund has helped condos funnel the savings into maintenance problems, another accelerator of ever-climbing costs.

LEAKY PIPES AND OTHER PROBLEMS For most condo buyers, paying monthly fees might feel like a fair exchange for someone else taking on the hassle of maintaining the property. But it’s not always that easy. Condos are self-managed through a volunteer board of owners, and almost no one wants the pile of extra work, with no compensation and lots of legal risks. Governance, meanwhile, can be dull but potentially deadly, as the world witnessed when a Surfside, Florida, condominium collapsed and killed 98 people in 2021. Assuming there are enough willing and able condo owners to form a governing body, dysfunction can prevail: acrimonious board meetings, maintenance issues ignored to save money, anger when fees are raised, and big assessments levied on unsuspecting owners when major problems derail 30-year budget projections. “Even if there’s a reserve study and you fix things every five or 10 years, the costs keep going higher so you’re not adequately reserving anyway,” Savio says. She sympathizes with board members

“

Their premium rose from $235,000 a year to $1.2 million, and the deductible rose from $25,000 to $100,000 because of bad pipes.” - SUE SAVIO President and Owner, Insurance Associates Inc.

who are reluctant to raise fees, but advises them to be business-minded. “You have no choice,” she tells them. “You have to maintain this building and these people’s assets. Generational wealth is your real estate.” About 45 years ago, Savio bought a condo on the Ala Wai Canal for $45,000 on a school teacher’s salary. At the time, condo associations didn’t think about long-term maintenance issues and stockpiling reserves, she says. Now, these old condos are more valuable than they once were, which adds insurance costs, and they have far more problems, contributing to more claims and higher premiums and deductibles. Maintenance accounts for about 60% of insurance costs, with hurricane insurance making up the rest. Savio has seen the good and the bad of condo maintenance. On the positive side, she represents an old three-story walk-up in Makiki that takes care of potential problems in advance and has a $5,000 deductible. “I haven’t seen a $5,000 deductible in 20 years,” she says. “They’ve never filed a claim, nothing ever seems to go wrong.” On the other extreme, she works with a condo in Waikīkī that has regular water leaks and damage claims. “Their premium rose from $235,000 a year to $1.2 million, and the deductible rose from $25,000 to $100,000 because of bad pipes,” she says. She recommends getting a bank loan to fix problems rather than paying insurers. Sakamoto from First Hawaiian Bank says $100 million in repair loans are given to condo associations each year, from his bank and others. The low-interest loans can be paid upfront or over the useful life of the component being fixed. “We don’t want the maintenance fees to increase more than 25%, but they can double,” he says.

The two towers of 801 South Street were developed about a decade ago for local people making less than 140% of area median income. Most of the original residents still live in their units, despite fears they would be quickly flipped once the two-year occupancy requirement expired. Photo: Aaron Yoshino

H AWA I I B U S I N E S S

Before writing a loan, Sakamoto looks at how much the repairs will raise maintenance fees and whether fee-payment delinquencies exceed 10%. The bank also prefers a high concentration of owners living in the building. These factors influence the bank’s decision, “but we try to help every association,” he says. “It’s a community service.” Reserve studies may suddenly change, but they’re still crucial for buyers, says Tangonan from the Honolulu Board of Realtors. “It lays it all out,” he says. “The buyer can see what is scheduled and how much of that project is funded through their reserves. Those play bigger roles in understanding what you’re buying when it comes to condos versus just having a home inspection.” Some condo buildings do very well with governance and fees, and some don’t, says Lee Wang, the executive director of Housing Hawai‘i’s Future, a nonprofit housing research and advocacy group, and a Realtor. “We should be studying what is working on the buildings that do [well,] because it’s not a one-off. It is a trend that is replicable.” Saiki says the condo self-governance model needs to be revisited, especially as the city grows denser with high-rise condos. He stops short of wanting government intervention but says the ad hoc system in place now needs improvement. “There needs to be a focus on governance and management of condo buildings,” Saiki says. “On the board level, the property management level and the unit level, each has a responsibility to maintain their properties and finances over the long term.” Unlike older buildings, new condominiums have far fewer problems and more modest fees, especially ones without swimming pools or fancy amenities. Until recently, developers were producing well-priced, lightly regulated condos that many middle-income people wanted. The model didn’t last.

DEATH OF “WORKFORCE HOUSING” The two towers rising 46 stories high at 801 South Street in Honolulu house more than a thousand simple, no-frills condos, with unassigned parking and limited amenities. The condos were created by Marshall Hung, who oversaw similar projects in Salt Lake, on Young and Waimanu streets, and at the Chinatown border on North King Street. When the towers opened in 2015 and 2017, three-quarters of the units were reserved for people making up to 140% of the city’s median income. These buyers were required to live in their units for two years, but there were no further restrictions on reselling or requirements to share equity with the state. Dubbed “workforce housing,” a two-bedroom, twobath unit sold for about $515,000 when the first tower was completed. While not cheap, in the resurgent real-estate market after the slowdown of the Great Recession, 801 South Street was a good deal for a new unit in the vicinity of downtown. Demand was so strong that a lottery was held to pick the buyers.

JUNE 2026

But the project was also plagued by criticism. A handful of well-connected people had snapped up reserved units that lottery winners declined. Opponents complained that buyers would flip their units after the two-year occupancy was up. A nearby condo association sued the developer for blocking their views. The controversy ended in a predictable result: no more workforce housing like this one has been built in the urban core. In 2018, soon after the second tower opened, the Hawai‘i Community Development Authority, which oversees development in the Kaka‘ako area, changed its reserved-housing rules to discourage low-restriction workforce projects. “It was the quintessential building that I think we’re looking for,” says Wang from Housing Hawai‘i’s Future. “Young people love it. The maintenance fees are relatively low. It’s in a great location, with efficient floor plans and few amenities, which means low ongoing costs. And the barrier to get in was very low.” Despite fears that units would be flipped, the project actually worked as designed. Wang’s nonprofit housing group studied who was residing at the South Street towers in 2022, and found that the majority of units were still occupied by the original owners. About 2.7% of units were sold each year, and most of the rented units were priced below the recommended rate for affordable apartments and occupied by people making between 80% and 120% of the area median income, currently pegged at $121,600 to $182,400 for a family of four. “Your nurses, teachers, engineers and police officers are still living there, and the ones who left were able to move up the housing ladder,” says Wang. The survey data on 801 South Street also showed that 86% of owners said they would not have purchased a condo, or would be hesitant to purchase, if equity-sharing had been in place. State buyback programs for owners who didn’t fulfill the occupancy rules were also unpopular, but less so, with 72% saying no or maybe. As of late March, a handful of condos were for sale, with the priciest two-bedroom units listed in the $800,000 range — an increase driven up by the scarcity of affordable condos in the area, says Wang. He says it’s an argument for building far more workforce condos that prioritize local people and “dig us out of this housing deficit.” “We are looking at the economic impacts of not supporting our workforce, which you see with local businesses and government agencies having trouble with staffing,” he says. “Because no matter how much or little you’re being paid, the cost of housing is outweighing the benefit of staying.”

REDUCED PRICES, BUT STRINGS ATTACHED In place of the light restrictions of the “workforce housing” model, a tangle of rules was imposed on developers in 2018. They’re so complex that smaller developers are sidelined, says Tyndall from UHERO, “because they just wouldn’t have the lawyers and lobbyists and industry professionals to navigate these types of programs.”

“ [801 South Street]

was the quintessential building. Young people love it.” - LEE WANG Executive Director, Housing Hawai‘i’s Future

Lee Wang, the executive director of Housing Hawai‘i’s Future, on the lanai of his 1970s condo in Makiki. His organization advocates for increasing the housing supply and loosening rules around reserved units in new condominiums. Photo: Aaron Yoshino

H AWA I I B U S I N E S S

Linda Lierheimer, a professor of history at Hawai‘i Pacific University, stands near a 3-D model of Kuilei Place, scheduled to open in late 2027. She reserved a reduced-price condo in the 1,005-unit development; it will be her first home purchase. Photo: Aaron Yoshino

“ I’ll be a first-time

homebuyer at 66, but that’s what Hawai‘i does to you.” - LINDA LIERHEIMER Professor of History, Hawai‘i Pacific University

JUNE 2026

Three distinct agencies currently oversee the reduced-price, reserved condos that are produced under Honolulu’s inclusionary zoning policies. Each agency has its own set of rules for developers and buyers. Broadly, the Hawai‘i Community Development Authority (HCDA) oversees development in the Kaka‘ako district. The Hawai‘i Housing Finance and Development Corporation (HHFDC) offers financing and incentives for affordable housing initiatives across the state. The Honolulu Department of Planning and Permitting (DPP) waives fees and relaxes rules for projects. Among their differences, HCDA requires developers to reserve 20% of units for people in the 80% to 140% area median income range in exchange for circumventing density rules and receiving some exemptions. The HHFDC, on the other hand, requires at least 50% of units be reserved at reduced prices for people in that income range. Reserved condos are priced based on preset terms of “affordable,” determined by the U.S. Department of Housing and Urban Development. For a single person in Honolulu earning the median income of $106,400, and with a mortgage rate of 6%, a condo unit should cost no more than $435,900. For a family of four, under the same conditions, the unit should be capped at $622,700. In exchange for creating reserved units in their new condo projects, HHFDC offers developers a suite of incentives through the 201H program, including expediting development, relaxing density and height rules, waiving building permit fees, and eliminating general excise taxes when 60% of units are set aside at reduced rates for qualifying local people. Condo buyers, meanwhile, have their own set of rules to navigate. They need to make enough money to get and pay back a substantial mortgage, but not so much that they exceed 140% of area median income. They must also commit to living in their reduced-price unit for 10 years, though some projects have 30-year requirements. If owners leave before the occupancy requirement expires, they must sell their unit back to the agency for a small profit or at cost. After the buyback period ends, they can sell on the open market, but must share some of the equity with the agency, though equity-sharing rules differ. Despite these limitations, thousands of local people have bought new condos in high-rises and mid-rises at below-market rates. In the Ward Village area, for example, much of the new housing is luxury—for some, an unexpected and undesired metamorphosis of Kaka‘ako’s industrial roots. One oceanfront penthouse sold for $40 million. Another building’s transparent, cantilevered infinity pool hovers 75 feet above the sidewalk. But pockets of reserved housing have been set aside in the area’s high-end buildings, and new towers

are dedicated to local middle-income people. Ulana, a 42-story condo built by the Howard Hughes Corp. under HCDA rules, opened last year with 697 all-reserved condos. A similar tower, Ke Kilohana, set aside 87% of the 424 units for the reserved-housing program. Both have amenities such as decks, gyms, and co-working and party spaces. Recent high-rise condominiums developed through the HHFDC include Kapiolani Residence, opened in 2018; The Central Ala Moana, opened in 2021; and Ililani in Kaka‘ako, which opened in 2024 with one bedrooms starting at $477,500 and two bedrooms at $582,100. The Central Ala Moana was an interesting case, says Dean Minakami, HHFDC’s executive director. The developer, Samkoo Pacific, intentionally chose to work with the agency to bring middle-income units to market. “They had the zoning to just build a luxury tower, and it would have sold fine. But their leader at the time, Timothy Yi, wanted to do an affordable project instead,” he says. Other condo projects, however, have run into trouble, such as The Block 803 Waimanu, where dozens of mostly studio apartments failed to sell, and loan repayments to the HHFDC went unpaid. The Flats at Sky Ala Moana, developed under city DPP rules and opened in 2023, offers 10-year and 30-year occupancy restrictions. Only 30 of the 84 reduced-priced units have sold, and of the remaining 54 unsold units, 37 have 30-year restrictions. It bears repeating. Buyers are expected to stay in units as small as 290 square feet for 30 years. As Tyndall from UHERO says, “Who would possibly know where they’re going to be in 30 years, and whether their housing needs have changed?”

A CONDO OF HER OWN At the Kuilei Place sales office at the Ala Moana Center, Daniel Nakamura, a sales associate and Realtor at Compass, taps a screen and a tiny window brightens on a large model of the 1,005-unit condominium, now under construction in Mō‘ili‘ili. The lighted unit is reserved for Linda Lierheimer, a history professor and director of the honors program at Hawai‘i Pacific University. About three years ago, she put 5% down to hold a 735-square-foot unit, including the lanai, with two bedrooms and 11/2 baths, located on the 18th floor. The reduced price was locked in at $625,000, plus an estimated $480 in monthly maintenance fees. For context, the average market price for one of the few unclaimed one-bedroom units is about $833,000; the average price for a reserved one bedroom is significantly less expensive at $557,000, says Nakamura. He bought a condo himself, at market rate since he already owns property, and says the entire sales team bought units as well.

