What we really need is a foreclosure czar

Richard Rychtarik, Las Vegas

Monday, April 20, 2009 | 2:01 a.m.

An article in Wednesday’s Las Vegas Sun, “Redevelopment czar for Vegas?,” highlights the creation of a new city position, a chief development officer. This position will have managerial-level responsibility like that of deputy city manager and ostensibly will help to streamline city government. This is a very virtuous goal, so please excuse my use of an oxymoron — streamline and city government.

While most readers like me are probably in a quandary as to how adding another high-level position will streamline government, I am even more concerned as to how this may or may not help redevelopment. At the present time, redevelopment should consist of job creation and foreclosure abatement.

For all its intent and purpose, significant job creation relative to the city is beyond its reach, at least for now. The foreclosure issue is not. The city will need to fill about 20,000 homes, lest they go vacant, over the next 18 to 24 months. This task will, at the very least, be a challenge. So if the jobs aren’t there, then who will buy? Senior citizens looking to retire to a more sustainable living environment — lower taxes, a favorable cost of living or sunny climate. We all know where this is but does anyone else outside of Las Vegas?

For those who remain unconvinced that we need a full-time foreclosure czar to help fill vacant homes, just look at the statistics. Money Magazine recently reported and Sen. Harry Reid confirmed that 55 percent of homeowners in Nevada have homes worth less than their mortgage balance. If the unemployment trend continues, we could become the next Detroit, where in the city proper the median home price is $18,000.

One person’s problem is another’s opportunity. And boy do we represent an opportunity of a lifetime to seniors who bring money and don’t need jobs.

The city redevelopment officer should be wearing two hats, redevelopment and foreclosure czar.