Tesla's arrival in Nevada pushes up home prices, squeezing locals

The Manila Times

Tesla's arrival in Nevada pushes up home prices, squeezing locals  Rocketing prices wrought by a years-long real estate boom, have priced many middle-class Americans -- out of the market, an issue that could weigh heavily in November's presidential election. In Washoe county, new companies arrive and make the housing prices go up, which can make locals feel disenfranchised.  AFP VIDEO  Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe  Visit our website at https://www.manilatimes.net    Follow us:  Facebook - https://tmt.ph/facebook  Instagram - https://tmt.ph/instagram  Twitter - https://tmt.ph/twitter  DailyMotion - https://tmt.ph/dailymotion    Subscribe to our Digital Edition - https://tmt.ph/digital    Check out our Podcasts:  Spotify - https://tmt.ph/spotify  Apple Podcasts - https://tmt.ph/applepodcasts  Amazon Music - https://tmt.ph/amazonmusic  Deezer: https://tmt.ph/deezer  Tune In: https://tmt.ph/tunein   #TheManilaTimes  #worldnews  #tesla

Transcript

00:00We're not going to publish this, are you?

00:28A lot of the bigger companies have come into the area in the last few years, companies

00:32such as Tesla, and they've brought a lot of employees and a lot of people with them.

00:37And what that's doing is a lot of the employees and people that have moved into the area are

00:42trying to get into housing, which has created a supply and demand effect.

00:47So the demand is high for the homes and the supply has gone down.

00:51First time homebuyer pools that we're seeing, if I had to give you a stat list, so three

00:54out of 10 people, three are locals out of those 10.

00:58The rest are people moving in from various states, from Texas, New York, California,

01:02you name it.

01:03And what's happening is we're getting a lot of locals that are upset about who's coming

01:08in here because we don't have enough housing.

01:10So they're not happy at all, they're angry about it.

01:13And for myself and people I've grown up with in Reno, we're really left out.

01:17The dynamics I see with this are, as those companies came in, our local governments gave

01:24them massive tax breaks and that makes it so that our budgets are then in the red in

01:28trying to afford road maintenance, water services, schools, all of these things.

01:34We're not getting that income, those tax dollars to support those things, but we have new people

01:38coming in.

01:39Everything was going my way.

01:40I went to college, got a degree, I have a job that I make over 60K a year and I have

01:48a wife who makes even more than I do.

01:50And we still don't expect to ever be able to own a house in Reno.

01:54It's too expensive.

01:55I've gone around and looked a little bit and it's like $400,000 for a double-wide trailer

02:01that needs repairs.

02:02Yeah, well, when looking for housing in Nevada, it is a bit scary, but at the end of the day,

02:08you have to kind of just keep chugging along and what do you do?

02:12Not find a house, right?

02:13So yeah, prices are scary, interest rates are scary, but at the end of the day, I think

02:18there's still opportunity to find something.

02:21So we can't let that deter you from your goal, essentially.

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