Temporary banning of apartment conversions considered

Temporary banning of the conversion of apartments into condominiums is being considered, to overcome the short supply of rental units. The halt in the conversion would affect the 4,105 apartments that are to be converted into condominiums and 2,924 units that are being planned for conversion.

Around 355 apartments were built between July 2004 and June 2005. The number of vacant apartments is decreasing. On monthly basis, apartments are considered the most affordable; renters pay $790 on an average. On the other hand, new condominium buyer pays $1,130 and those in conversions pay $1,056.

The need for rentals is high among the service industry people, teachers, firefighters and police officers, who are not making lot of money. These people are the worst hit due to non-availability of affordable housing. The conversions are expected to bring about the increase in the rents that has been constant since 2003. Affordable housing in Las Vegas has become history.