Real estate boom in Lake Tahoe prices some locals out of the market

SOUTH LAKE TAHOE, Calif. —The COVID-19 pandemic — and people’s desire to escape city living — has led to a real estate boom in areas like Lake Tahoe, where there has been a 158% increase in sales volume over the last year on the Nevada side of the lake.

It’s leading to a problem for people who work in those regions but can no longer afford to live there, as well as for businesses who are having a hard time retaining employees.

“Affordable housing is really workforce housing in Lake Tahoe, and it’s economic development 101,” says Heidi Hill Drum, CEO of the Tahoe Prosperity Center.

“Right now our businesses are struggling to find employees to fill the jobs that they have and it’s because our housing costs are so expensive in this region,” Drum said.

The Tahoe Prosperity Center is focused on finding affordable housing options so that people who work in the Tahoe Basin can also afford to live there. Many of the region’s large employers, including Barton Health, are partners, realizing the value local housing has on attracting employees.

“We’ve sometimes had candidates decline offers for that reason. We’ve had some challenges with retention as well,” Director of Community Benefit for Barton Health Chris Proctor says. “It goes hand in hand with health. If you have the ability to get good, high-quality affordable housing, it’s going to make the ability to move to a new area a lot more achievable.”

Sugar Pine Village is one housing development set to break ground in 2021. It will provide more than 200 units of affordable housing to those who qualify.

Tahoe Real Estate Agent Ken Bednar says it can’t come soon enough for those who are priced out of the region and are hoping to see the market slow.

“The only thing that’s going to slow down is the amount of inventory,” he said.

Bednar reports a 66% increase in the volume of homes sold last year in South Lake Tahoe and a 15% increase in the median home price.

Source:https://www.kcra.com/article/rossen-reports-irs-announces-new-rules-to-get-stimulus-money/35154228

RSS Latest Press Release

  • The Mold Girl Ramps Up Annual Air Quality Testing Following High Demand
    Daniel Island, SC – Entrepreneur Elizabeth Keefer, aka The Mold Girl, is stepping up to meet demand from worried residents concerned about their homes being afflicted with significant health hazards.   Keefer, a well-respected council-certified indoor environmental professional, is now offering annual air quality testing for homeowners worried their homes could have mold, allergens, or other […]
  • Wendy's and Google Cloud partner to enhance the Wendy's restaurant experience
    Wendy's®  and Google Cloud today announced a partnership to enhance Wendy's restaurant experience and unlock new customer, restaurant, and employee experiences through data-driven insights.Wendy's intends to leverage Google Cloud's data analytics, artificial intelligence (AI), machine learning (ML), and hybrid cloud tools to create new ways customers can order food in the drive-thru, on their mobile […]
  • Unique Custom Marine Vault Launches New Storage Boating Facility
    Pompano Beach, FL: A new 25,000 sqft boat storage warehouse has opened to offer the best complete boat care service in Florida’s Pompano Beach.   Owned and operated by Unique Custom Marine Vault, the unit is a safe and secure marine facility with an in-house mechanic and boat transporters.    “If you are looking for a […]
  • Dreamstime launches the "Cover of the Year 2021 in Romania" contest with prizes totaling 7,500 Euros.
    Dreamstime, the world’s largest stock photo community, together with Cărturești and PressOne, announces the launch of the "Cover of the Year 2021 in Romania" contest for book cover illustrations. Publishers or graphic artists who have published books with original covers throughout 2020 and 2021 are invited to participate. Participants can submit covers using stock media […]