Clark County has quietly extended the deadline on building permits for 6 months.
Why does FrothingDeveloper think this is a good thing? Governments run on fees. They hate to give fees up. Those fees are what pay the salaries of the building department in Clark County. Normally, if a developer doesn’t build in time, their permits expire and they have to pay new fees to start over.
So why is Clark County doing something against their best interests? Because no one is starting any new construction in Las Vegas. Clark County is forced to provide extensions to relieve pressure on the builders who are unable to justify starting their construction, because inventory has been too large.
Fortunately, inventory is now plunging. Note that this article reprints the same fallacious statistic released by the GLVAR, that implies that inventory is much higher than a year ago, when in fact it’s not.