Meanwhile, 355 apartments were built in the city of Las Vegas between July 2004 and June.
oOne of the most important things we can tackle as a city is affordable housing,o said Councilman Steve Wolfson, who put the item on the agenda.
Many have said that the number of vacant apartments is dwindling.
oOur inventory of available apartments has been cut by half in the past year,o said Eric Owings, president of Best Rent Finders, based in Las Vegas.
Apartments are being converted so quickly the company has a hard time tracking them all, he said.
But a building industry lobby argues that the government should not interfere with the marketplace, particularly in an area that fosters first-time buyers.
oThis will further exacerbate the housing shortage in this community,o said Monica Caruso, spokeswoman for the Southern Nevada Home Builders Association. oThereAEs a need in the marketplace for more ownership opportunities.o
Apartments remain the most affordable housing on a month-by-month basis.
Renters pay an average estimated monthly cost of $ 790.
New condominium buyers pay $ 1,130, including a $ 100 per month homeowners association fee.
Those in conversions pay an estimated $ 1,056, according to figures produced by Las Vegas officials.
oThese are teachers, firefighters, police officers. TheyAEre not making a lot of money and need rentals,o Wolfson said.
Observers say another segment of the work force also needs rentals: The Las Vegas Valley still depends on service industry workers for its tourism, gaming and travel industries.
oHistorically, one of the great advantages of Las Vegas were housing prices were reasonable, and people without college degrees could find jobs,o said Keith Schwer, director of the UNLV Center for Business and Economic Research and a professor of economics.
oWith affordability becoming a problem, that group, a large part of the labor market for travel and tourism, will suffer. WeAEll either have less workers available, living conditions not as nice, or less money for other things.o
The lack of apartments has been made worse by community uprisings against apartment complexes in their neighborhoods.
oThereAEs a lot of aeNot in my backyard,AEao Schwer said.
oConversions are good for those selling, good thing for those buying it. But itAEs not everyone,o he said. oCities are saying we need a low-income housing option.o
Although rents have held steady since 2003, some are predicting rates going up with more and more units converting to condos.
The City Council will discuss and possibly take action on the moratorium, in which the city would not approve or accept applications for a site development plan review, a planning step the city began to require for conversions in March 2003.
The moratorium could be effective immediately, said Margo Wheeler, director of the planning and development department.
The city has approved 22 applications since July 2004.