Question 2: Resilient Infrastructure for Shelter and Equity (RISE) Bonds (S.B. 3219)
Statewide — all of Hawaii
General election · Tuesday, November 3, 2026
- Referred to the ballot by the Legislature through S.B. 3219 (sponsored by Sen. Troy Hashimoto), approved in final form on May 6, 2026: 25-0 in the Senate and 50-0 in the House, with one Republican member not voting.[2][3]
The question on the ballot
Shall the Hawaii State Constitution be amended to direct the legislature to authorize the counties to issue resilient infrastructure for shelter and equity bonds to fund public improvements in designated districts, repaid solely by future growth in property tax revenues within those districts, not by increasing real property tax rates, where such bonds are excluded from the counties’ debt limit and are subject to accountability and oversight requirements as may be provided by law?[1]
S.B. 3219 would amend Article VII, Sections 12 and 13 of the Hawaii Constitution to define “resilient infrastructure for shelter and equity bonds” as bonds payable from and secured solely by the real property taxes in a designated district that exceed the baseline assessed value (tax-increment financing), to authorize the Legislature to empower counties and other political subdivisions to issue them, and to exclude them from county debt-limit calculations to the extent they are repaid from that incremental revenue. The bill states legislative intent that implementing legislation and county ordinances would follow if voters approve. HPR reports Hawaii is one of only two states that does not currently allow this type of financing. No fiscal estimate was found in the sources retrieved.[2][3][5]
A YES vote means
Directs the Legislature to authorize counties to issue RISE bonds for public improvements in designated districts, repaid solely from growth in property tax revenue in those districts rather than higher tax rates, and excludes them from county debt limits.
A NO vote means
Leaves the Constitution unchanged; the Constitution would not direct the Legislature to authorize RISE bonds or exclude them from county debt limits.
The law today
The bill's findings say counties have limited tools to raise revenue for housing-enabling infrastructure, which now relies on project-by-project contributions and irregular capital improvement appropriations, and that a state-funded study recommended first adopting a constitutional amendment to "clearly permit counties to issue tax increment bonds and exclude such bonds from county debt limits." HPR reports Hawaii is one of only two states that does not allow this type of public financing.[2][5]
Arguments made for
- S.B. 3219 findings: “Hawaii faces a severe and ongoing shortage of housing for local residents and ... this crisis cannot be solved without large, sustained investments in the infrastructure needed to produce new homes.”[2]
- Hawaii Regional Council of Carpenters testified that counties “need financing tools that are predictable, scalable, and fiscally responsible” to deliver housing-enabling infrastructure.[4]
- Avalon Development Company said the amendment “directly supports increased housing supply, smart growth, and long-term affordability.”[3]
Arguments made against
- Cautionary written testimony, not a campaign argument: The Tax Foundation of Hawaii, which did not label its testimony as support or opposition, said: “If the development does not deliver as advertised, government remains on the hook to repay the bonds, meaning that all of us suffer” (as quoted by Ballotpedia News), and asked whether “tax increment bonds should be treated differently from any other debt of the counties.”[3][4]
- Cautionary written testimony, not a campaign argument: The Tax Foundation of Hawaii also wrote: “Provisions should be made to ensure that this method of financing is not abused as it has been in other states.”[4]
On record in support
- Sen. Troy Hashimoto (D), sponsor of S.B. 3219[3][4]
- Hawaii Housing Finance and Development Corporation (written testimony in support)[4]
- Hawaii State Office of Planning and Sustainable Development (written testimony in support)[4]
- Pacific Resource Partnership (written testimony in support)[4]
- Hawaii Association of Realtors (written testimony in support)[4]
- Hawaii Regional Council of Carpenters (written testimony in support)[4]
On record in opposition
- None found in public sources.
Research notes & limits
Question text is from the Office of Elections' preview ballot (the file is a password-protected PDF whose text was read after decryption with the empty user password) and matches HPR's reproduction. The Office of Elections' own explanatory text, a fiscal note and official yes/no statements were not located; yesMeans/noMeans are derived strictly from the ballot question and bill text. Each amendment needs a majority of ballots cast, so a blank vote counts as a no (per HPR and Ballotpedia News). Ballotpedia lists a third proposed amendment (a constitutional right to contraception) as not on the ballot. No organized opposition committee was found; the 'against' entry is the Tax Foundation of Hawaii's cautionary testimony, which Ballotpedia News characterizes as opposition and the Tribune-Herald as neither support nor opposition. Enrichment: no ballot committee, campaign-finance filing or official fiscal note was found for Question 2; the list of supporters is the testifiers named in the Hawaii Tribune-Herald's Oct. 13 report. The Hawaii legislature's measure page returned 403 to automated requests and was not bypassed.
Sources · 5
Researched 2026-10-19. Green citations are official government records.
- 1.Preview (sample) Ballot, November 3, 2026 General Election, Hawaii · Hawaii Office of Elections · 2026-10-13 Official record
- 2.S.B. No. 3219, H.D. 3, C.D. 1 (2026): proposing amendments to Article VII, Sections 12 and 13, of the Hawaii State Constitution · Hawaii State Legislature · 2026-05-06 Official record
- 3.Hawaii constitutional amendment on RISE bonds referred to November 2026 ballot · Ballotpedia News · 2026-05-08 Reference
- 4.Two amendments to the state Constitution are on the general election ballot · Hawaii Tribune-Herald · 2026-10-13 News report
- 5.Voting explainer: 2026 state constitutional amendment ballot questions · Hawaii Public Radio · 2026-10-13 News report