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All condo units share the plush amenities, which include swimming pools, a playground, karaoke room, gym and dog park. “There’s no second-door, upstairs/ downstairs, which is not a good community feeling,” says Nakamura, referring to condos where full-price buyers have separate facilities. When the condominium opens at the end of 2027, the current estimate, Lierheimer will take possession of the first home she’s ever owned, just before reaching full retirement age. “I’ll be a first-time homebuyer at 66, but that’s what Hawai‘i does to you,” she says. She has decades of experience as an educator and administrator but only recently broke Honolulu’s median-income threshold for a single person. Her two grown sons are working outside the Islands, but through much of their early years, she was divorced and financially strapped, paying rent and household expenses alone. Luckily, she inherited a chunk of money that allows her to put down the maximum upfront payment, totaling a third of the condo price. That drops her mortgage to a more manageable size she can handle. “Without the inheritance, I would not be able to afford it on my salary,” Lierheimer says. She’s excited to have a pristine new home, with air-conditioning in the summer heat and sunset views from the lanai. And she plans to keep working full time until she’s 70 and live in the apartment at least through the 10-year requirement. The extra bedroom is for visitors, including her sons. She hopes one of them might occupy the unit one day, or that they’ll sell it as their own inheritance

“

What we’re hearing from homebuyers and developers is that the 10-year [occupancy] period is a hard sell.” - DEAN MINAKAMI Executive Director, Hawai‘i Housing Finance and Development Corporation

JUNE 2026

— minus a portion of the equity that must be returned to the HHFDC, which the agency invests in other projects.

DEVELOPERS SQUEEZED Minakami from the HHFDC says he was pleased to see Kobayashi Group, the developer of Kuilei Place, branching out of the luxury market to tackle a project with 60% of the units reserved. But it comes with serious risks. For one, the project started under a cloud of criticism, as 124 inexpensive rental units were razed in the scruffy eastern edges of Kapi‘olani Boulevard to make way for the “affordable” condominium. Minakami knows the affordable label causes people to balk, but says it’s a matter of perspective: “A $500,000 condo might sound like a great deal for certain households, but for others it’s beyond their reach.” Then there’s the risk of extended delays between conceptualizing a project and actually building it. Delays are often the result of Honolulu’s notorious permitting times, which grew even longer after a new software system was rolled out in 2025. Nothing has improved since then, says Tyndall of UHERO. Delays add to the cost of construction and materials, and ultimately to the price of the units. “Even if we can provide financing for a project, if the permits are delayed by two years, the costs go up,” says Minakami. “Then all of a sudden the price is not feasible unless they get more financing.” Rising interest rates mean some prospective buyers will no longer qualify for a mortgage when it’s closing time. Minakami works with developers to push down their prices so that buyers can get bank loans and pay their monthly bills. For Kuilei Place, the HHFDC provided zoning and fee waivers to the developer, but no financing. Instead, construction financing is 100% private, says Minakami. “You’re putting all the risk on the private sector, so they have to make a certain return to pay back their investors.”

NEW HOUSING MODELS AFOOT As the balancing act to build affordable units grows wobbly, the HHFDC is turning to new models and innovations. The agency is now working with developers to lower

construction costs with panelized housing and other modular technologies. Minakami says a pilot program will launch later this year using fabricated components from Japan’s Daiwa House Industry. The agency is also working on a rentto-own model. The HHFDC plans to develop small, mid-rise condos using government funding and delivering “decently sized units” without a lot of amenities to keep the maintenance fees low. Tenants would have a portion of their rent set aside as equity to purchase the unit after a set period of time, Minakami explains. He says his team is actively looking to acquire “shovel-ready” land to build a rent-to-own prototype, which is harder than expected given that infrastructure is often missing and some parcels are better suited to highrise developments. As for building taller structures, the HHFDC is closely watching what happens with the Hawai‘i Community Development Corporation’s leasehold pilot project in Kaka‘ako. The group wants to use one its parcels, at 873 Kapiolani Boulevard next to Ward Avenue, as the site for a 99-year leasehold condo—a Singapore-style model long championed by state Sen. Stanley Chang. The project had stalled around the question of whether a permanent ban on renting units would make the project unappealing for buyers. At press time, a bill to relax leasehold restrictions faced a final vote in the Legislature and was expected to pass. After years helping developers and buyers thread the narrow needle of Hawai‘i’s affordability rules, Minakami praises the pared-down restrictions of 801 South Street. “It’s a great prototype for the kind of housing that we need. They’re decent units, they’re well-built, they don’t have a lot of frills, but most residents are fine with that. I know a number of folks who are very happy living there.”

WILL RESTRICTIONS BE LOOSENED? Beyond legislative changes to the leasehold project, a major housing-reform bill had unexpectedly worked its way through conference committee and was awaiting a final vote in the Legislature at press time. Among its provisions, House Bill 1740 would replace lengthy occupancy rules with a one-year requirement for reserved condo units, and units could

Why New Condos Cost So Much

CONSTRUCTION COSTS

41%

LAND COSTS

58%

REGULATORY COSTS

While Hawai‘i has the highest land and construction costs in the country, regulatory costs are the bigger factor driving up the price of a new condo. UHERO estimates that the average price for a new two-bedroom unit in Hawai‘i is $672,000; regulatory costs make up $387,000 of the price, on average, and $347,000 in Honolulu. Regulatory costs include transferring the full cost of infrastructure to developers, who then transfer it to homebuyers; slow and complex permitting processes; and strict zoning and building codes.

Source: UH Economic Research Organization, “Why Are Condominiums So Expensive in Hawai‘i?” March 4, 2024.

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only be resold to qualified local buyers. If enacted as expected, it could be a controversial move, and is resurfacing fears that surrounded the 801 South Street condos. An April 8 column in Honolulu Civil Beat argued against the bill, saying affordable units would be flipped for profit after the year was up. But many younger people drawn to urban life chafe at the restrictions. “What we’re hearing from homebuyers and developers is that the 10-year period is a hard sell,” says Minakami. “If you’re a first-time homebuyer, you’re often younger, you’re starting out in your career, and you don’t want to be stuck in a one bedroom for 10 years knowing you might get married and you might have kids.” Wang from Housing Hawai‘i’s Future agrees. “Hawai‘i’s restrictions have really done their part to drive this into the ground. Folks are delaying getting married, delaying having kids and making strange life choices because housing is dictating the storyline for them.” McCann, the real estate agent, says she steers people away from these units because of the restrictions, which have hurt some of her clients. One was a divorcing couple at the tail end of their 10-year occupancy requirement. Rather than sticking it out for one more year and selling with most of their equity, they couldn’t bear the thought of it and left with nothing. “They really lock you in,” says McCann. “You don’t get any of the freedom that you would from the open market. You’re not allowed to have a tenant in there. And if you sell it, you don’t get your full appreciation.” Ten years ago, people queued up to apply for affordable-condo lotteries. For example, when Howard Hughes Corp. opened the lottery for reserved units at Ke Kilohana, Wang says there was “lots of appetite,” with 4,000 to 5,000 applications. Keohou Place, another Kaka‘ako condo built by local developer Stanford Carr, set aside 20% of the condos under HCDC rules. More than 500 applications were submitted for 84 reserved, reduced-price units. “There were a lot of disappointed families,” Carr told Hawaii News Now. He’s now working to develop an ambitious project in Kaka‘ako in conjunction with Kamehameha Schools. Kauhina would include reserved and market-rate condos, affordable rentals, street-level

JUNE 2026

commerce, outdoor gathering spaces and lots of amenities. It’s the first project that uses three separate HHFDC programs to make it financially viable, says Minakami. But the project faces headwinds. Average mortgage rates have risen to nearly 6.5%, more than two percentage points since 2017, before the 2018 restrictions. Construction costs rose 5.7% in Honolulu last year, according the consulting firm Rider Levett Bucknall. That figure is expected to accelerate as inflation rises and the entire world faces an energy shock. In place of long lines of hopeful lottery applicants, Kauhina’s sales team and local real-estate professionals are hard at work trying to drum up enthusiasm among prospective buyers.

they tend to be fairly expensive,” says Tyndall. “It’s more about whether we’re pushing up the overall supply of housing, which filters through the market.” Tyndall, like a wide range of housing advocates, argues that the housing supply is still far too low, and new construction is constrained by too many rules. “We make it very expensive to build new condominiums, in large part because we require developers to charge lower prices on a lot of the units, which make projects less feasible,” Tyndall says. “We’re ending up with less housing than we would have, and then stifling this filtering effect.” “Most people never live in new buildings, whether for rental or purchase,” he says. “If we want to extend broader affordability benefits, it’s more about how many units can we bring online.”

CLIMBING THE HOUSING LADDER

THE RELUCTANT CITY

New condos, even those that set aside units for middle-income people, can be too expensive, for too little square footage. But these units have a downstream effect, which is to free up older housing stock that’s less expensive. In a November 2025 working paper, UHERO researchers Tyndall, Limin Fang and Emi Kim looked at how it works in real life. The team tracked where people were living before they moved into The Central Ala Moana, a 400-foot glass tower on Kapi‘olani Boulevard, near the entrance to the mall, with 202 market-rate units and 310 income-restricted units reserved for local middle-class people. The vast majority of new owners moved from housing across O‘ahu, which was about 40% cheaper per square foot than their new condo units, says Tyndall. He and his team were able to directly identify 180 homes that were vacated when local people moved into The Central, and they estimate that at least 500 total homes were freed up in the three years after the condo opened. In a twist, those moving to market-rate units usually vacated their previous homes, creating more available housing. Those moving to reserved units freed up less housing as family members often stayed in the properties, but the vacated supply was more affordable. “We shouldn’t just look at the price tag of brand-new condominiums because

Urban Honolulu is a small city with a big skyline. High-rises line the southern coast, from the hotels of Waikīkī to the glitzy condos of Kaka‘ako to downtown’s office towers. Building an even denser city is an efficient way to house more people in a finite space, confined by topography and zoning laws. But not everyone likes the idea of a vertical city on the sea. “I think Hawai‘i has yet to find a consensus of what a future looks like here,” says Wang from Housing Hawai‘i’s Future. He was disappointed that a bill to remove parking requirements beyond the urban core died in the 2026 legislation session. Parking mandates add to the high cost of housing and contribute to car-centric development — even when 40% of O‘ahu households have one car, and 8.4% have none, according to U.S. Census Bureau data. Despite broad support, Wang says the bill’s death is “a microcosm of this ongoing argument of whether we have visionary policies, or are we okay knocking bills like this down so that we can keep things exactly how they are?” Before moving to Honolulu, Tyndall lived in Vancouver, where the SkyTrain system is very similar to Honolulu’s Skyline. All through the city and into the suburban areas, enormous 70-story complexes of multifamily housing have been developed along the train lines, he says. “And here we seem to be debating

whether we should allow six stories around these stations. We’ve spent all of this money on a transit system that would really be better optimized for very high-density development,” says Tyndall. “The local animosity about taller buildings trickles through to the City Council, so there just really seems to be no political appetite to build denser.” Resistance blocks development at every juncture, which Tyndall has documented in report after report. It leads to permits taking three times the national average. In Honolulu, the median processing time for multifamily permits is 554 days. It leads to some of the most restrictive regulations on multifamily developments in the nation, including asking developers to pay for roads, sewers and electrical infrastructure in exchange for permit approvals. Regulations add an estimated $387,000 to the price of the average new condominium unit, or 58% of the overall market price — more than construction and land prices together, according to UHERO. It shows up in opposition to relaxed parking requirements, hostility toward workforce housing projects such as 801 South Street, and an unwillingness to develop clear “by-right” approval policies for projects that conform to zoning and building codes. It triggers dire state projections that tens of thousands of new housing units are needed by 2027, with little hope of materializing, and the ongoing phenomenon of young adults living in their childhood homes or heading to the continent. Wang’s grandparents, parents and inlaws all bought houses in Mililani. But that was an aspiration for older generations. Today, the price of a house is out of reach and O‘ahu’s far-flung suburbs are unappealing for many younger people, says Wang, as well as an inefficient use of land and resources. Instead, they’re moving to smaller spaces in town, including the old condos. “Young people today are very pragmatic and realistic,” he says. “I just want to get something that I can call my own, and that ends up being in the city. It ends up being denser and being fiscally sustainable.” For Wang, it’s a condo in Makiki, built in 1976.

