LAS VEGAS, Nev. (KOLO) – Nevada Governor Joe Lombardo is urging President Biden to halt excessive federal spending and take action on Nevada’s affordable housing crisis.
“Here in Nevada, we are now at a stage where the housing shortage and inflation are tearing at the very fabric of our state,” said Governor Lombardo. “Just yesterday, the U.S. Bureau of Labor Statistics released the March Consumer Price Index, which showed that consumer prices spiked 3.5 percent over March 2023 – this is unsustainable. Your administration must halt excessive federal spending to curb future inflation, which will lead to irreversible calamity not only in Nevada but across the nation.”
Lombardo expressed concern over the impacts of continued high inflation and interest rates on the housing market.
“According to statistics from the Federal Reserve of St. Louis, the median home price in Las Vegas was $342,995 when you took office in 2021. Yet by January 2024, that price had reached $460,000. Utilizing a 3.5% down payment through a Federal Housing Administration (FHA) loan (principal/interest only) in January 2021, the monthly payment on a median home would have been $1,363.00 at the market interest rate of 2.82%. Today, that same median home would be $2,808.00 per month at the market interest rate of 6.51% – which is over double the monthly cost to Nevada families,” he told Biden.
Thursday’s letter to Biden reiterated concerns Lombardo expressed in a previous letter to the President as he touched down in the Biggest Little City in March.
“We must remember the impact short sighted policies and excessive spending have on all Americans and must all practice restraint, so the American Dream doesn’t become unattainable for hard-working families,” concluded Governor Lombardo. “Mr. President, it is time for your administration to embrace free market principles that rely upon supply and demand and rein in excessive federal spending that is hurting Nevada families.”
Copyright 2024 KOLO. All rights reserved.
