Affordable homes in Las Vegas Valley threatened by ‘high expectations
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The Las Vegas Valley might have homes priced below $250,000 now, but that could change if the market continues its meteoric economic expansion. The problem affordable-housing consultant Charles Siemon foresees is that high-growth cities eventually develop full-blown access issues. “(High expectations) are a part of the equation, but I think that it’s likely to be a transitory situation,” Siemon said. “It’s the first reaction: ‘Oh my gosh, I could have bought that home for $100,000 two years ago, and now it’s $200,000. I wish I had bought earlier.’ But our experience in active and dynamic markets is the next generation that comes along will find that house is now worth $300,000. At that point, homeownership is not even just painful — it’s out of reach.” Local business leaders and government officials, concerned that the Las Vegas market is headed toward an access crisis, have proposed an array of possible measures designed to boost the availability of attainable housing. Here’s a list of some of those ideas: Inclusionary zoning: –How it works: Home builders set aside a percentage — usually 10 percent to 20 percent — of new homes for sale to lower- to moderate-income buyers who can’t afford the median price. –Pros: “Clearly, it provides much-needed moderate-income housing,” said John McIlwain, a senior housing fellow with the Urban Land Institute in Washington, D.C. It also makes for more economically diverse communities, Siemon said Source : accessmylibrary.com |