Where to Find Help Hawaii Hurricane Relief Fund

State-issued insurance for condo associations denied by two private carriers; covers secondary insurance up to $140 million, with private insurance required for first $10 million in losses. bit.ly/4cdY0Qg

HI C-PACER

State financing program for clean-energy upgrades and major condominium repairs. bit.ly/47Ya6dF

Condo Repair Loans

First Hawaiian Bank, Bank of Hawai‘i, and other banks and credit unions offer low-interest loans to qualifying condo associations for major repairs.

Hale Kamaʻāina

State mortgage program for first-time homeowners; low-interest loans, with $3,000 toward closing costs for early participants. bit.ly/4dNlyN1

Condo Board Resources

Hawai‘i Department of Commerce and Consumer Affairs offers information on budgeting, reserve funding, fiduciary duties and governance. bit.ly/4dJPQjC Hawai‘i Condo Living Guide bit.ly/48Adiwd

This is HOME

American Savings Bank mortgages for buyers in 80%–140% AMI range; low down payment, low interest rate, reduced closing costs bit.ly/425ZFBh

H AWA I I B U S I N E S S

F E AT U R E

BEST PL ACES Two ORK Founders Score Major Deals TO WHawai‘i in Breakout Quarter for Island Tech Mahalo for joining us at Best Places to Work 2026, presented by Tradewind Group. This evening brought together Hawai‘i’s top employers to celebrate what it truly means to build workplaces where people thrive. We are grateful for the partners whoand made the night possible, including Aloha kWh Analytics Vinovest Pacific Federal Credit and Union, ProService Hawai‘i, and UHA acquired by global for supporting our special awards, Express Employment mainland companies, Professionals for capturing the experience, SystemCenter for respectively. kWh Analytics championing emerging companies, and Pictures Plus for their and Vinovest acquired craftsmanship in honoring each winner. Your support helps by global and mainland continue this important recognition across our community.

companies, respectively by J E N N I F E R A B L A N

“As an event sponsor, we are honored to celebrate all of the outstanding companies recognized at the 2026 Hawaii Magazine Best Places to Work event—organizations that set a high standard for leadership, workplace cul‑ ture, and care for their people across our islands. Each honoree demon‑ strates a shared commitment to fos‑ tering environments where employees feel valued, supported, and inspired to thrive. We extend special congratula‑ tions to Island Insurance and Pacxa for earning a place on this esteemed list. Their recognition reflects a meaningful investment in people, purpose‑driv‑ en leadership, and a strong sense of community. Congratulations to all of the companies recognized for helping make Hawaiʻi truly the best place to work.” TYLER TOKIOKA

Chairman of Island Insurance Tradewind Group

“At ProService Hawaii, our purpose is simple but powerful: to empower employers to succeed in Hawaii. We do that by equipping businesses with the tools, best practices, and expertise they need to retain great employees and build cultures worth staying for. Being recognized as a Best Place to Work is something we don’t take lightly—it challenges us to keep raising the bar, not just for ourselves, but for the broader Hawaii business community. At a critical moment in our economy, now is the time to innovate, evolve, and invest in our people.” BEN GODSEY

CEO of ProService Hawaii

PAIR one OF of HIGH-PROFILE ACQUISI“Being named Hawaii’s Best Places to Work is really a spotlight on TIONS IS putting about thethe people who reach show upof companies global “Pictures Plus is honored to partner every day to take care of our founded in Hawaii. with Hawaii Business Magazine in members. It reflects the effort Inwe the energy sector, UK-based Beazley has celebrating the Best Places to Work put into supporting our agreed to acquire Analytics, in Hawaiʻi. We are grateful for the employees withkWh strong benefits founded by opportunity to support an event that Richard andMatsui, a workplace puts whothat was recently named one recognizes organizations who lead with peopleBusiness first. When employees HB20 “20 for of Hawaii Magazine’s heart, purpose, and a commitment to feel respected and support‑ honorees for 2026. What began their people. Congratulations to all of the Next ed, it20” leads to better service, in 2012 as a data-focused startup this year’s winners — your dedication to stronger relationships, and a evolved into workplace culture truly makes a differ‑what greater to giveasback Matsuiability describes “thetoinsurance comence in our local business community.pany the community we serve. we of the largest for clean energy” – nowAsone As an event sponsor, we were proud celebrate our 90th anniversary, insurers of solar, wind and battery projects in to connect with attendees, share our this recognition is a reminder North America. locally made products, and celebrate that our success has always Like startups, the company’s the companies helping Hawaiʻi thrive. beenmany rootedtech in valuing people.” Mahalo to Hawaii Business Magazine path was not linear. “We thought we were VINCE J. OTSUKA for bringing our business community building a database,” Matsui says. “Then we President & CEO together in such a meaningful way.” Credit off this? What asked,Aloha howPacific do weFederal make money THE ART SOURCE, INC if we Union. build insurance policies off the data?” Pictures Plus, CocoNene, Plus Interiors

JUNE 2026

That pivot ultimately defined the business. The acquisition itself came together quickly after a long build. “Toward the end of last year, we realized the company might be best off as part of a bigger platform,” he says. After seeing signals that Beazley was looking to expand in the space, “we approached them…and the conversation moved quickly from there.” Beazley announced in March that it had agreed to the terms of a $10.8 billion takeover bid from Zurich Insurance Group, as the Swiss firm joins growing competition for holdings in the specialty insurance market. At the same time, another Hawaiʻifounded company was finalizing its own deal. StartEngine announced it has acquired Vinovest, co-founded by Brent Akamine. Akamine launched Vinovest in 2019 after years in Los Angeles startups, building a

F E AT U R E

MAHALO TO OUR SPONSORS

PRESENTING SPONSOR

SPECIAL AWARD SPONSORS

CORPORATE PHOTO SPONSOR

“As we celebrate 30 years of service in Hawaii, UHA is proud to be recognized for a third consecutive year as a Best Place to Work. Our culture centers on purpose and well-being, supporting our associates through connection, learning, and wellness initiatives that help them thrive at work and beyond. This honor reflects how our team shows up for one another and for our community every day. To our dedicated team at UHA, mahalo for making UHA a Best Place to Work! Together, we are entrusted to uphold our founders’ vision to simplify healthcare and deliver it with care and compassion”. HOWARD LEE

President & CEO UHA Health Insurance

AWARDS PARTNER

SUPPORTING SPONSOR

PRIZE SPONSOR

Attending the Best Places to Work event never gets old. Walking into that room with our team, surrounded by so many incredible Hawaiʻi companies that lead with heart, is one of the highlights of our year. Express started to serve our community, to help people find meaningful work and help businesses find great people, and being recognized alongside these amazing organizations reminds us that we’re doing something that truly matters. This recognition belongs entirely to our team. They show up every single day with so much aloha and dedication. We don’t take it lightly, and we are so deeply grateful. TINI TAUVELA-WALTRIP

Director of Operations Express Employment

“Work is being redefined in real time. In an age of rapid technological change, the best organizations aren’t pulling back from their people, they’re doubling down on them. This recognition honors companies providing clarity, stability, and pathways for growth when it matters most. It celebrates cultures built with intention, where people feel supported and empowered. Systemcenter is so proud to stand among those proving the future of work is still deeply human and purposeful.” KERA YONG

Director of Marketing Systemcenter H AWA I I B U S I N E S S

E D U C AT I O N

From Black Sheep to Model of Success, Waipahu High School’s Amazing Transformation The school’s “six schools in one” robust career academies are transforming the way education helps students prepare for the workforce. by g r a n t n a k a s o n e

Waipahu High School’s Year 2 CTL team won Vision Lab 2026 for a project that improved community access and helped launch the first annual Marauder Mākeke, connecting residents with local resources. Photo courtesy of Waipahu High School

K Keith Hayashi Photo courtesy of Hawaiʻi State Department of Education

JUNE 2026

eith hayashi had barely settled into his new role when there was a knock on his office door. It was the FBI. It was the fall of 2009, and Hayashi had just become principal of Waipahu High School — a school that, at the time, was more known for gang activity and juvenile offenders than academic promise. “During my first year at Waipahu, I had the FBI come to see me,” he told Hawaii Business Magazine. FBI Special Agent Arnold Laanui warned him, “Waipahu High School is No. 1 in juvenile status offenders per capita in the United States.” “I said, ‘what?’” recalled Hayashi, who is now Hawai‘i Department of Education superintendent. “In fact, we’re in the FBI Yearbook.”

What followed was more than a decade of methodical, almost evangelical work. Waipahu High School underwent a significant academic gut renovation, notably through the implementation of the “wall-to-wall” academy model and the Early College program. “It’s not because kids do not want to be successful,” Hayashi said. “It’s because they haven’t made a connection to school. They haven’t figured out why school is important. They don’t see how school is relevant.” Waipahu is now making a splash in national educational circles. According to U.S. News & World Report, Waipahu High School ranks in the top 32% of approximately 17,900 public high schools nationwide, and in the top 35% of all public high schools in Hawai‘i a remarkable achievement

for a school where 97% of students are minorities and nearly half come from economically disadvantaged households. On one part of Waipahu’s campus, students help run a credit union. In another, they assist in a fully functioning health clinic with real patients, while others prepare tax returns, operate a student-run restaurant or grow produce that ends up in the school cafeteria. It’s all part of the wall-to-wall academy model that turns a traditional high school into what Principal Zachary Sheets calls “six schools in one,” a system designed to connect students to careers starting from their freshman year. ONE CAMPUS, SIX COMMUNITIES

At first glance, Waipahu High School looks like most other large public schools on O‘ahu, with a student population exceeding 2,000 students. But step inside its unique academic structure, and the student experience is fundamentally different. Instead of moving through a standard schedule of core and elective classes, students choose one of six career academies: Arts & Communication, Health & Sciences, Industrial & Engineering Technology, Natural Resources, Professional & Public Services, and the Ohana of Excellence. Each academy functions as a smaller learning community, complete with its own leadership, counselors, teachers and industry advisers. That structure reshapes something as basic as a class roster. In a traditional high school, a teacher might work with many students across different grades, disconnected from other teachers. At Waipahu, teachers within an academy work as a single team, sharing the same group of students. An English teacher, math teacher and science teacher are not working in isolation, they’re working with the same students, collaborating on curriculum that’s relevant to the academy. The impact is both academic and personal. Academy teachers and counselors can identify when a student struggles across multiple subjects, or excels in a particular area, and coordinate interventions or opportunities accordingly. For students, it creates a sense of belonging within a much smaller community inside a large campus.

Waipahu High School’s Team 2477X competed at the 2026 VEX Robotics World Championship in St. Louis, Missouri, finishing in the Top 10 of their division with a 10-2 record. Photo courtesy of Waipahu High School

Leila Manibog, a senior in the Academy of Health & Sciences, spoke to the benefits of having a more personal relationship with her academy teachers and faculty. “I thrive in close communities,” she says. “Having the same teachers and counselors all four years makes it easier to ask for help and grow. It feels like a huge support system already built in.” LEARNING BY DOING

That philosophy comes to life through hands-on experiences that go far beyond a typical classroom experience. Waipahu’s model doesn’t just simulate the working world, it integrates it directly onto campus. Students in the health academy complete internships in a fully functioning on-campus clinic alongside professional healthcare providers, where they observe patient care and learn alongside professionals. Their work-based courses require hours of shadowing nurses and doctors at Pali Momi and Queen’s medical centers.

Business students help run a credit union and offer tax preparation services to the community. Culinary students run a campus restaurant, while others manage a student market. In the natural resources academy, students grow crops using hydroponics, producing lettuce and other vegetables that can be served in the school cafeteria. Some even develop and sell products using materials they cultivate themselves. Across academies, these experiences are tied to coursework and curriculum through project-based learning, where subjects such as math, science and English are applied directly to real-world problems. “It’s not just, ‘Here’s your lesson,’” Sheets says. “There’s always that lens of your academy.” That level of integration has led to partnerships with organizations including Hitachi Rail and the University of Hawai‘i at Mānoa, creating a direct bridge from high school into higher education and into the workforce.

