Gov. Lombardo Directly Intervenes to Tank Effort to Rein In Corporate Homebuyers

CARSON CITY – Today, the Nevada Senate failed to approve SB391 by the necessary two-thirds majority, forcing legislative leaders to rescind the vote. SB391, which would prohibit corporate homebuyers from purchasing more than 100 homes in a single year, was on track to pass before Gov. Joe Lombardo directly intervened.

Sen. Ira Hansen, the potential swing vote, indicated he flipped his position on behalf of Lombardo’s office. In a floor statement Tuesday, Hansen said: “For the first time this session, I have actually been asked by the executive branch to support a caucus ‘no’ position, which I have agreed to do.” Every Republican senator ultimately voted in opposition.

Ben Iness, Coalition Manager of the Nevada Housing Justice Alliance, issued the following statement:

“That path to housing stability and homeownership continues to erode for Nevadans. Instead of protecting neighborhoods and prioritizing them for our own communities, Republican legislators were instructed by Governor Lombardo to back down from supporting this important piece of legislation. Any plans to address our state's housing crisis, including the Governor's own housing bill, mean nothing if there are no guarantees or protections that support access or attainment. Until the state of housing is taken seriously, Nevadans will continue to be squeezed and priced out of homes by large corporate interests.”

Laura Martin, Executive Director of Progressive Leadership Alliance of Nevada, issued the following statement:

“Nevadans are actively being priced out of the housing market by Wall Street backed corporations. Whether our community is looking to step into homeownership or renting, these corporations have made it impossible for working class families to keep up with costs. Senate Bill 391 is just one step in addressing the housing crisis by holding corporations accountable for buying up an absurd number of homes or trading them in bulk like stocks. Governor Lombardo should focus his energy on putting the lives of Nevadans before the profits of Wall Street, not asking legislators to vote ‘no’ on accountability.”

Shelbie Swartz, Executive Director of Battle Born Progress, issued the following statement:

“Make no mistake – this legislative effort to finally curb the power of Wall Street on our housing market had the support it needed before Gov. Joe Lombardo got involved. When these big-money buyers swoop in with cash and buy hundreds or thousands of homes, then it's regular, everyday Nevada families who are left in the dust. Asking Republican lawmakers to tank this common-sense, bipartisan effort will do nothing but worsen Nevada’s housing crisis and line the pockets of corporate interests, and Joe Lombardo knows it.”

Leo Murrieta, Executive Director of Make the Road Action Nevada, issued the following statement:

“Our communities are facing a housing emergency. Rents are skyrocketing. Families are being pushed out of their homes, while massive corporations—some of them with no ties to Nevada—are buying up entire neighborhoods just to turn a profit. SB391 was a modest but meaningful step to stop this abuse. But Governor Lombardo didn’t just sit on the sidelines—he actively worked to stand in the way of housing justice. He reached out directly to Republican lawmakers to pressure them into backing down, flipping votes, and ultimately killing this key legislation that would have protected everyday Nevadans. He played politics with people’s lives.

“Let’s call this what it is: an agenda to protect corporate greed at the expense of Nevada families. It’s shameful. It’s dangerous. And it’s a betrayal of the people who trusted him to lead. If Governor Lombardo refuses to stand up to Wall Street and hedge funds, we will. We’ll keep fighting until every Nevadan has access to a safe, affordable place to call home.”

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