Gensiro Kawamoto
Encyclopedia
Gensiro Kawamoto is a Japanese
businessman, who invested in Hawaii
real estate in the late 1980s, when he bought more than 170 properties, including many Oahu
homes.
Avenue, most purchased for between $2 million and $20 million, to native Hawaiian
families for $150 – $200 per month.
On March 22, 2007, the first three houses were rented. The initial tenants were:
Kawamoto has stated that at least Kahale and her five daughters will not be charged rent. They will be expected to pay for utilities. In a letter, Kawamoto encouraged his tenants to "use this opportunity as [their] springboard so that [they] can reach even higher in the future."
under the name Marugen and has been buying and selling real estate in Hawaii and California
since the 1980s, and has been accused of making money by driving real estate values down by various methods without respecting the current owners, buying them out and then selling them when the price increased.
He has been criticized for evicting tenants of his rental homes on short notice so he could sell the properties, as in 2002 when he gave hundreds of California tenants 30 days to leave.
Two years later, he served eviction notices to tenants in 27 Oahu rental homes, mostly in pricey Hawaii Kai, saying they had to leave within a month. He said he wanted to sell the houses to take advantage of rising prices.
Some neighbors are unhappy with Kawamoto's plan, speculating that he is trying to drive down real estate values so he can snap up even more homes.
"Everyone's paying homage to him, but in reality, he's the problem," said Mark Blackburn, who lives down the street from Kahale's new home when interviewed by CNN
on March 2007. "Houses are homes. They're made to live in; they aren't investment vehicles." In response, Kawamoto has responded by saying that the neighbors should leave if they don't want to live next to Hawaiians.
Japanese people
The are an ethnic group originating in the Japanese archipelago and are the predominant ethnic group of Japan. Worldwide, approximately 130 million people are of Japanese descent; of these, approximately 127 million are residents of Japan. People of Japanese ancestry who live in other countries...
businessman, who invested in Hawaii
Hawaii
Hawaii is the newest of the 50 U.S. states , and is the only U.S. state made up entirely of islands. It is the northernmost island group in Polynesia, occupying most of an archipelago in the central Pacific Ocean, southwest of the continental United States, southeast of Japan, and northeast of...
real estate in the late 1980s, when he bought more than 170 properties, including many Oahu
Oahu
Oahu or Oahu , known as "The Gathering Place", is the third largest of the Hawaiian Islands and most populous of the islands in the U.S. state of Hawaii. The state capital Honolulu is located on the southeast coast...
homes.
Kāhala Avenue Mission
In 2006, Kawamoto announced that he would rent some of the 18 homes he owns on KāhalaKahala
Kāhala, Honolulu, Hawaii is a neighborhood located alongside Kaimuki and Waialae, featuring many beachfront properties. This small neighborhood has some of the most expensive real estate in the city of Honolulu and the state of Hawaii....
Avenue, most purchased for between $2 million and $20 million, to native Hawaiian
Native Hawaiians
Native Hawaiians refers to the indigenous Polynesian people of the Hawaiian Islands or their descendants. Native Hawaiians trace their ancestry back to the original Polynesian settlers of Hawaii.According to the U.S...
families for $150 – $200 per month.
On March 22, 2007, the first three houses were rented. The initial tenants were:
- Dorie-Ann Kahale, who had been working at a local telecommunications company while living in a homeless shelter;
- Lyn Worley, a divorced clerk working at the Hawaiʻi State Department of Education, who was about to lose her lease on her previous home; and
- the Gusman family.
Kawamoto has stated that at least Kahale and her five daughters will not be charged rent. They will be expected to pay for utilities. In a letter, Kawamoto encouraged his tenants to "use this opportunity as [their] springboard so that [they] can reach even higher in the future."
Controversy
Kawamoto owns dozens of office buildings in TokyoTokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
under the name Marugen and has been buying and selling real estate in Hawaii and California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
since the 1980s, and has been accused of making money by driving real estate values down by various methods without respecting the current owners, buying them out and then selling them when the price increased.
He has been criticized for evicting tenants of his rental homes on short notice so he could sell the properties, as in 2002 when he gave hundreds of California tenants 30 days to leave.
Two years later, he served eviction notices to tenants in 27 Oahu rental homes, mostly in pricey Hawaii Kai, saying they had to leave within a month. He said he wanted to sell the houses to take advantage of rising prices.
Some neighbors are unhappy with Kawamoto's plan, speculating that he is trying to drive down real estate values so he can snap up even more homes.
"Everyone's paying homage to him, but in reality, he's the problem," said Mark Blackburn, who lives down the street from Kahale's new home when interviewed by CNN
CNN
Cable News Network is a U.S. cable news channel founded in 1980 by Ted Turner. Upon its launch, CNN was the first channel to provide 24-hour television news coverage, and the first all-news television channel in the United States...
on March 2007. "Houses are homes. They're made to live in; they aren't investment vehicles." In response, Kawamoto has responded by saying that the neighbors should leave if they don't want to live next to Hawaiians.