LETTER: Rent control isn’t the answer for Nevada

Whereas hire management could also be a preferred political answer to quickly rising rental prices, it makes no financial sense. Within the face of declining income and better bills, builders will likely be much less prone to assemble extra models, thus worsening an present provide drawback.

Landlords are additionally extra prone to defer upkeep as a method of sustaining their income, making a housing high quality drawback as models fall into decline.

The one actual reply to rising rents is to massively improve the precise provide of multifamily models. Over time, this can end in decrease rental charges as a result of regulation of provide and demand. Native governments ought to reserve and make out there federal land beneath the Southern Nevada Public Lands Administration Act for the development of reasonably priced housing models. The state ought to massively improve its low-income housing tax credit score program and incentivize giant employers, such because the casinos, to buy these tax credit as a way of making housing for his or her employees and to offer the mandatory fairness in order that these multifamily models might be financed and constructed.

Constructing extra rental models will take a concerted effort by the entire group, together with zoning modifications to expedite the approval course of and development of critically wanted multifamily models.