Nevada Senator to Introduce Legislation to Provide Oversight of Investor Home Renting
LAS VEGAS, NV – Rising home prices in Nevada, coupled with a rapidly increasing number of single-family houses being snatched up by corporate investors to be used as rentals properties, has made the path to home ownership for some state residents wrought with insurmountable obstacles due to affordability concerns and an overall lack of inventory.
Investors have been snapping up a significant number of residences in southern Nevada in recent years, with approximately 15 percent of single-family homes in Clark County being owned by such entities. The scope of this issue was laid bare by a report earlier this month that revealed a Dallas-based corporate landlord – backed by Wall Street – had purchased 264 homes in Clark County in a massive sale that took place on a single day in the summer of 2023.
Nevada lawmakers have previously introduced bills with the intent to limit and track the number of homes purchased by investors within the state. The most recent attempt pushed forth during the 2023 state legislative session, SB 395, was vetoed by Governor Joe Lombardo, who claimed the bill would have had a detrimental effect upon jobs, tax revenue, and the availability of rental properties.
However, action on this matter is now potentially being taken on a federal level. U.S. Senator Jacky Rosen and Congressman Steven Horseford, both Nevada-based Democrats, are co-sponsoring a bill called the Housing Oversight and Mitigating Exploitation (HOME) Act which, if passed, would make it illegal for any entity to rent or sell a unit at a price that was considered unreasonable, in addition to tasking the U.S. Department of Housing and Urban Development (HUD) with investigating instances of alleged price gouging and manipulation on the part of corporate investors.
Sky-high costs of housing and rent are hurting hardworking Nevadans and putting a strain on their budgets,” Senator Rosen said. “That’s why I’m introducing a bill to crack down on price gouging by corporate investors and lower housing costs for Nevada families. I’m committed to doing everything I can to lower costs and give Nevadans more breathing room.”
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.