Horsford Launches Housing Platform Following Extensive Listening Campaign Across Nevada’s 4th Congressional District

WASHINGTON, D.C. – Congressman Steven Horsford (NV-04) today unveiled three bills as cornerstones of his housing platform to help Nevadans amidst a housing crisis driven by out-of-state property speculators pricing local residents out of available homes.

All three bills follow a protracted listening campaign, including a housing-focused virtual town hall; a housing tour with the Neighborhood Housing Services of Southern Nevada; meetings with affordable housing leaders ahead of a state-level lobbying day; an Affordable Housing Roundtable and Affordable Housing Development Tour with the Nevada Housing Coalition; and an in-home meeting to hear the challenges a 25-year-old single mother of a five-year-old daughter faces keeping a roof overhead. 

The Housing Oversight and Mitigation Exploitation (HOME) Act would require needed oversight over the housing market to prevent institutional 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.

Rep. Horsford released the following statement: 

“Nevadans continue to struggle through a housing crisis of Wall Street’s making, and my goal in Congress is to bring accountability and relief for the challenges my constituents face,” Rep. Horsford said. “The bills I introduced today would work collaboratively to combat the housing crisis from multiple angles – by cracking down on housing speculators, expanding available federal lands for property development, and ensuring tenants have the information they need to make rent each month.”

During the third quarter of 2024, the Las Vegas Valley saw the largest jump of home purchases by corporate investors in the entire nation, representing over $1 billion in transactions and a 27.9 percent increase in such purchases over the second quarter. A 2023 study by UNLV’s Lied Center for Real Estate found that roughly 15 percent of all homes in the Las Vegas valley were owned by out-of-state corporate investors, including 25 percent of all homes in North Las Vegas. 

As institutional investors raise billions of dollars to make extravagant cash offers, their purchases often target communities with vulnerable populations. Properties that they acquire in these communities may never resurface on the housing market, diminishing the opportunity for local residents to achieve the American dream of home ownership. 

“Time and again, these bulk purchases target working families, single mothers, and retirees,” Rep. Horsford continued. “Protecting southern Nevadans from predatory practices requires transparency in the housing market, accountability in preventing market manipulation, and an understanding that local communities are not an investment opportunity for cash-rich institutions to exploit.”

A recent report from the Guinn Center for Policy Priorities illustrates the stark reality Nevadans face in the housing market:

• Median rent and housing prices have dramatically outpaced income growth in Nevada.
• For renters, nearly 48 percent are classified as excessively burdened by housing costs – meaning at least 35 percent of their gross monthly income goes to keeping a roof over their heads.
• For extremely low-income renters, there are only 14 units available for every 100 households who need one – the lowest in the nation by far.
• And while income has gone up in some communities, the price of housing has grown by two-and-a-half times more than the growth of income.

More information about the HOME Act is available here.

More information about the UNLOCK Housing Act is available here.

More information about the Housing Market Transparency Act is available here.

###