H AWA I I B U S I N E S S

For employers, the benefits are clear: students come better prepared, with both technical knowledge and invaluable real-world experience. “Our employees came back from capstone judging and were like, ‘Oh my gosh, these students are amazing. I want to hire that person. I want to work for them,’” says Cara Mazzei, project communications director at Hitachi Rail, an industry partner of Waipahu High School. “These academies are important because at the end of the day, without having students and having that workforce development, employers are going to be in trouble.” A PROVEN PIPELINE

Waipahu High School has become the largest feeder to the University of Hawai‘i at Mānoa’s College of Engineering, a statistic that school administrators and industry partners point to as evidence of the academy model’s effectiveness. It hasn’t always been this way. Waipahu High School was once perceived as a predominantly low-income campus, a reputation that shaped negative assumptions about students’ educational values and career aspirations. Since 2020, college-going rates have steadily increased, with the most recent data from the Hawai‘i Department of Education recording 50% of the class of 2024 going on to college, up from 45% in 2020. Sheets said that number is likely around 52% from the class of 2025, continuing the upward trend. Additionally, through the school’s early college opportunities, 34 graduates from the class of 2026 are graduating with an associate degree — a two-year credential typically earned at a community college — marking the most ever in school history. “Historically, Waipahu had a bad reputation, but what we do here at the school is truly mind boggling,” Jakayla Saquing says, a senior in the arts and communications academy. “When I talk to other students from other schools and my coworkers, they can’t believe everything we do here. I have a lot of pride in being a Marauder.” Sheets emphasizes that while a fouryear degree is one option, it’s not the only one, and not inherently more valuable than other paths. Students are encouraged to pursue trades, certifications,

JUNE 2026

two-year degrees or immediate entry into the workforce, depending on their goals. While approximately half of graduates go on to higher education, a majority of the remaining students enter the workforce, many with certifications, internships or early experience in their chosen fields. “It’s not about college-bound or career-bound,” Sheets says. “It’s about a career for everyone; what is your path, and how can we best prepare you?” Through their academy, some students get the opportunity to begin apprenticeships or connect with trade unions before they even graduate from high school. “It’s not about saying one path is better than the other,” Sheets says in comparing college and workforce entry. “A career is a career. The real question is how are you going to give back to the community?” THE STUDENT EXPERIENCE

For the students of Waipahu, the academy model is an experience that connects

classroom learning directly to specific career pathways. In the Academy of Industrial & Engineering Technology, junior Ynez Gaborno describes starting with foundational coursework before moving into hands-on technical training and certifications. “We start off mainly in our foundation classes and learn about the basics of what we want to go into,” she explains. “Safety is very important, especially for an academy that deals with a lot of tools, so in my first years, I got an OSHA certification, which will be really useful in the field I want to go into.” In the health and sciences academy, students describe a similar progression — from exploration to specialization to real-world experience. “My first years here helped me grow as a person and figure out what I wanted to do,” Manibog says. “I was torn between pharmacy and nursing at first. But through opportunities by the academy like certifications and shadowing, I found my path.” That path led directly into the workforce and externships while still in

Lotus Yasuda was named Waipahu High School’s 2026 Citizen-Scholar and earned recognition as the Top Female Citizen-Scholar for 2026. Photo courtesy of Waipahu High School

Academy of Health and Sciences students from Waipahu High School explored medical career pathways during a visit to JABSOM, where they learned from medical students and experienced simulation labs. Photo courtesy of Waipahu High School

high school, and even a certificate from Kapi‘olani Community College in her junior year of high school. “After my internship, I was offered a part-time position, so I’m still working as a pharmacy technician now,” she says. “We were even able to graduate with a certificate of competence through KCC. The academies definitely gave us a head start.” In the Academy of Arts & Communications, Saquing emphasizes how creative work in class is tied directly to industry expectations. “We start with foundations like video, graphics, fashion design — just to explore,” she says. “Then we specialize. I chose digital design, and we use Adobe Illustrator, Photoshop, and InDesign, which are industry programs.” That training eventually leads to real client work. “In work-based learning, we actually get real clients and businesses who email us for designs,” Saquing says. “We set deadlines, meet with them, and go through the full design process. I’ve worked on branding projects for companies even like McDonald’s. It feels like real workforce experience. It is real workforce experience.” Across their academies, all three students repeatedly pointed to the same theme: responsibility and independence. “There’s no one reminding you to finish,” Saquing explains. “You have to communicate with clients, meet deadlines, and deliver professional work. It prepares you for what comes next; it prepares you for what’s asked of you in the real-world workforce.”

A MODEL FOR THE FUTURE

The academy model didn’t emerge overnight. It builds on years of work, including by former Waipahu High School principal Hayashi, who helped transform the school into the state’s first “wall-to-wall” academy school, where every student participates. “He [Hayashi] was able to implement this academy model, share the success stories of the students, and change the perception of what students from Waipahu High School represent,” Sheets says. Programs are shaped by student choice, reflected in the school’s mantra: “My voice, my choice, my future.” For teachers, the model demands more coordination and creativity. But according to Sheets, it’s sustained by a shared belief in its impact. “When you have success, it builds on itself,” Sheets says. “People see it, and they want to be part of it.” With the success of Waipahu High School’s academies, the question remains, how replicable is this model for other schools in the state? As of 2025, some 27 HIDOE schools are accredited academy schools, reflecting Hayashi’s impact as head of Hawai‘i’s school system. While Waipahu’s academy model reflects a growing national push toward education more aligned with workforce skills, it has sparked debate. Some critics argue that as schools lean further into a focus on career pathways, they risk becoming too transactional and narrow,

training students for a specific job, rather than the traditional role of education as a space for broader development across all subjects. LOOKING AHEAD

For Gaborno, Manibog, Saquing and the thousands of other students going through their academies each day at Waipahu High School, the difference in structure is simple but significant: a clearer vision for the future. Gaborno put it simply: “It’s not just school. It’s preparation for life.” Instead of waiting until college or beyond to explore careers, students at Waipahu High School begin their journey as high school freshmen, supported by teachers, counselors and mentors. And in a place where students are earning college credits, assisting in medical clinics and building workforce skills all before graduation, this high school starts to look less like preparation for the real world, and more like the beginning itself. A local real estate agent told Hayashi something that would have been unthinkable a generation ago: “What are you guys doing at Waipahu High School? Whatever you are doing, keep it up,” Hayashi recalled about the exchange with the realtor. “People are buying homes in Waipahu so that their kids could go to Waipahu High School.”

H AWA I I B U S I N E S S

Y A D G N I N I A TR JUNE 18, 2026 | 1 1 : 0 0 A M — 4 : 3 0 P M J A PA N E S E C U LT U R A L C E N T E R

PRESENTED BY

TOP ATTORNEYS SPECIAL PROMOTIONAL SECTION

Hawaii Business Magazine is proud to present Top Attorneys For Business 2026, recognizing the top attorneys making an impact in Hawai i’s business community. by G R A N T N A K A S O N E

T O P AT T O R N E Y S F O R B U S I N E S S

UNDERGRADUATE: Pacific Lutheran University LAW SCHOOL: UH Mānoa

Bruce Voss is a business litigation partner at the firm with over 30 years of experience concentrating in real estate and land use litigation, complex business disputes, and employment law. Voss brings a unique background to his practice—before law school he worked as a business newspaper and television news reporter in Hawai‘i.

BRUCE D. VOSS LUNG ROSE VOSS & WAGNILD

What led you to focus your career in business law? “Back in the day, I was a business news reporter and I'd go down to court to look through business files for stories. In doing that, I realized that the skills are the same. You take complicated issues, legal issues, factual issues, and you have

to simplify them for the client and then you have to communicate them in a compelling way.” What’s a lesson you’ve learned in your career that still guides your work today? “No matter how good an attorney you are, you will win some cases and you'll lose some cases. You can't get too excited when you win and you can't get too down when you lose. What you have to do in every case is learn something. As long as you keep learning, win or lose, you're moving forward.”

UNDERGRADUATE: Claremont College LAW SCHOOL: UC Berkeley

Anna Elento-Sneed specializes in labor and employment law, government contracts and business strategy. She represents clients in matters involving labor disputes, wrongful termination, discrimination, wage and hour issues, employee benefits and collective bargaining, as well as employment issues in corporate transactions and organizational change. Her practice also includes government contracting compliance, education law, workplace policies and human resources system design. What led you to focus your career in business law? “I actually started out my career as a labor and employment lawyer. I am still a labor and employment

JUNE 2026

lawyer, but in order to be a good labor and employment lawyer, you have to understand the client's business and the industry they work in. So, I learned from all the clients about all the different businesses, all the different industries." What’s a lesson you’ve learned in your career that still guides your work today? “I would say to accept the fact that change is constant. The world changes, the economy changes and then people have to adapt. If you want to go beyond a few years, you have to keep track of all the changes that are happening in your industry, your area, and figure out how you're going to adapt.”

ANNA ELENTO-SNEED ES&A, INC., A LAW CORPORATION

UNDERGRADUATE: Johns Hopkins University LAW SCHOOL: UH Mānoa

Zach Dilonno supports entrepreneurs and small businesses with entity formation, commercial contracts, and strategic legal guidance, helping clients minimize risk and build strong foundations from the earliest stages of business development. He is especially focused on making legal services accessible and practical for Hawai‘i’s small business community. Before practicing law, he was a special education teacher in Ewa Beach through Teach For America and earned a Master’s in Special Education from the University of Hawai‘i at Mānoa. What led you to focus your career in business law? "I grew up around a family-run restaurant, so I saw early on what it takes to build a small business in Hawai‘i where most of all the businesses are small businesses. When I was working for a bigger litigation firm, I noticed that a lot of the small business clients that were coming to us in that small business community and they couldn't afford my services. I wanted to serve specifically that small business startup demographic. So being able to support that ecosystem felt like the best way to have an impact in terms of helping the community."

BENNETT J. CHIN GORDON REES SCULLY MANSUKHANI LLP

What’s a lesson you’ve learned in your career that still guides your work today? "Most problems aren't complicated, they're just things that weren't addressed early enough. In Hawai‘i, margins are tight and costs are high, so small issues are easy to miss because a lot of small business owners just try to do things themselves because they can't afford attorneys. I tell clients to slow things down at the front end, make sure the foundation is solid, and then build in as they move forward."

UNDERGRADUATE: UC Berkeley LAW SCHOOL: Santa Clara University

Bennett Chin is the Managing Partner of the firm’s office in Honolulu, with over 30 years of experience representing architects and engineers. His practice focuses on construction defects, delays, professional negligence, and contract disputes. He has worked on a wide range of projects, including airports, hospitals, commercial highrises, and government buildings. What led you to focus your career in business law? "My job as a defense attorney is to do whatever I can to defend my client in whatever claim that has been asserted against them. So in that respect, I represent businesses and organizations and how they conduct their business, and that’s what led me here." What’s a lesson you’ve learned in your career that still guides your work today? "The lesson that I've learned is you need to learn from everything. Realistically I've learned more things when I wasn't trying to than when I took a class. Just being able to listen and pay attention because every experience is an opportunity to learn."

ZACH DILONNO CANDELA LAW GROUP LLLC

H AWA I I B U S I N E S S

T O P AT T O R N E Y S F O R B U S I N E S S

Congratulations to Lung Rose Voss Wagnild Attorneys for being recognized by Hawaii Business Magazine as Top Attorneys for Business and Emerging Legal Stars!

Top Attorneys for Business

Harvey Lung

Bruce Voss

Emerging Legal Stars

Sharon Paris

Grant Allison

C O M P L E X B U S I N E S S L I T I G AT I O N | R E A L E S TAT E L I T I G AT I O N | C O N S T R U C T I O N L AW & L I T I G AT I O N R E A L E S TAT E D E V E L O P M E N T | C O R P O R AT E B U S I N E S S T R A N S A C T I O N S | T R U S T & E S TAT E L I T I G AT I O N

JUNE 2026

UNDERGRADUATE: University of Washington LAW SCHOOL: UH Mānoa

Andrea Ushijima combines a background in business, technology, and regulatory matters to support clients in finance and real estate. She represents financial institutions in commercial lending, advises on consumer finance compliance, and handles commercial real estate transactions and leasing in Hawai‘i. Before joining Cades Schutte, she worked in the tech sector as an IT analyst and project manager.

