Nevada Legislators Demand Legislation to Cap Corporate Homeownership

CARSON CITY, NV - Today, Nevada legislators signed a bipartisan petition to add a housing measure to the 36th Special Session proclamation. The measure – formerly Senate Bill 391 (SB391), sponsored by Sen. Dina Neal – seeks to limit corporate home ownership. Such limits are much-needed after large swaths of housing in Nevada were purchased by private equity firms seeking to use Nevadans as a piggy bank of renters. The Battle Born Progress Research Team recently released The Myth of Affordable Housing in Nevada. This White Paper details key statistics, solutions, and context for the crisis we face, including corporate home ownership.

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

“After a special session thus far packed with legislation to appease corporate interests, Nevada legislators have taken a stand for working Nevadans by forcing the addition of legislation to curb the influence of corporate homebuying in Nevada. Housing affordability has been a consistent issue facing Nevadans for years, driven up by corporations buying up inventory and leaving Nevada families with no opportunity to compete.

After six days, legislators of both parties have recognized the need to serve their constituents across the state and address the real crises at hand. Without any help from the governor, the legislators have fought for victories that will actually improve the lives of Nevadans—keeping food on the table through SNAP protections and tackling the housing crisis head-on. They recognized the need for good governance and came together to uplift Senator Dina Neal’s previous efforts to cap the number of homes a corporation can buy in a given calendar year.

Meanwhile, Governor Joe Lombardo continues to miss the moment by focusing on appeasing his donors and allies; our legislators are focused on their constituents. His proclamation for the current special session could have easily included this housing policy; instead, he chose to focus on corporate giveaways and undercutting the rights of working Nevadans.”

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

“Special sessions are meant for addressing real emergencies and crises, housing for many Nevadans is a crisis. Nevadans have been calling on our state lawmakers for far too long to take action to keep Nevadans housed. During the regular session this year, the legislature failed too many Nevada families who have been uprooted from their homes by greedy corporations with the aid of our state’s overly landlord-friendly laws. Holding corporate landlords accountable is a massive step in a multi-pronged approach to address the housing crisis and keep Nevadans housed. We’re thankful the Legislature is taking another shot at making things right by bringing this bill to the special session.”

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

“Since 2008, corporate landlords have feasted on Nevadans’ broken dreams of homeownership following the recession. Massive corporations like Invitation Homes and Progress Residential are actively buying up, swapping in bulk, and pricing out working families in our state. Our community has to fight hard to own a home, while these corporate landlords can abuse their buying power just to rent that same house out for more than a mortgage would cost. When a family has stable housing, it opens the door for more stability and access to healthcare, education, and other critical needs. That won’t happen as long as Wall Street-backed corporations can buy homes in bulk like trading cards. Nevadans have long needed this opportunity to have a fair shot at homeownership.

Barbara Hartzell, Executive Director of Native Voters Alliance NV, issued the following statement:

“Corporate investors have turned Nevada’s housing market into a feeding frenzy, scooping up homes in bulk and driving prices so high that working families can’t even get a foot in the door. This is not by accident. It is the predictable result of a system that lets Wall Street treat our neighborhoods like assets to strip for profit. Governor Joe Lombardo has done nothing to stop it, and his inaction has allowed corporate landlords to push homeownership out of reach for the very people he claims to represent. This special session matters because Nevadans cannot survive another year of being outbid, priced out, and pushed out of the communities they built. It’s time to put families first and shut down the corporate takeover of our homes.”

Blanca Macias, Deputy Director of Make the Road Nevada, issued the following statement:

“Nevada families have been waiting far too long for real action on housing, and it’s frustrating that it took this much pressure just to treat the housing crisis as the emergency it has been for years. When SB391 was stalled earlier in the year, corporate investors kept buying up homes and pushing families out, and our members feel the consequences every day. This should have been a priority from the start, not an afterthought. Housing is the foundation for everything, and focusing on anything else while families struggle to stay housed has only put our communities further behind. We’re relieved to finally see movement, and we urge lawmakers to keep this special session focused on what truly matters: making sure Nevada families can afford to call Nevada home.”

Quentin Savwoir, President of NAACP Las Vegas, issued the following statement:

“Finally, an emergency. We’re long overdue for a policy that protects Nevadans from out-of-state corporate landlords who drive up housing costs. Much gratitude to Sen. Dina Neal for her leadership in crafting legislation.”

SPOKESPEOPLE ARE AVAILABLE FOR COMMENT IN ENGLISH AND SPANISH

###

About Battle Born Progress: Battle Born Progress, through strategic communication efforts, empowers, engages and mobilizes Nevada voters to build a state where everyone has a fair opportunity to succeed. We support, engage, and mobilize the progressive community through bold leadership, strategic communications, accountability, and education. We are on the cutting edge of new media and are the go-to source for progressive issues and advocacy for traditional media.