LAS VEGAS (FOX5) — The U.S. Senate passed a housing bill aimed at making homes more affordable for Americans, including a provision that would restrict large investors who already own 350 or more single-family homes from purchasing more.
The bill still needs to pass the House and be signed by the president before it becomes law. Both of Nevada’s senators supported the measure.
Nevada’s housing crisis
More than half of Nevada renters and homeowners pay more than 35% of their monthly income on rent or mortgage, according to a report published last year. Nevada ranked last in availability of affordable housing for low-income households.
In Las Vegas, resale home prices rose 53% between December 2019 and December of last year. Large investors own about 11% of single-family home rentals in Las Vegas, compared with about 3% nationally.
What Nevada’s senators are pushing
Sen. Jacky Rosen said she aims to increase the number of homes built while keeping prices low. She introduced a bill to remove tariffs on building supplies.
“I’ve introduced a bill to stop tariffs on building supplies. All the pieces and parts that go into making homes and commercial buildings, they would be free from tariffs. This is going to bring down the cost of building,” Rosen said.
Rosen also said corporate price gouging in the housing market — large investors buying up houses — is a contributing factor to high costs.
Sen. Catherine Cortez Masto said two of her bills were included in the new housing package. The HOME Act would reauthorize financing for new construction and home repairs and fund down payment and rental assistance. The PRICE Act would revitalize manufactured housing communities.
“My bills the PRICE Act and HOME Act would help build more affordable homes for middle class families… and it would improve infrastructure across the state,” Cortez Masto said.
What’s in the package
The housing package contains more than 40 provisions to lower housing costs, including federal incentives in the form of grants for municipalities that successfully build more housing.
The idea of limiting corporate ownership has bipartisan support. In January, President Trump posted on social media: “People live in homes, not corporations,” calling for Congress to ban large institutional investors from buying houses.
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