ANDREA K. USHIJIMA CADES SCHUTTE LLP

What led you to focus your career in business law? “Before I went to law school, I had 10 years of experience working for both large Fortune 100 companies as well as small start-up companies here in Hawai‘i. So, having that background was helpful

in informing where I ended up in private practice because it was kind of already a comfort area for me.” What’s a lesson you’ve learned in your career that still guides your work today? “One thing that I like about business law and that I've just learned in my practice is that you still have to approach every issue with a lot of thoughtfulness, just as you would in any other occupation. When clients decide to hire an attorney, they're coming to you because they need some guidance or assistance in that area, so just really thinking through and asking the right questions to the client to better understand what is the need for whatever legal services are being provided.”

UNDERGRADUATE: UH Mānoa LAW SCHOOL: UH Mānoa

Christopher Goodin is a partner at Cades Schutte focusing on commercial and real property litigation, insurance coverage, and professional liability. He serves as Chair of the Real Estate Disputes Group and Vice Chair of the Litigation Department. A cum laude graduate of the University of Hawai‘i’s Richardson School of Law, he has argued before the Hawai‘i Supreme Court and the Ninth Circuit, clerked for state and federal judges, and previously chaired the Hawai‘i State Bar Association’s Appellate Section. What led you to focus your career in business law? “Starting out like in college, I majored in marketing. The class

that piqued my interest the most was business law and it ended up being my favorite class. From that point, I just decided that I wanted to go to law school; it just kind of felt like a natural focus.” What’s a lesson you’ve learned in your career that still guides your work today? “I say it has to be that you have to connect with people. Having good relationships is really important and makes the job worth doing”

CHRISTOPHER T. GOODIN CADES SCHUTTE LLP

H AWA I I B U S I N E S S

T O P AT T O R N E Y S F O R B U S I N E S S

UNDERGRADUATE: Colgate University LAW SCHOOL: Cornell University

Dale Zane advises clients on commercial leasing across retail, office, and industrial sectors, as well as shopping center and resort development, including acquisitions, sales, and financing. He also focuses on hospitality projects, offering guidance on development, planning, and operations. Outside the office, he supports education and entrepreneurship through participation with Variety School of Hawai‘i, Hawai‘i Angels, and Hawai‘i First Robotics. What led you to focus your career in business law? “I’ve always liked being able to see tangible results of my efforts, such as seeing a new building or

shopping center or retail store. I also liked to get involved in clients’ planning and helping them to grow their businesses.” What’s a lesson you’ve learned in your career that still guides your work today? “I'd say it's to be an exceptional listener. To be an effective advisor or advocate for your client, you really need to hear their concerns or objectives, so that you can properly advise them and give them your best advice and recommendations.”

DALE E. ZANE GOODSILL ANDERSON QUINN & STIFEL LLP

UNDERGRADUATE: UC Irvine LAW SCHOOL: UH Mānoa

Joseph Dane is a versatile attorney who advises businesses and nonprofit organizations on tax, entity formation and corporate governance, secured financing, intellectual property, and commercial contracting matters. His real estate practice includes property transactions, commercial and agricultural leases, and real property tax appeals.

JOSEPH A. DANE GOODSILL ANDERSON QUINN & STIFEL LLP

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What led you to focus your career in business law? “I enjoy the opportunities for collaboration afforded by a business law practice. Whether working with a client’s legal or operational staff on an internal project, or with attorneys representing transactional

counterparties, I find the open exchange of ideas to be personally enjoyable and to lead to better results for my clients. I also appreciate that a business law practice, in Hawai‘i at least, exposes one to a broad range of legal topics, which provides opportunities for continued learning and growth.” What’s a lesson you’ve learned in your career that still guides your work today? “I learned early in my career that the details matter, although it might be more accurate to say that since you can’t know in advance which details are going to matter, you’d better pay attention to all of them.”

UNDERGRADUATE: UC Berkeley LAW SCHOOL: Cornell University

Randall Whattoff is a commercial litigator who represents businesses of all types in complex disputes. His practice encompasses all areas that impact Hawai‘i businesses, from class actions, to contract disputes, to bet-the-company litigation. He has represented some of Hawai‘i’s largest businesses in their most significant legal disputes, including defending Hawaiian Electric Company and its affiliates in the claims generated by the 2023 Maui wildfires, defending military housing providers from claims related to Red Hill, and representing Hawaiian Host Group from an attempted takeover during the pandemic. What led you to focus your career in business law? “I find practicing business law to be incredibly rewarding because it involves constantly learning about new industries and enterprises. One of the keys to being a successful litigator is understanding your clients’ business; what challenges it faces, what makes it successful, and what its plans are for the future. This means that we are always learning, and I love that every new case is an opportunity to take a deep dive into a new area.” What’s a lesson you’ve learned in your career that still guides your work today? “To be a successful business litigator, you have to be ready to take a case to trial. While the vast majority of our cases settle before a jury is ever selected, the way to maximize your client’s settlement position is by putting them in the best position to succeed if settlement negotiations don’t work. That means being prepared, being creative, and always having a clear strategy for success in court.”

RANDALL C. WHATTOFF COX FRICKE LLP

Congratulations to RANDALL WHATTOFF for being chosen as one of this year’s Top Attorneys for Business honorees! The Pacific Fleet Submarine Museum is honored to have you on our board of directors.

www.bowfin.org

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T O P AT T O R N E Y S F O R B U S I N E S S

HARVEY J. LUNG LUNG ROSE VOSS & WAGNILD

UNDERGRADUATE:

University of Washington

LAW SCHOOL:

University of California College of the Law, San Francisco

Harvey Lung has concentrated in the field for more than 40 years. He has represented various types of construction industry participants—owners, developers, lenders, design professionals, general contractors, subcontractors, suppliers, sureties, and insurers—across the full spectrum of construction law, including contract disputes, defect claims, delay and productivity claims, professional negligence, and payment disputes. What led you to focus your career in business law? “Initially, I didn't have a particular focus on any type of law. I came out of law school wanting to do litigation and be a trial lawyer. Early on, I had the chance to work primarily in real estate and construction law and litigation, which I found very challenging and rewarding. I've learned that people in the real estate and construction

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industry and the business world in general are great people to work with; they are smart, ambitious, and often want to do the right thing for their businesses, families, and Hawai‘i. Working with such clients has been very rewarding, and if we can help them improve, it's even better.” What’s a lesson you’ve learned in your career that still guides your work today? “These are lessons that I've learned over time and it's over 40 years that I've been practicing. First, do your best and always strive for the best work possible. Second, find what motivates you; for me it was a fear of failure. Third, be flexible and always have backup plans. Fourth, don’t get complacent and always want to improve. Finally, surround yourself with excellence.”

Congratulations to the Cades Schutte attorneys who were named Top Attorneys for Business and Emerging Legal Stars by Hawaii Business Magazine. We are proud of the commitment you have made to our firm and community. We congratulate all of the 2026 honorees!

Christopher T. Goodin Top Attorney for Business

Andrea K. Ushijima Top Attorney for Business

Bryce M. Nakamura Emerging Legal Star

Reyn S. P. Ono Emerging Legal Star

M A N AG E M E N T C O M M I T T E E : A M A N DA M . J O N E S , N AT H A N T. O K U B O, R YA N M . W I L S O N © 2 0 2 6 C A D E S S C H U T T E L L P. A L L R I G H T S R E S E R V E D. H O N O L U L U | K O N A | W A I M E A | K A H U L U I | L Ī H U ‘ E | 8 0 8 . 5 2 1 . 9 2 0 0 | C A D E S . C O M

HAWAI‘I’S TRANS AND MĀHŪ

As hate crimes rise and the federal government rolls back protections for trans and others in the LGBTQ+ community, Hawai‘i’s cultural history of recognizing three genders offers a path forward — and a lesson for the rest of the country. by r ya n n n o e l a n i c o u l e s

COMMUNITIES

STAND PROUD

AMID NATIONAL AFFRONT 58

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PRIDE MONTH

espite hawai‘i’s reputation as a progressive stronghold, the state’s transgender and gender-nonconforming communities are not immune from a rising tide of national animosity. The climate shifted dramatically on the first day of President Donald Trump’s second term, marked by an Executive Order that explicitly targets intersex, trans and nonbinary people. By recognizing only two sexes and dismissing “gender ideology,” the order seeks to roll back long-standing protections, claiming that acknowledging self-assessed gender identity requires society to “regard this false claim as true.” This federal denial of gender and sex as distinct concepts has given voice to a deepening prejudice across the country. A 2021 study from the Williams Institute at UCLA states that transgender individuals were more than four times likelier to be victims of violent crime than their cisgender counterparts. The president’s rhetoric has inflamed an already volatile situation: FBI data indicates that hate crimes motivated by anti-transgender and anti-gender nonconforming bias surged by more than 30% between 2021 and 2025. Against this backdrop of rising national hostility, Hawaii Business Magazine spoke with four individuals — two trans men, a trans woman and a māhū — to discuss how safe and supported they feel in the Islands, the hurdles of navigating local gender-affirming care, and what they wish more people understood about their lived experiences. In Hawaiian culture, māhū refers to individuals that embody both masculine and feminine traits. DIFFERENT STATES, DIFFERENT CLIMATE

Hiro Hutchinson moved from Colorado to Hawai‘i island in 2020 at age 13. That same year he came out as trans, though he began questioning his gender identity as young as 8. He says that his parents, particularly his father, initially struggled to accept it.

“That definitely affected my mental health when I was younger and still transitioning and figuring out who I was. But he has grown to support me more, because for a long time he didn’t understand me being trans,” says Hutchinson. But he gives them grace: “Nobody really teaches parents how to react to this kind of thing in those baby manuals. I think it’s important to show empathy to the parents who are also trying to figure it out.” Now 19 and a student at the School of Visual Arts in New York City, Hutchinson says the cultural climate surrounding trans people is different in all three states he’s lived in. In his personal ranking of safety and acceptance, Hawai‘i takes the top spot: “They’re pretty nonchalant about gender identity and sexuality there. It’s just a pretty neutral community.” In Hutchinson’s view, the mainland presents a more ambivalent environment. While he acknowledges New York as a legendary hub for queer culture, he notes that the “huge amount of support” is met with a “lot of hate.” He felt a similar tension in Colorado, where he observed conflicting attitudes towards the trans community. FINDING THE RIGHT VOCABULARY

Every person interviewed said the realization that they were different from their peers came at an early age. For Jess Akau, a māhū from Hawai‘i island, that difference was obvious long before she had the vocabulary to articulate it. “Everyone around me could see it, whether it was my voice, the way I walked, the way I talked, the way I expressed myself,” Akau says. “It was very eccentric, flamboyant. All I could recognize is that there was something different about me than all the other boys in school, all the other boys in church.” Without a “format or a blueprint” to follow, navigating her identity in childhood was a confusing process of trial and error. Akau explains that she initially came out as gay because she didn’t yet understand what it meant to be trans or māhū.

