It’s not news that Hawaii faces a critical shortage of affordable rentals for low-income residents. So it is news when the state sells off some of those rentals to private developers — in this case, 1,221 rental units in six properties on three islands. 

After reaching a leasehold sales agreement last June with Komohale LP, the Hawaii Housing Finance and Development Corp. (HHFDC) board recently settled on a price: $130 million, or $40 million less than originally planned.

While the price discount can be justified — the buyers say they will need to invest more to rehabilitate the properties than originally anticipated — of greater concern is the fate of the tenants themselves.

Most of the tenants earn about 60 percent of the local area median income, a group with few affordable choices for housing, and rents are set accordingly. Over time, and as new tenants move in, the landlord would be able to raise rents to match tenants earning up to the median income for some units and 80 percent of median income for others.

HHFDC considers the deal a reasonable one. It’s not well-equipped to manage and own rental properties; a private developer can handle the job more efficiently. The agency can use proceeds from the sale to finance new affordable housing. And it will extend and increase subsidies for many of its neediest tenants.

That’s all to the good. But for the long term, the state must keep a laser focus on helping lowest-income renters. In an ever-more-expensive housing market, they are among the closest to homelessness.