The apartment vacancy rate is 16 percent, while for homes it is 4.7 percent, according to a recent Forbes report. Schwer thinks the Forbes’ apartment data is overstated, but still, with population flat or declining, it’s clear the construction industry will lie dormant for years.
But there’s a hopeful upside, as noted by Senate Majority Leader Steven Horsford, the Las Vegas Democrat: Without the constant banging of hammer on nail, Southern Nevada can use the silence to think about what it wants to be. “Because of the downturn, the foreclosures, yes it’s a crisis, but it’s created an opportunity for us to rethink what our city is and what it can be for everyone.”
04 March 2009
Post-sprawl Las Vegas?
An interesting look at what is next for Las Vegas. To help figure it out, Clark County Commissioner Chris Giunchigliani is pushing for an inventory of the exurban ghettos. In reality there is no plan, just confusion.