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trans rights for people and making sure that they’ll be treated fair,” says Sesepasara. The project also fosters community through specialized support groups tailored to different life stages and goals. In its 11 years of operation, the organization has provided in-person support to over 350 people at its Honolulu office, reaching many more through virtual services. Based on O‘ahu, the Kua‘ana Project can help those on neighbor islands by referring them to their partner organizations, including Kumukahi Health + Wellness on Hawai‘i island, the Maui A.I.D.S. Foundation and Malama Pono Health Services on Kaua‘i. Additionally, she recommends the Sexual & Gender Minorities Resource Hub — an online platform through the state Department of Health that serves as a critical directory for therapy, medical care and information regarding LBGTQ+ rights. TOXIC WORKPLACES

Hutchinson says, “Through layered symbolism, the drawing reflects the complexities of self-recognition as a transgender man in 2025.” Artwork: Hiro Hutchinson

But even the label “woman” never quite fit Akau’s self-perception. While she utilized the word “trans” for a time because it was the best verbiage she knew then, Akau eventually found her home in a traditional Hawaiian identity. Pre-contact Native Hawaiians recognized three genders: kāne, wāhine and māhū. Akau says she now identifies as māhū, noting that “pronouns really aren’t a big issue for me.” Instead of thinking of māhū as simply a label, Akau describes it as “a way of living. ... It’s almost magical. And there’s not a true definition to what being māhū is. It’s just an embodiment of both male and female energy.” Historically, they were revered as healers, caretakers and keepers of knowledge. “Our māhū folks have had a place in society, and they were valued. They were respected,” says Maddie Sesepasara, a trans woman and Kua‘ana Project Manager. “We had our own traditions, our own values and our own way of life. ... Māhū used to be a proud word, until the missionaries came, and then they turned it into such an ugly, derogatory word.” For over a century, the term was weaponized to shame gay, trans and nonbinary people, but the community has gradually reclaimed ‘māhū’ as a title with honor. Today, organizations like the Kua‘ana Project work to reverse that damage by providing resources to the trans community. THE KUA‘ANA PROJECT

Founded in 2015, the Kua‘ana Project operates as a vital branch of the Hawai‘i Health & Harm Reduction Center. “We offer an array of services, from name changes to gender markers [on IDs and birth certificates] to food distribution. If they’re having issues with their landlords, or if they’re having issues with employment, we’re able to send them to our friends that know the

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Sesepasara recalls the 90s and early 2000s, when employers and landlords could openly refuse service to trans people. “It was easy for employers to say, ‘Oh, we’re not hiring. We don’t like people like you.’ It was easy for landlords to kick you out. ‘Oh, we don’t accept people like you. You can’t live here,’” she says. “It wasn’t until, maybe 11, 12, years ago that we got policies in place for transgender folks to where they couldn’t discriminate against us.” Despite these policies, the workplace can still be a lonely environment. X, a trans man in the construction industry who requested anonymity to avoid further retaliation, describes a profound sense of ostracization. “I go to work every day. I walk by myself. I go to work. Nobody talks to me,” he says. “I’m not acknowledged, no matter how early I show up, no matter how late I stay.” Because X joined his union pre-transition, he never had the opportunity to “pass” as male and avoid the targeted hostility of his peers. He recalls one incident on a job site where an ironworker began hurling slurs at him, which then escalated into a physical confrontation. X says after he was called “a dumb faggot” and “a fucking trans,” the worker “squared up” and shoved him. “I started pushing him back. And, mind you, there’s like, rebar sticking out right in the back of me,” X recalls. “I could have fallen back, you know, like got stabbed in my back.” Rather than intervening, several other workers joined the aggressor. “Nobody’s defending me. It’s just me against five guys.” Though workers from other trades eventually broke up the fight, X found no recourse with management. When he called his boss to report the assault, X says his response was dismissive: “Figure it out.” While X acknowledges the construction industry’s generally abrasive culture for everyone, his cisgender peers do not “have to fight for their life every day just to exist in a space like that.” He pushes back on the claim that trans people are “just doing it for fun” or “do it for a trend,” when in reality, “I’m not trying to fit in. I just want to be me.” He asks: “You think I want to get shit on at work every day? You think I want to go into the men’s bathroom, sit in the stall and not know if someone is gonna grab me from underneath and, like, yank me out and beat me down, because they know that I’m trans? I don’t want that. I just want to exist.”

INSTEAD OF THINKING OF MĀHŪ AS SIMPLY A LABEL, AKAU DESCRIBES IT AS ‘A WAY OF LIVING. ... IT’S JUST AN EMBODIMENT OF BOTH MALE AND FEMALE ENERGY.'

Photo courtesy of Jess Akau

THE BATHROOM DILEMMA

X says he avoids going to the bathroom on job sites and instead “hold it till I get home from work” or stop at a safer place to use the restroom on his drive back. Public restroom anxiety is very common among trans, nonbinary and androgynous individuals. “Being trans going to the restroom is sometimes scary,” says Hutchinson. “It’s not exactly a safe world for trans people to enter a bathroom full of people who may or may not accept you for going in there.” Studies show that which gendered bathroom to use can be a Catch-22. In fact, data from the 2022 U.S. Transgender Survey indicates that transgender individuals are more likely to face harassment or be blocked from restrooms when they try using facilities matching their sex assigned at birth. For transgender men using women’s facilities, roughly 10% reported being denied entry and 11% faced verbal harassment — nearly twice the rates reported by those using men’s restrooms (5% and 7%). Similarly, transgender women were more vulnerable in men’s restrooms, with 7% facing access issues and 9% facing verbal attacks, compared to 5% and 7%, respectively, when using women’s facilities. To avoid these situations, many trans people report frequently avoiding public restrooms due to fear of harassment, resulting in “holding it” for prolonged periods of time and restricting food/drink intake, which can cause serious physical health issues, including dehydration, kidney and urinary tract infections, as well as other kidney issues.

“I’ve heard stories about people who literally hold it all day because they’re that afraid to go to the bathroom. It’s sad. I wish people could just take a piss when they wanted to take a piss,” says Hutchinson, who thinks implementing more all-gendered restrooms is “definitely a great solution.” NAVIGATING GENDER AFFIRMING CARE

Access to and quality of gender affirming care varies greatly state by state. For Akau, who began her transition in Montana in 2010 before returning to Hawai‘i island in 2021, the comparison was surprising. Despite Montana’s reputation as a “red” state, she found gender affirming care there to be “actually better than Hawai‘i.”

Akau recalls a structured, threemonth psychiatric evaluation period in Montana before receiving any prescriptions. “They monitored my blood content. They monitored everything about me,” she says, noting that the providers were “actually very specific about what they wanted to see” regarding her health markers and would frequently call to follow up on how she was doing. In contrast, she describes her current care in Hawai‘i as more “standard” and less rigorous, with annual check-ups that feel routine rather than personable. Sesepasara points out that there are currently “less than five” doctors offering gender-affirming care in the Islands. This scarcity is exacerbated by a national climate of hostility toward LGBTQ+

H AWA I I B U S I N E S S

healthcare. Sesepasara explains that due to “all these attacks on gender affirming care, a lot of these doctors are afraid to provide services.” To combat this, advocates are pushing for HB 1875, a “shield bill” designed to protect providers, parents and patients from out-of-state litigation or interference. “We need to make sure that this bill is shielded, so all of that hate doesn’t affect us here in Hawai‘i,” Sesepasara says, adding that the legislation is “almost at the finish line.” Even within the state, a disparity exists between the resources available on O‘ahu and those on the neighbor islands. Hutchinson, who grew up on Hawai‘i Island, notes that while some clinics existed, “they’re mostly on like O‘ahu.” The geographic isolation of Hawai‘i, combined with being a minor at the time, created significant barriers for Hutchinson. “I wasn’t able to access a lot of care when I was in Hawai‘i because it’s such an isolated place from the rest of the world,” he says. Without a support system or professional resources, he turned to “DIY” methods, including chest binders that “weren’t actually safe” for his body. Hutchinson ultimately waited until he reached adulthood and moved to New York City to begin hormone therapy. “In Hawai‘i, I wasn’t able to really find any kind of insurance that could cover it,” he says, noting that he would have been forced to pay out of pocket. In New York, better coverage allowed him to access his gender affirming care for free. Workplace challenges also complicate the recovery process for those who do access care. When X underwent a breast reduction a few years ago, he found his employer unwilling to accommodate the necessary recovery period. “You’re supposed to take off for at least three to six months after you get top surgery,” he explains. Despite this, his boss pressured him to return just one week after the procedure: “I was so caught off guard that they called me back, like, a week later, and they’re like, ‘You got to come back to work.’ I still had my drains in.” The resulting physical strain made his job both painful and hazardous. “So, my scars didn’t really heal [properly] ... because I was constantly doing overhead work,” X says. “I could have gotten infected.”

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Illustration: Esther Mohrmann

‘A SEAT AT THE TABLE’

To be a better ally, Sesepasara suggests supporting local trans programs and advocating for legislation like HB 1875. She also emphasizes the need for being vocal in the community: “If you want to be an ally, a true ally is we need folks to come out and speak up in spaces where we’re not invited... We need you to take the take the hits, because trans folks are so tired. We’re always getting hit. We’re always being attacked.” X echoes this fatigue, asking only for basic human recognition. “I just wish that people were kind enough to be like, ‘okay, you can exist with me. We can all exist together,’” he says.

In contrast, Akau says she doesn’t feel “vulnerable” being māhū in Hawai‘i, and she certainly doesn’t want pity: “I don’t live a sad life, like I’m actually pretty celebrated where I’m from. I have a seat at the table.” Sesepasara believes Hawai‘i’s history of respecting māhū provides a blueprint for the rest of the country. “I think that’s why in Hawai‘i, we’re a little bit more accepting because... we have a better understanding that all our people belong, all our people have a place,” she says. “And I feel Hawai‘i needs to lead, lead the world, because we live by aloha. And to me, aloha is embracing and loving all your people, no matter who they are.”

HAWAI‘I’S 20 26 GUIDE TO

SHIPPING, AIR AND TRANSPORTATION

by C y n t h i a S w e e n e y

H AWA I I B U S I N E S S

HIPPING, AIR AND TRANSPORTATIO

SPECIAL PROMOTIONAL SECTION

SHIPPING, AIR AND TRANSPORTATION

ITH FEDERAL TARIFFS, THE WAR IN IRAN AND HAWAI‘I’S RECENT SEVERE WEATHER, 2026 IS PROVING TO BE AN EVENTFUL YEAR FOR THE STATE’S SHIPPING INDUSTRY.

PASHA HAWAII

“Very early on, we felt we had successfully adapted to the tariff uncertainties of 2025 as it relates to the timing of freight flow. Several shippers and retailers, using mainland-based sourcing, were making changes to their international sourcing decisions, with the cycles altered but with freight flow volumes remaining similar to the prior year,” says Pasha Hawaii’s president and CEO, George Pasha IV. “But then, March came in like a lion.” Specifically, the war in Iran, with its drastic reduction in energy supply, is affecting all measures of demand, resulting in an increase in energy prices for all manner of transportation here and abroad, Pasha says. “We anticipate the exponential rise in costs will ripple out through the economy over the coming months. In addition, the state of Hawai‘i is just beginning to assess what kinds of recovery

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and rebuilding will be required from the recent Kona low storms.” Still, Pasha Hawaii is assisting with storm recovery and replenishing supplies for grocery and other retail customers, and its specialty roll-on/roll-off ships are already facilitating the movement of necessary building supplies and equipment. Like many markets, “Pasha Hawaii is expecting a relatively modest growth rate for the ocean transportation market between the mainland and Hawai‘i, conservatively, about 1%,” Pasha says.

Serving Hawaii Is Our Business Pasha Hawaii’s dynamic shipping network and knowledgeable professionals are here to serve your supply chain needs. Pasha offers the broadest range of container and roll-on/roll-off services between Hawaii and the Mainland, with connections to comprehensive intermodal services nationwide. Find out more at pashahawaii.com.

HIPPING, AIR AND TRANSPORTATIO

SPECIAL PROMOTIONAL SECTION

YOUNG BROTHERS

As a regular part of shipping operations across Hawai‘i, Young Brothers takes inclement weather and challenging ocean conditions in stride. However, disruptions to supply chains and subsequent drops in cargo volume due to tariffs and rising fuel prices, can affect operations and costs. “Young Brothers’ new leadership is driving efforts to strengthen operations and make operations more resilient to external conditions and the economic headwinds that are contributing to higher fuel costs and less cargo volume moving between the islands,” says Kris Nakagawa, vice president of external and legal affairs for Young Brothers LLC. “Young Brothers’ investments in specialized equipment and highly skilled workforce at sea and at shore enable us to continue fulfilling our critical role, including supporting communities before, during and after severe weather events. We are committed to continuing to support our island communities as they recover from the recent floods.” Demand for services and cargo volume is trending downward compared to last year and the first quarter of this year, and Nakagawa says the shipper’s focus now is on “improving efficiency of port operations, managing costs, and stabilizing the company to support a better financial outlook and a more sustainable future.”

