Here are MY THOUGHTS on the matter:
We need to return to a free market in order to balance out inventory and have a true recovery. Prices are artificially rising because ab 284 has artificially decreased supply (inventory). Right now demand is so high it would absorb most of the new inventory should ab 284 get amended. By creating another bill like sb 321 it is going to keep inventory low artificially and create opportunity for new home builders to build more new homes. We don't need more new homes. We need the ability to sell the existing default homes. By manipulating the supply like this bill proposes we will only be adding to the supply when in reality we need to be working on selling the existing supply that is untouchable currently. When will politicians learn that more regulations and restrictions are only making things worse. Last year some neighborhoods appreciated as high as 30%! That is unhealthy growth that we have not seen since the bubble. Leave sb 321 as is and amend ab 284 and release the inventory so we can actually recover!
For those of you that have not seen the proposed bill here is a link: http://www.leg.state.nv.us/Session/77th2013/Reports/history.
The Adams Team at
Rothwell Gornt Companies