Housing | Rep. Stephen Horsford

Cracking down on discounts in the housing market

Problem: Last year, large institutional investors bought more homes in major US metropolitan areas than they have in the last 20 years.

On average, non-resident investors buy nearly one-seventh of homes, rising to one-fourth in certain housing markets.[1] As rents rise nationwide, housing is becoming increasingly affordable for everyday Americans.

After at least a decade of declining investment since the housing market crash of 2008, the US housing supply has simply failed to meet rising demand. Large institutional investors raise billions of dollars to provide exorbitant cash for housing. These investments are concentrated in middle-income older neighborhoods with higher concentrations of Asian, Latino and Black residents.[2] Institutionally owned homes may never reappear in the housing market. By raising rents and making fewer homes available to American families, nonresident investors are putting the American dream of owning a home out of reach for too many.

Solution: Institutional oversight of the housing market to ensure transparency and fair competition for Americans who want to buy or live in a home.

Home Surveillance and Exploitation Mitigation Act By empowering the Housing and Urban Development Authority, we ensure that consumers are protected from market manipulation.

In particular, Home Surveillance and Exploitation Mitigation Act Do the following:

  1. Makes it illegal to rent or sell homes at unreasonable prices during the housing emergency.
    • The president can declare a housing emergency so rents or home prices cannot be raised to unreasonable levels or the situation can be further exploited.
  2. Direct the Secretary of Housing and Urban Development to conduct an investigation to determine whether prices are being manipulated by artificially reducing housing capacity or through other price inflating practices.
    • Within 270 days of passage of this law, including a long-term strategy for combating housing market manipulation and an analysis of the impact of non-resident investors in the housing market on underserved minority communities. , requires reporting to Congress.
  3. Authorizes the HUD Secretary to monitor home purchases in the national housing market and to investigate:
    • Institutional investors who have individually purchased 5% or more of single-family homes sold in any market over a 3-year period.
    • In aggregate, if institutional investors purchased 25% or more of the available single-family homes in any market in a year.

Housing Resources in Nevada

  • Nevada 211 – https://www.nevada211.org/shelter/
    • The Nevada Department of Health and Human Services program connects people in Nevada with emergency shelter, housing, and rental assistance resources.
  • Clark County Social Services – https://www.clarkcountynv.gov/residents/assistance_programs/index.php
    • Providing rent and utility costs, financial assistance, transportation assistance, housewife services, and long-term care
  • Las Vegas Family Promise – https://familypromiselv.com/
    • Through our Motel Shelter and Bridges program, we help at-risk homeless families with children in Clark County achieve sustainable housing and independence through a compassionate, community-based response.
  • Hope Link in Southern Nevada – https://www.link2hop.org/
    • Provides rental, mortgage and utility assistance in North Las Vegas and Henderson.
  • Southern Nevada Legal Aid Center – https://www.lacsn.org/
    • We provide legal information and services related to foreclosures, evictions, and landlord-tenant disputes.
  • Las Vegas Rescue Mission – https://vegasrescue.org
    • Provides 7-day emergency shelter for men, women, mothers with children, fathers with children, and other family combinations. There are other programs within the shelter that can offer case management and long-term stays, subject to availability.
    • The Intact Families program gathers everyone who identifies as a family unit into one area. They are provided with intensive case management and assistance with client-identified needs. Length of stay may vary. Provides simple case management and resources or referrals for client-identified needs.
    • Do not serve unaccompanied youth. All minors must be accompanied by an adult. Registered sex offenders are not detained.
  • Nevada Affordable Housing Assistance Corporation – https://nahac.org/
    • Are you on the verge of losing your home? NAHAC was selected by the State of Nevada to oversee a free certification exam program at no charge to applicants.
    • The Unemployment Mortgage Assistance Program provides temporary financial assistance to eligible Nevada homeowners who want to stay home but have lost income due to unemployment or underemployment.
    • The Mortgage Recovery Assistance Program provides funds to help eligible homeowners clear their first mortgage arrears. This may also include payments required to reinstate the loan from foreclosure.
  • Nevada Partners – https://nvpartners.org
    • We offer DPA programs, credit counseling, homebuyer workshops, rental assistance/counseling, mortgage assistance/counseling, financial literacy workshops, youth programs, career training, and employee support services.
  • Nevada Rural Housing Authority – https://nvrural.org/
    • Provides affordable housing opportunities and funding to all rural Nevada communities through homeownership programs, rental assistance programs, community development initiatives, and weatherization programs.
  • Field Policy Management (FPM) – https://www.hud.gov/states/nevada
    • Provide customer service to the public by helping them find necessary resources related to low-income housing, eviction prevention, homeless assistance, fair housing and equal opportunity complaints.
  • Rebuilding Southern Nevada Together – https://www.rtsnv.org
  • Southern Nevada Regional Housing Authority – https://www.snvrha.org/
    • The Housing Choice Voucher Service (Section 8) A federal program to help low-income, ultra-low-income, seniors, and people with disabilities purchase adequate, safe, and sanitary housing (of their choice) in the private market.

If you are part of an organization that provides housing or related assistance, please complete the Google form to add it to this page.

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