Young Brothers plays a central role in Hawai‘i’s supply chain, connecting and facilitating trade between island communities; today it serves all major island ports and is the only ocean transportation company serving Kaunakakai on Moloka‘i and Kaumalapau on Lāna‘i. Young Brothers also remains committed to supporting local agriculture through its Island Agricultural Product discount program, which has helped farmers save more than $30 million since 2008, Nakagawa says. Due to its agreement with the state, Young Brothers is required to maintain a regular schedule to all islands, regardless of its volume. Unlike other transportation companies in the state, Young Brothers does not generate a profit from its fuel surcharge. Instead, it monitors fuel costs and adjusts the surcharge; the cost changes every three months based on Young Brothers’ local tariff rules. “Fuel costs are a 100% pass through to the customer. When prices go down, customers realize those savings,” Nakagawa says.

Sustainability

Young Brothers continues to improve efficiency and reduce emissions across operations. Its fleet includes Kāpena-class tugs equipped with advanced technology that lowers maintenance requirements and improves fuel efficiency by approximately 40%. Young Brothers has also begun to modernize its shoreside fleet by utilizing electric vehicles.

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The company has also invested more than $140 million in new barges and tugs, shoreside cargo-handling equipment including 40-ton forklifts and new state-of-the-art technology. An upgraded mooring system on Lāna‘i has improved reliable service to its port, which is subject to large swells. The company is also looking to invest in additional chassis, refrigerated containers, and cold chain technology, to

meet the needs of customers who ship temperature-sensitive goods. “Collectively, these investments will strengthen service reliability and efficiency, allowing us to continue delivering the critical service our island communities depend on to thrive,” says Nakagawa. “As a result, Young Brothers now operates the most modern, cost effective and reliable fleet that serves the islands.”

KEEPING YOUR BUSINESS GROWING. KEEPING HAWAI‘I MOVING.

Your products are meant to be shared across the islands. Whether you’re a manufacturer in Kapolei or a boutique in Hanalei, Young Brothers provides the momentum you need. With multiple sailings across ports, we ensure your supply chain never skips a beat. Because when your goods are in motion, your business is in flight.

View our statewide sailing schedule and plan your expansion. www.youngbrothershawaii.com

THE HA WA I‘ I L EA DERSHIP ACAD EMY IS A PA RTNERSHIP B ETW E E N T HE H A WA I I E M P LOYE R S CO UNCI L AN D HA WA II BU SINESS M AG A Z I N E .

Congratulations to the second cohort of the Hawai‘i Leadership Academy on your graduation! Over the past five weeks, you’ve leaned into growth, strengthened your leadership voice, and built meaningful connections across our community. Mahalo to our esteemed speakers; John Waihee III, Duane Kurisu, Michelle Bartell, Christine Camp, Walter Dods Jr., and Raymond P. Vara Jr.; for sharing their manaʻo and inspiring the next generation of leaders.

Mahalo to our sponsors — AHL, Hawai‘i Pacific Health, Hawaii State Federal Credit Union, and Servco — for making this journey possible. This program was proudly presented by Hawaii Employers Council and Hawaii Business Magazine, reflecting a shared commitment to developing Hawai‘i’s future leaders.

“AHL is proud to sponsor cohort 2 of the Leadership Academy because programs like this build inclusive environments and develop relationships that only strengthen over time. They benefit us all. With the knowledge and new perspectives gained, attendees continue to grow into corporate and community leaders whose paths will continue to cross throughout their careers. The friendships that are built here will last. In a world that is defined by the rapidly accelerating pace of change, that resilience is priceless.” —AHL

“Hawaii State FCU is proud to support the Hawai‘i Leadership Academy because investing in people is at the heart of what we do. As a credit union, our focus has always been on helping individuals grow and build stronger futures. Programs like this play an important role in developing leaders who can make a meaningful difference across our communities. When people are given the opportunity to learn, grow, and lead, the impact extends far beyond the individual. Supporting leadership development is one way we continue to invest in the long-term strength and well-being of the people and communities we serve.” — HAWAII STATE FCU

“At Servco, we believe leadership is a responsibility to uplift others and strengthen our communities. Supporting the Hawai‘i Leadership Academy reflects our commitment to investing in people who are ready to grow, serve, and lead with purpose. By sponsoring this program, we are helping cultivate the next generation of leaders who will drive meaningful change across Hawai‘i. Personal and professional development go hand in hand, and when individuals are empowered with the right skills, mentorship, and mindset, their impact multiplies. We are proud to stand behind a program that inspires growth, connection, and lasting leadership future.” —SERVCO

C U LT U R E A N D A R T S

On Pokémon’s 30th anniversary, what was once a childhood pastime has become a global phenomenon and big business as enthusiasts collect and trade the iconic cards. Some in Hawaiʻi are trying to build and maintain a supportive community of followers.

by r a c h e l wa g e n m a n

JUNE 2026

or those who grew up collecting pokémon cards in the '90s, high-profile sales like influencer Logan Paul’s $16.4-million PSA 10 Pikachu Illustrator have helped bring dollar signs to what was once merely a childhood hobby. In recent years, the beloved trading cards have once again found their way into the spotlight, with Pokémon’s 30th anniversary adding another wave of attention. When Honolulu hosted the 204 Pokémon World Championships, more than 14,000 people attended, including roughly 3,000 competitors, with lines stretching hundreds deep just to enter the Pokémon Center pop-up shop. Annual events like Hawai‘i Pop Con, the state’s largest pop culture celebration, draw thousands to the exhibition hall at Neal S. Blaisdell Center, where collectors gather to trade Pokémon, sports cards and other collectibles. Smaller card events and meetups take place across O‘ahu nearly every weekend, reflecting a community that has surged in recent years, as part of a global phenomenon. In Hawai‘i, the focus in the local trading card scene is less about chasing big profits and more on sustaining a passion for Pokémon — its cards, its characters — and the community built around them. In Mānoa, husband-and-wife team Andy and Mari Oshiro turned their love of Pokémon into a business, Alola Mart. Founded in 2023, the small venture grew into a brick-and-mortar shop by August 2025, fueled in part by a pandemic-era boom in the trading card market. The name is a nod to the Alola region from the Pokémon Sun and Pokémon Moon games, which was inspired by the Hawaiian Islands. Opening Alola Mart was a full-circle moment for Andy, who first discovered Pokémon cards at a neighborhood store in Mānoa where he grew up. “I wanted to give back to my neighborhood because that’s where I got started collecting — and look at where it’s taken me,” he says. “We now have a shop in the valley, and I can do the same for new collectors.” Andy has seen the market’s upside firsthand, selling a PSA 10 Shiny Rayquaza Poncho-Wearing Pikachu card for $6,500 during a recent upswing. Today, he says

the same card could likely fetch five figures. Pikachu, a longtime fan favorite, fits into a broader trend he sees in the shop: it’s often the cute Pokémon that sell best. For the Oshiros, Pokémon isn’t just something they sell — it’s something they share at home. Their young daughter already has a few rare Sylveon cards in her collection, and her growing interest in Pokémon is what brought the family back into collecting. She also shares her parents’ love of Eeveelutions — Andy and Mari’s favorite Pokémon, Umbreon and Espeon respectively, make up their shop logo. Inside Alola Mart, that personal connection is even more evident through a vibrant mural that spans an entire wall of the shop — featuring Pokémon like Psyduck, Blastoise, Snorlax and Ho-Oh, each representing a loved one in the family’s life. While demand for cards has made inventory a challenge, the Oshiros say the bigger reward has been watching a community form around the shop — one that spans longtime collectors and a new generation of fans. “We’re in it for the community,” Andy says. “Pokémon is for every age. We have some senior citizens that come in, young kids — I even have some of my classmates from high school bring their kids in.” It’s this sense of community that keeps the shop’s “Open” sign glowing long after posted hours.

Photo: Aaron Yoshino

“The door’s pretty much always open,” Andy says. Mari runs the shop seven days a week while Andy works a day job. He says it can be tiring juggling both, but it’s worth the grind. “We leave the sign on if we’re still here, so if people see it flashing, they’ll come in.” Beyond Alola Mart, Hawai‘i’s Pokémon card scene stretches across weekly meetups, conventions and informal marketplaces, all built on the same sense of nostalgia and passion. Jomari Garcia says he’s been collecting Pokémon cards on and off since around 2016 or 2017. As his collection grew, he began selling at events like Pearlridge’s 808 Showcase Trade Night to help sustain the hobby. Similar gatherings have also popped up at venues like The Republik and the Blaisdell Center. “Pokemon cards are really expensive now — just getting product is so hard,” Garcia says. “Technically I don’t really make money. I’m just funding my collection and breaking even.” While his favorite Pokémon include Psyduck, Shroomish and Corphish, one of his most prized cards is a PSA 8 Mewtwo GX signed by Mitsuhiro Arita, one of the original illustrators for the Pokémon Trading Card Game — a piece he values far beyond its resale value. “He did an illustration on the card for me and signed it, so it’s hard to put a dollar value on it. I see similar cards go for $5,000

to $10,000,” Garcia says. “I waited an hour or two just to get it signed, and it cost $200.” Pokémon fans aren’t just waiting in line for signatures. Garcia says they’re also regularly camping out for new pack releases. “People are waiting overnight at Target just to get some product,” he shares. “Today I was going to go, but I heard there were already 50 people in line at 3 a.m. The craziest thing is there wasn’t even a Pokémon drop — they were just waiting in line for the chance at one.” With sealed pack inventory so scarce, Garcia deals primarily in individual cards. “The good thing about Pokémon is there’s money to be made, so people are selling off their collections at a percentage,” he says. “I price it out, give them around 70 percent of the value, and hopefully on the back end I make my 30 percent.” An official report from The Pokémon Company International states that 10.2 billion Pokémon Trading Card Game (TCG) cards were printed worldwide over the 2024–2025 fiscal year, bringing the total to more than 75 billion cards as of March 2025. Even with that level of production, the company has acknowledged that some fans are experiencing difficulties purchasing certain Pokémon TCG products. The company says it is working to print affected products “as quickly as possible and at maximum capacity,” while maximizing production for future releases. Garcia acknowledges the current surge in demand has made trading more competitive, but he views it as part of a larger cycle. Long term, he says he’s less interested in quick profits and more focused on the community that keeps him coming back — connecting with fellow collectors, flipping through Pokémon binders, and making a young fan’s day. “I have cards for the kids — like a dollar and under. And if they’re really stoked about it, I’ll just give it to them for free,” Garcia says. “That’s what I like about Pokémon — you kind of foster your own community. We try our best to spread the love around.” That same sense of community is also taking shape in more organized spaces. Kohl Kitagawa, owner of Box Jellyz in ‘Aiea, has created a hub for players

H AWA I I B U S I N E S S

focused on the competitive side of the Pokémon Trading Card Game. The shop hosts tournaments Thursday through Sunday, with Pokémon events taking place on Sunday afternoons. “We mostly care about players,” he says. “We do a little bit on the collectible side, but the main crowd we cater to are the people who actually sit down and play. We wanted to give them a safe place where they can feel comfortable.” Kitagawa says the recent surge in interest has been fueled in part by new audiences discovering the game through the Pokémon TCG Pocket mobile app, which launched in late 2024, before transitioning to physical cards. “The free app lets you open packs, then you get cards and play a simpler version of the card game,” he explains. “People got a little taste of opening a pack and getting something good, so then they were like, ‘I want to do that for real!’” With Pokémon’s popularity driving demand, Kitagawa says the collectibles side of his business still faces inconsistent inventory, but the shop has remained steady thanks to its community.

JUNE 2026

“My business is still able to thrive, and we’re able to figure out solutions for the lack of inventory,” he says. “We always keep some stuff on the side for the kids. We had one come in who worked really hard for his allowance money and just wanted some Pokémon cards, so we gave him a little to make him feel like he at least got something.” Outside of running Box Jellyz, Kitagawa also works a full-time job. As a kid who grew up in the '90s, his love of Pokémon started when he got his hands on Pokémon Blue Version for the Game Boy. Today, he’s built a tight-knit community of players and customers he knows by name, all sharing the same passion. “It initially started as somewhere I wanted all my friends to come — a place to hang out and play games,” Kitagawa says. “It turned into something a little bit bigger. It’s a place where people come on their lunch break, or they’re stopping in on the way home from running errands.” While the community has grown, Kitagawa says there’s still a focus on helping younger players get started — after all, Pokémon began as a game for kids.

