LAS VEGAS, Nev. (FOX5) – Las Vegas home prices went up just over 7% compared to June of last year, selling for an average price of $450,000, according to the latest report from Redfin.
That’s pricing out a lot of people. Finding homes that are affordable is a major issue here, as the shortage of units in Nevada is among the highest in the country, according to the latest housing report from the City of Las Vegas.
In the valley, there are currently just over 7,400 units across 77 developments. A new affordable housing development in Mountain’s Edge could help ease the Vegas valley housing crunch, and the Bureau of Land Management wants your opinion on it.
The proposed 20-acre build site for affordable housing is located on Cactus Avenue between Rainbow Boulevard and Buffalo Drive. This all comes as prices around the valley are climbing.
That’s something Clark County Special Education teacher, Lisa Smith already knows. She’s lived in the same apartment for 10 years, struggling to be financially comfortable enough to find an affordable place of her own.
When it comes to people who are in need of affordable housing, Congressman Steven Horsford says it’s not just severely low-income individuals, but people like teachers, first responders and hospitality workers. “I agree with my constituents who say that the rent is too damn high, and we’ve got to do something to bring down those costs now,” Congressman Horsford said.
Affordable housing is sometimes met with opposition from existing residents, taking on the acronym “NIMBY,” which stands for not in my backyard. These existing residents typically worry about crime, congestion and lower property values as these units are proposed.
Smith has a few words for those who are against these types of developments, and why they’re crucial for so many in the valley. “I mean, they’re selfish. I feel like there’s going to be all types of people everywhere,” Smith said. “It’s sad because we take care of our districts’ children. If they’re like me, we put our heart and soul into it, and we can’t even have an affordable place to live. That’s a problem. We’re professionals, we should be treated as such, and sometimes that doesn’t come out in our salary.”
The Bureau of Land Management’s role is to reserve land for affordable housing projects. There are currently just over 525 acres reserved for affordable housing.
As for the plot of land to be sold below fair market value for affordable housing in Mountain’s Edge, the Bureau of Land Management is asking for public comment until August 30th.
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