Nevada Leaders and Residents Address Housing Affordability Crisis

As the median home price in Nevada approaches half a million dollars, residents are grappling with the pressing issue of housing affordability, prompting calls for action from state leaders.

U.S. Senator Jacky Rosen convened a roundtable discussion to address the escalating housing costs, bringing together Reno Councilwoman Kathleen Taylor, Ann Silver from the Reno-Sparks Chamber of Commerce, Dr. Hilary Lopez of the Reno Housing Authority, Maurice Page of the Nevada Housing Coalition, and Andrew Rivas, a resident impacted by housing expenses.

The roundtable participants highlighted the multifaceted impact of unaffordable housing, emphasizing its repercussions on community cohesion, education systems, workforce development, and business operations. Rivas underscored the critical link between housing affordability and the overall health of a community, stressing the importance of ensuring that residents can afford to live in the areas where they work and raise families.

Rosen’s proposed legislation, the Housing Oversight and Mitigating Exploitation (HOME) Act, aims to address housing affordability by targeting price gouging by corporate investors. The bill seeks to empower the U.S. Department of Housing and Urban Development (HUD) to investigate price manipulation and gouging by investors, making it illegal to rent or sell units at unreasonable prices during housing emergencies.

Fines collected from institutional investors found violating the legislation would be directed toward the National Housing Trust Fund, which supports the development and preservation of affordable housing for low-income families.