His advice for young trading card collectors? Collect what you love, and don’t pay attention to the market. He especially enjoys seeing customers come into the shop looking for Pokémon cards outside the usual favorites. Some collectors even focus entirely on the artwork, drawn to cards with unique illustrations or unusual designs, including Pokémon paired with everyday objects like apples. “I had this boy come in the other day — his favorite is Zygarde. They just did the [Pokémon TCG: Mega Evolution — Perfect Order] set with him, but generally speaking, nobody was excited that he was in that set,” Kitagawa laughs. “But this kid was stoked! So I’m like, ‘Right on, bro. Just keep collecting Zygarde.’” Pokémon may have started as a childhood hobby, but here in Hawai‘i, it has become something more — a community shaped by collectors, players and the small businesses behind it. “I would like to keep doing this for a long, long time, and to do that, I want the kids to be inspired to keep collecting,” Kitagawa says. “We’re all still super in love with the game, and we enjoy what we’re doing.”

2026

Hawai‘i

CREDIT UNION REPORT by C y n t h i a S w e e n e y

H AWA I I B U S I N E S S

SPECIAL PROMOTIONAL SECTION

Hawai‘i Credit Union Report

hile traditional banks operate as for-profit institutions owned by shareholders, credit unions, at their core, are nonprofits built for their members. Andrew Rosen And in Hawai‘i, that distinction carries real weight. PRESIDENT AND CEO Hawaii State Federal Credit Union “Our structure is fundamentally different: We’re member‑owned, which means our success isn’t measured by shareholder returns but by member outcomes,” says Greg Young, HawaiiUSA Federal Credit Union’s president and CEO. Although traditional banks and credit unions offer similar financial “What has remained constant is our commitment products and services, like digital banking, cards, loans and payments, they to evolve in ways that continue to support our memhave very different priorities. The real distinction, Young says, is how credit bers and our community,” Rosen says. “Our mission unions serve the community when it matters most. is to empower a lifetime of personal and financial “In a high cost‑of‑living environment, financial pressure touches nearly wellness for our members and our community, and every household and business in Hawai‘i. So our focus is on long‑term fithat is how we think about impact. Everything we nancial stability and well-being,” Young says. do is grounded in helping members improve their Andrew Rosen, Hawaii State FCU’s president and CEO, says that with financial lives in practical ways.” a focus on listening first, credit unions offer guidCredit unions take a reance that fits each member’s situation, and stays lationship‑driven approach, engaged beyond a single transaction. helping people navigate fi“Over time, that builds trust and helps our nancial milestones like Over time, that builds trust and building credit, buying members move forward with confidence. That helps our members move forward focus on service and long-term financial well-behomes, and sustaining busiwith confidence.” ing continues to set credit unions apart,” he says. nesses in ways that support “When products feel interchangeable, people look both individual success and - Andrew Rosen more closely at trust and purpose. They want to the broader local economy. understand who they are banking with and what kind of experience they “Consumers are paying closer attention to excan expect. And that’s where the credit union model continues to stand out.” perience. That includes transparency, access across Hawaii State FCU’s journey began in 1936 in a basement space no bigeconomic levels, and how institutions show up during ger than a closet. It has since grown into one of the largest credit unions financial stress or transition,” Young says. “That’s in Hawai‘i. where credit unions stand apart.”

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JUNE 2026

mahalo

In 1936, a small group of territorial employees founded the Hawaii Territorial Employees FCU, serving the financial needs of government workers out of a small office in the basement of the Territorial Office Building. Today, Hawaii State FCU has grown into the state’s largest credit union, with more than 136,000 members and 14 branches on Oahu and Maui. As we celebrate 90 years, we want to take the opportunity to honor our rich history and the many relationships we’ve built with our members, employees, and the community. Stay tuned as we have some fun things planned for our anniversary! Not a member and want to join, visit www.HawaiiStateFCU.com/join.

/HawaiiStateFCU

SPECIAL PROMOTIONAL SECTION

“

Our success isn’t measured by shareholder returns but by member outcomes.”

Hawai‘i Credit Union Report

- Greg Young

Greg Young

PRESIDENT AND CEO

HawaiiUSA Federal Credit Union

TECHNOLOGY AND RELATIONSHIPS

Technology has made financial services more available than ever, but not necessarily easier to navigate. And as the gap between access to financial tools and financial understanding grows, that creates a risk for people to make faster decisions without better guidance. “As financial technology grows, consumers are increasingly choosing institutions that feel safe, community‑rooted and reliable,” Young says. “And credit unions—especially those with strong local identity—are uniquely positioned to address that gap by pairing digital innovation with education, coaching and trusted relationships.”

JUNE 2026

Rates and fees will always be important for customers, but true member value is about well-being—whether people feel confident, prepared and supported in their financial lives, Young says. “Our work around financial wellness, youth empowerment, teacher support and community investment make it clear that we’re not just a service provider. We’re a financial partner invested in our members’ life journey.” Although financial services at traditional banks and credit unions may look similar today, especially as digital tools have expanded across the industry, in many ways that similarity makes the differences even more meaningful. “When products feel interchangeable,

people look more closely at trust and purpose. They want to understand who they are banking with and what kind of experience they can expect,” Rosen says. And that’s where the credit union model continues to stand out. “At Hawaii State FCU, our member focus shapes how we think about financial well-being and the role we play in our community,” Rosen says. “Every decision we make is guided by our vision to build relationships that enrich lives. What matters most is how we deliver on that vision—with better products and rates, exceptional service and a deep commitment to our community.”

Building financially confident leaders – For Hawaii,

for the future Founded to serve educators, HawaiiUSA Federal Credit Union invests early in financial education—building the understanding, confidence, and readiness the next generation needs to navigate life and strengthen Hawaii’s communities. hawaiiusafcu.com/youthbanking

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Hawaii Business Magazine in partnership with First Hawaiian Bank presents the Leadership Conference, Hawai‘i’s premier leadership event, bringing together professionals, executives and changemakers for a full day of insight, connection and growth. Through candid conversations, interactive workshops and real-world tools, attendees gain fresh perspective and practical strategies to lead with impact. Connect with those shaping Hawai‘i’s industries — and leave with ideas you can put into action immediately. GOLD SPONSORS

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TRIAL AND ERROR

Hard-Won Lessons on Rejection from 39 Years in Sales by r ya n n n o e l a n i c o u l e s

’ll be honest: when my pitch for last month’s column was declined, i was a little butthurt. I felt the topic was important, but my manager didn’t see the vision. Rather than nursing my bruised ego, I decided to pivot. In fact, getting shot down inspired this month’s topic: how to cope with rejection and not take feedback as a personal attack. Nobody likes rejection, but it’s an inevitable part of any career — especially for those in sales. Robin Kennedy, executive manager of strategic partnerships at KHON2, has spent nearly four decades in the field. Here is what she has learned about picking herself back up after being turned down and finding the courage to try again. Kennedy landed her first sales management role at age 23, working at a Macy’s in New York City. Since then, she has learned that success requires the ability to adapt to one’s environment. In a unique market like Hawai‘i, she argues that technical pitch details often take a backseat to the strength of human connection. “Everything that I do in sales is related to relationships and strategic partnerships,” Kennedy says. “In Hawai‘i, it’s all about who you know.” Photo courtesy of Robin Kennedy

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WARM UP THE COLD CALL

For many, the “cold call” is the most daunting hurdle in sales — the moment when the potential for rejection is highest. In Kennedy’s approach, however, a cold call shouldn’t actually be “cold.” She maintains a prolific community presence, networking three to four nights a week and volunteering for various organizations. It isn’t just about handing out business cards; it’s about being a visible, helpful member of the community. “I don’t call what I do ‘cold calling’ because part of being an excellent salesperson is being out in the community and being seen,” she explains. So, by the time she dials a high-ranking executive, she isn’t a stranger — she’s a familiar face from the last non-profit board meeting or industry event. “It makes the cold call process a lot easier,” Kennedy says. WHEN “NO” FEELS PERSONAL

Despite her high success rate, Kennedy is candid about the fact that rejection still stings. In an industry that often advises having thick skin, Kennedy admits that her passion makes her susceptible to disappointment. “When they say ‘no’, I take it really personal, like losing sleep over it, because I give so much of who I am to what I’m doing.” This vulnerability, however, is coupled with a deep-seated belief in the value she provides. Kennedy refuses to sell anything she doesn’t “110% believe in.” When she approaches a business owner, she views the company as their “legacy.” If she knows her product can help that legacy, a rejection isn’t just a lost commission — it’s a missed opportunity for the client. Instead of wallowing in self-pity after

a failed pitch, Kennedy says she feels sorry for the person who turned down the offer. “I’m not spiteful,” she explains. “I just feel bad for them, like they made the wrong choice.” THE REFRAME

A simple but powerful tip Kennedy shares is a shift in semantics. In her earlier years, she admits a “no” might have offended her and then she’d “probably go after their competitors.” Today, her mindset is more optimistically persistent. “I feel like that’s probably the foundation of the salesperson that I am today — that no, isn’t, ‘no, never.’ It’s just ‘not right now,’” she explains. By reframing a rejection as “not today,” Kennedy removes the sting of finality and allows her to maintain the bridge for a future relationship. TAKING CONSTRUCTIVE CRITICISM

Kennedy emphasizes that the biggest hurdle to growth is the human instinct to be defensive. “Most of how people think is a reaction to how they feel, right?” she says. When receiving feedback, the goal is to listen without preparing a rebuttal. You should be “actually listening and not immediately starting to think of how to defend yourself,” Kennedy advises, although she admits this is easier said than done. Second, she encourages staying in the conversation until the air is clear. Don’t just nod and leave as quickly as possible to avoid discomfort. “If someone’s giving you constructive criticism and you trust them, make sure you stay in that room and you communicate through it so you don’t go home crying, you don’t take it so much to heart that you’re carrying that with you on every call.”

A MESSAGE TO MANAGERS

Kennedy also believes that the burden of feedback shouldn’t fall solely on the employee. For criticism to be well-received, it must be offset with some positive recognition. She argues that managers are far more likely to see better results if they balance their critiques with a reminder of the employee’s value: “If someone is telling you how much they appreciate you as an employee, and that this [feedback] is to help you grow, aren’t you way more likely to listen to that?” FIND A MENTOR

For those struggling to maintain momentum in the face of constant rejections Kennedy’s final piece of advice is to stop trying to figure it out in isolation. “Find a mentor, find someone you can talk through it with,” she says, because “just bouncing ideas off” a trusted veteran can turn a setback into a breakthrough. After 39 years, Kennedy knows that a successful career in sales isn’t about striving for a perfect record. It’s forged in the ability to pick yourself up after a rejection, refine your approach, and remember that a firm “no” is often just a “not today.” Getting shot down is never easy, but for those of us early in our careers, these moments are where we actually find our footing. It requires humility to swallow your pride, figure out why your pitch didn’t land and learn from that experience. Rejection isn’t the final verdict; it’s an invitation to go back to the drawing board and try again with a better perspective.

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JUNE 2026

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i n ny W i l l i

CHANGE STARTS NOW. Families planting roots in homes they can afford. Students discovering their passion in schools built for success. Reefs and forests thriving under the care of communities who know them best. From keiki to kūpuna, ensuring everyone has what they need, not just to survive, but to thrive. Community Centered Economy • Health & Wellness • Arts & Culture Natural Environment • Governance • Education This is the CHANGE Framework in action, and it’s happening across every island. Be part of it: hawaiicommunityfoundation.org/change

hawaiicommunityfoundation.org

Left to right: Liane Khim, Cash Management Services Manager, ASB; Kyle Shelly, Director, Corporate Banking, ASB; Tony Mizuno, Executive Vice President, Commercial Markets, ASB; Patricia Chang Moad, Managing Director, Continental Assets Management; Billy Pieper, Director, Commercial Banking, ASB; Kiley Nakamura, Director, Commercial Real Estate, ASB

“The people at ASB are phenomenal. In this day and age, you can feel like just a number on a balance sheet — I don’t feel that way at ASB.” Patricia Chang Moad, Managing Director Continental Assets Management

With the help of American Savings Bank, Continental Assets Management turned an underused downtown office building into the AC Hotel by Marriott Honolulu, the preferred corporate travel hotel in Hawaii. ASB’s commercial banking team makes complex financing easier to navigate for the most ambitious projects while nurturing strong relationships to make your dreams possible. asbhawaii.com

A different kind of bank.