Two-thirds of the Nevada Legislature have signed a petition to introduce a housing affordability bill during the special session.
Nevada Senate Democrats say the petition declares that the housing affordability crisis is an "extraordinary occasion" to be addressed during the current special session.
The move paves the way for the immediate consideration of Senator Dina Neal’s legislation to crack down on corporate ownership of Nevada’s residential housing market.
Senate Bill 10 is expected to get a policy hearing on Wednesday.
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SB 10 is a revival of Senate Bill 391, a measure designed to curb the monopolization of the housing market by Wall Street hedge funds and out-of-state corporations.
The bill seeks to limit the number of homes corporate entities can buy annually, a practice the Nevada Senate Democrats say has inflated home prices and squeezed out first-time homebuyers.
In 2023, a similar measure, SB395, was vetoed by Governor Joe Lombardo despite bipartisan support.
A report from UNLV's Lied Center for Real Estate says investor activity in peaked in 2022, when investors accounted for roughly 1 in 5 home sales. Since then the share has gone down but remains above pre-COVID levels.
Congressman Steven Horsford (NV-4) launched a housing policy platform in May and released the following statement:
“Nevadans continue to struggle through a housing crisis of Wall Street’s making – I support S.B. 10 and commend state lawmakers for working to provide relief,” Rep. Horsford said. “With nearly a quarter of all home sales last year going to investors, our neighborhoods are being hollowed out, and residents are being priced out. I launched a housing policy platform in May to confront this issue head-on, and I’m glad to see S.B. 10 building on that effort. There is a clear need for a policy solution to ensure the American Dream of home ownership is more than a pipe dream for residents of the Silver State.”
The Housing Oversight and Mitigation Exploitation (HOME) Act would require needed oversight over the housing market to prevent investors from manipulating it, and hold corporate property owners accountable for price manipulation.
The Utilizing National Land for Opportunities and Community Key (UNLOCK) Housing Act would increase access to affordable housing by fast-tracking the Bureau of Land Management’s process for opening federal lands up to property development.
The Housing Market Transparency Act would require properties receiving Low-Income Housing Tax Credits (LIHTC) to provide annual data on development costs, habitability standards, and ownership information, which will ensure tenants know when rent increases or if there are changes in property ownership.
