Maui’s housing market is experiencing a profound transformation, and if you own or are looking to invest in Hawaii real estate, you need to understand the latest legislative shifts. On December 15, 2025, the Maui County Council passed Ordinance 5909, marking the largest short-term rental phase-out in American history. But what does this actually mean for you as an overseas investor, a local homeowner, or a prospective buyer?
In this comprehensive breakdown, we dive into the exact numbers and the economic realities behind the headlines. We cover the transition of over 6,200 apartment-zoned condominiums previously operating as transient vacation rentals—properties on the Minatoya list—and outline the critical amortization deadlines set for West Maui in January 2029 and the rest of the county by January 2031.
Beyond the legislation, we explore the data-driven projections published by UHERO in March 2025. While the policy aims to return thousands of units to the local long-term housing stock, it also projects significant economic ripples, including a $900 million drop in annual visitor spending, shifts in property tax revenue, and a potential 20% to 40% decline in affected condominium valuations.
Crucially, Ordinance 5909 is not a blanket ban. Hotel-zoned properties, resort-zoned parcels, and licensed B&Bs continue to operate exactly as before. Understanding these specific zoning nuances is where strategic real estate planning becomes essential. Whether you are navigating complex 1031 exchanges, assessing your portfolio’s compliance, or looking for resilient oceanfront investment opportunities, having a broker with deep local expertise and a global perspective makes all the difference.
If you are evaluating your Maui property’s zoning status, looking to transition your investments, or seeking new opportunities across Oahu, Maui, Kauai, or the Big Island, let’s connect.
Contact Jason Wong (PB, MBA)
Principal Broker, Island Dragonfly, LLC (RB-24348)
Residential & Commercial Real Estate
Visit my personal site: https://jasonwong.us
Explore our luxury portfolio: https://islanddragonfly.com
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