LAS VEGAS (KLAS) — 1000’s of individuals have been displaced by Los Angeles space fires and UNLV economist Nicholas Irwin mentioned it is possible for folks to hunt refuge right here within the Las Vegas valley.
“We may see some people relocating here temporarily, while they wait out the damage,” Irwin mentioned.
As soon as it is time to rebuild the harm, the housing market may see a squeeze. Irwin mentioned that the lengthy rebuilding course of may result in some strain on the rental marketplace for giant flats or homes whereas households get better.
“It’s going to be a long process to rebuild all those houses just waiting for insurance payouts and limited amount of construction workforce to rebuild,” Irwin mentioned. “It could take a couple of years so we could see some people may be moving here in that that period and enrolling kids in school. So there could be some pressure, upward pressure on those rental prices.”
Irwin additionally saying the valley’s lack of wildfire threat could also be interesting for long run movers.
“It is a more, a much safer place, in terms of if you’re worried about wildfire risk, or flooding risk in Las Vegas. You know, we have our water issues to worry about, but we’ve got those things pretty well sorted,” Irwin mentioned. “Any given year, we have a lot of folks moving in from Southern California. But this could be, you know, an additional or something that attracts people to move here”
