Quote:
Originally Posted by Obadno
Maybe but the thing people are mad about is BlackRock buying single family homes above asking and turning them into rentals, both inflating prices and eliminating housing supplies.
These are apartments that are just designed to look like a single Family neighborhood its a very different situation.
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This isn't the only project like this, though, as Las Vegas has among the worst city planning and urban design in the country. There is no reason companies need to be buying vast swaths of land/houses to build single family rental units when the need could just as easily be met with higher density development. To live in a not single family home in Las Vegas you're pretty much stuck looking at suburban appt complexes next to a major freeway or strip mall.
Also, Blackrock isn't "eliminating housing supplies" by turning them into rentals...? Rentals are housing. However, we shouldn't be building entire single family apartment neighborhoods that could house as many people as a single multifamily building. Zoning that encourages this type of development and bans other development (which is the case in LV) is directly contributing to the rapid warming of Las Vegas and obscene water usage. Again I'm speaking on this type of development and not necessarily this specific project; it would be a different story if the market simply demanded these kinds of units but that isn't the case. It's all that can be built.