The Las Vegas metropolitan area is set to benefit from reduced land prices in an effort to create more affordable housing. Officials hope this move will help to stimulate construction of more housing within the region. The long-term goal of this move is to improve access to affordable housing and create opportunities for growth in Las Vegas.
The lowered prices will help to make construction projects more feasible by decreasing costs for development and cutting through some of the typical red tape associated with expansion. It is believed that this move will encourage developers to move forward on projects that they wouldn’t have considered before due to the additional cost of land in the area. While some are skeptical that this move will actually result in an increase in housing construction, high-ranking officials are optimistic.
Key Points:
• Authorities in Las Vegas are hopes that reduced land prices will result in an increase on affordable housing
• By cutting down costs for development, it is thought that this will make construction projects more viable in the area
• Reducing prices should help to stimulate growth in the Las Vegas metropolitan area
• Critics are skeptical of the initiative to lower prices, but high-ranking officials remain confident that this move will improve housing prospects in the city
You can read this full article at: https://www.housingwire.com/articles/to-spur-affordable-housing-the-federal-government-is-selling-land-for-dirt-cheap/(subscription required)
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