On the first day of April, a date well-suited for bold proclamations and practical jokes, Governor Joe Lombardo stood before the good people of Nevada, declaring that his housing bill could turn a modest $250 million into over a billion bucks worth of development. Now, that’s the sort of arithmetic that would make an alchemist jealous, turning state funds into gold—or at least into apartment buildings.
He made this pronouncement outside the Ovation Property Management project, Heirloom at Pebble, a soon-to-be-opened senior housing complex with rents ranging from $893 to $1,285. The project, situated near Eastern Avenue and the 215 Beltway in Vegas, is expected to welcome its first tenants in May—assuming they can outpace inflation with their retirement checks.
The governor’s legislative handiwork, Assembly Bill 540, is one of the five precious bills he gets to introduce each session, a privilege akin to a man picking his last meal before facing a firing squad of political opposition.
The bill, dense enough to give a lawyer a headache, lays out a grand vision as it establishes the Nevada Attainable Housing Account, generously seeded with $200 million for loans, grants, and rebates to build housing across the affordability spectrum. The Nevada Housing Division will toss in an extra $50 million, bringing the pot to a quarter-billion dollars—still a pittance compared to the price of a single-bedroom in San Francisco, but a start.
In a shocking twist, developers must match the state’s funds. The bill also seeks to exempt these housing projects from prevailing wage laws, ensuring that laborers can enjoy the thrill of working for less in service of the greater good.
But wait—there’s more!
The bill offers rental assistance, eviction diversion funds, expedited approvals, permit reimbursements, and even provisional contractor’s licenses in rural areas. In short, it aims to turn Nevada into a paradise where housing is as plentiful as casino chips—though, like the chips, one suspects most of it will end up in the hands of a select few.
Ever the statesman, Lombardo assured Nevadans that he did not dream up this plan alone. Nope!
He consulted developers and the Southern Nevada Homebuilders Association, who, as luck would have it, stand to benefit handsomely from his legislative largesse.
“If you look at polling data across the board, no matter what subject matter it is, affordable housing comes to the top,” the governor declared as if he had just uncovered this stunning revelation.
Meanwhile, in a subplot as predictable as the ending of a dime novel, Assembly Democrats pounced. They pointed to Lombardo’s 2023 vetoes of housing bills and lamented the rising eviction rates and sky-high home prices.
The Nevada State Democratic Party’s spokesman, Tai Sims, thundered against the governor’s refusal to rein in corporate investors. He accused him of leaving working Nevadans to fend for themselves in a market devoured by hedge funds.
Speaking of which, the elephant—or rather, the New York hedge fund—in the room is Pretium Partners, which now holds dominion over at least 3,190 homes in Clark County. One can almost hear the dice rolling now.
Assembly Speaker Steve Yeager, meanwhile, extended the hand of cautious optimism. He looks forward to the bill’s hearing before the Assembly Commerce and Labor Committee–where the finer points are up for discussion with all the care and delicacy of a saloon brawl.
And so, dear reader, the great Nevada housing saga marches on. Will Lombardo’s billion-dollar gamble pay off, or will it be just another mirage shimmering in the desert sun? The Legislature has until June to decide, and in the meantime, the people of Nevada will do what they do best—wait, watch, and hope they can still afford their rent.
The Old Blog in the Desert 
Leave a comment