Tuesday, Nov. 15, 2011 | 2 a.m.
As Barack Obama’s economic policies remain mired in anti-business ideology, the free market is slowly waking up. Even in some of the hardest hit areas such as Las Vegas, the light of recovery is beginning to shine.
For a number of months now MGM Resorts has been reporting increases in occupancy rates and nightly rates at major luxury-brand hotels such as the Bellagio. The dismal housing market continues its lengthy, miserable performance in Las Vegas with about 80 percent of the houses still underwater (mortgage values hang above market prices). To bring back a long-term improvement in the housing market will require that the job market and incomes increase.
One idea that could get traction is to strip the land of countless empty defaulted houses in selected highly blighted parts of the Las Vegas Valley, opening up potentially valuable opportunities for land ownership by developers, who would build on these lands when the market begins to turn, thereby opening up thousands of construction jobs both in the short and long term.