LAS VEGAS, Nev. (FOX5) – For many families, the American Dream of home ownership now seems out of reach. There’s a push to change that and bring housing costs down in Nevada by limiting corporate buyers from pricing out families and individual buyers.
“You wouldn’t even know it, but this street, this whole entire street, is owned by a corporate investor. They built the houses and then they rent them out,” explained State Senator Dina Neil, who represents District Four including the North Las Vegas neighborhood where she met FOX5 for an interview.
“In this environment, the corporate owner is the only one reaping the benefit of the asset, not the family itself. Our Nevada citizens are actually being locked out,” Neal contended. Neal wants single family homes to be affordable for Nevada families.
“Fifteen percent of the market is owned by corporate investors and so this is going to change the narrative,” Neal argued. Her bill for the upcoming legislative session next month would require an investor to register with the Secretary of State, file as their deed as an investor, and limit them to buying 100 single family homes in Nevada per year.
“The reason why I’m able to legally do this is because the legislature has police powers when we’re in a crisis…We’ve been in a housing crisis for over four or five years,” Neal reported.
A CCSD teacher of ten years who wants to remain anonymous recently reached out to FOX5 about being unable to afford a home in the Las Vegas area.
“I think the average teacher that has either just started teaching or has around ten years of experience are right around the $60,000 salary mark and there’s just no homes in our budget,” the teacher stated. About half her income goes to rent. Still, she is cutting costs wherever she can to save up to hopefully one day afford a down payment.
“As a professional, you go to school and you get this degree to really help your community and we’re in this position where we can’t even live the lifestyle we want in this profession and it’s just becoming just very sad,” she confessed.
Neal brought a similar bill last legislative session but says it was vetoed by the governor. That is not deterring her from trying again.
Earlier this year, Nevada Senator Jacky Rosen also proposed legislation to go after corporate investors who she says are price gouging Nevadans and inflating costs in the housing market legislation called the HOME Act. It was referred to the Committee on Banking, Housing, and Urban Affairs.
Copyright 2025 KVVU. All rights reserved.
