Las Vegas Housing Market Trending Up
To say that America is experiencing a housing crisis is really putting things lightly. It's not so much that people are being thrown out of their homes because they cannot afford their mortgage payments. Although that is unfortunately a reality for many people, there are still quite a few COVID moratoriums in place keeping that from happening on a large scale basis. It's more that there aren't enough houses for all the many millions of people trying to purchase one. This means that there is an over abundance of people still living in apartments, still living with roommates, and still living with their immediate family. This is the trend we're witnessing now; this is the new housing crisis. There aren't nearly enough homes to go around. Though you can also find some places like Las Vegas willing to do things to reverse this trend and to build new houses for the people looking.
Las Vegas, America's biggest gambling and adult entertainment destination, actually has been placing a larger emphasis on neighborhoods and schools and a quality standard of living over the past few years than they've placed on new casinos and strip clubs. There's something very unique happening in that part of Nevada. Instead of going with more of what they're traditionally famous for, they have dialed back the vice and have dedicated more tax money and policy to becoming a more family-friendly destination. Because of this, Las Vegas is planning on green-lighting the construction of a lot of residential homes in the near future, even bringing entire communities online by turning desert sand into actual locations for people to live.
To date, Vegas's plans aren't massive. You're looking at a few dozen homes, not the few hundred that would make a huge difference, or the few thousand that would solve a lot of the city's problems. But to ask most residents in the area, it's certainly a good start and a step in the right direction. Vegas is working on a new image, and people are happy about that.
One of the strongest driving forces behind Las Vegas's turn to a more family-friendly environment comes on the heels of getting their own professional NFL football team. The former Oakland Raiders moved to Vegas three years ago, into a brand new billion-dollar stadium. And even adjusted for last year's COVID numbers, the Raiders are bringing in as much revenue as one of the larger casinos, and football games are a very family friendly atmosphere. Well, at least after you adjust for all the drunks tail-gating in the parking lot. A football game is an event that the entire family can enjoy, and so Vegas is trying to place a larger emphasis on community rather than just casinos in their desert oasis city.
Residential Over Commercial
The arrival of the Raiders, which brought with it a ton of different restaurants and retailers, has really split Vegas in half. You have the center of the city, The Strip, with all the casinos and adult entertainment; though then you have a much more family oriented version of Las Vegas with shops and parks and restaurants. In order to accommodate this change better, Vegas is starting to build more housing in its city. The government of the city has announced that a few neighborhoods will be expanded, and some land will be zoned for residential use. All they need know is for companies to move in and start building, which shouldn't be much of a problem.
Enough of an Attraction
One of the facts that the officials in Las Vegas had to realize is that they had more than enough vice in the area. There are 30 casinos on the Las Vegas Strip, and many more different sorts of clubs that have gambling available in them. Then you have to take into account all the many different sports books someone can find there. There is really no need in Las Vegas for any more houses of gambling. They just need houses. Normal, basic houses for normal families.
It might be a couple of years until anyone sees any real progress in Las Vegas in terms of a lot of housing going up, but the city officials have already laid the groundwork here. It's just a matter of time before Vegas is a much more family-friendly location.
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