Friday, November 04, 2005

Apartment conversion ban bid fails

The recent proposal by the council to stop further apartment conversions bid has failed as the building industry had strongly lobbied against it saying it would be interference with the free market economy.

The ban was to intended to stop the dwindling supply of rental units in the Las Vegas real estate market. As more and more apartments are going in for condo conversions the thousands of migrants who rent apartments in Las Vegas are finding themselves being squeezed out of the housing market. Of the 50,172 apartments in Las Vegas, 7,029 have been converted or approved for conversion to condos.

Builders says apartment conversion is the only affordable option for many first time home buyers and the lower income groups. But for the people who live from pay-check to pay-check coming up with the downpayment for a condo would be out of question.

A balance needs to be struck somewhere - where people wanting to rent affordable housing have the option of renting and those with resources to buy can opt for the condo conversion.

posted by Diane @ 6:45 AM