Rent Control Proposed In North Las Vegas
The Culinary Union brought forward a ballot initiative for rent control in North Las Vegas. Here is what’s important:
- Owners who only own one property will be exempt.
- Maximum rent increases would be 5%.
- 90day notices for rent increases (currently set at 60 days)
- New tenants would only be charged the current tenant rate +5%
We think it’s communism but we can’t battle these people all by ourselves. If you currently own a property in North Las Vegas, I encourage you to email or call these representatives immediately. The vote will be in July.
Inventory Climbs with Rate Increases
This is what we have been waiting for. Interest rates have been ridiculously low for a long time and rates are climbing. These rate increases have a dramatic increase on the housing market and we are seeing inventory increasing. This will translate into a drop in prices. How long and how much? No idea. I was way off on timing this correction so it’s time for me to be quiet.
Short Term Rental Blues
Not only are we witnessing a sudden downturn in bookings, Clark County is set to slash short term rentals. Next week, the council will probably institute these draconian measures:
- One owner per property (Names will be cross referenced on LLCs so you won’t be able to play shell games)
- 10 guests per property. 1000 ft minimum distance.
- Property managers will get fined in addition to the owners.
- You will be required to submit the last 3 years of your records.
- You will be required to submit monthly statements of your guest details and income.
- If you were spanked before, you will be denied a license.
- If your property is on well or septic, you cannot get a license.
They will be issuing only about 3,000 licenses with a lottery system. Since there are about 12,000 unlicensed operators, 9,000 short term rentals will be hit by a bus by spring of next year.
Short Video on Trusts, LLCs…
