LAS VEGAS, NV – U.S. Senator Jacky Rosen (D-NV) sent a letter urging Acting Secretary of Housing and Urban Development Adrianne Todman to investigate and crack down on predatory practices by corporate investors that raise housing prices in Nevada. In her letter, Senator Rosen urges the agency to investigate unfair or unreasonable home pricing and housing market manipulation by bad actor corporate investors, collect and analyze data on unfair corporate investor practices, and expand programs to support homebuyers and increase housing supply to lower costs.
“I write to express my concern with the impact of corporate investor activity on the availability and affordability of housing in Nevada. At a time when hardworking Nevada families are facing high prices and low supply when looking for a place to call home, predatory practices by corporate landlords exacerbate existing barriers,” wrote Senator Rosen. “Further, the predatory practice of buying up entire neighborhoods enables bad actor corporate investors to unreasonably raise rents without facing competition – often while leaving maintenance and assistance requests unanswered.”
“By raising housing prices and decreasing the supply of affordable homes on the market, many bad actor corporate investors are putting the American Dream of homeownership and housing security out of reach for too many,” she continued. “With Nevadans already struggling to pay their gas, grocery, and child care bills, families simply cannot afford unnecessary and predatory housing cost increases.”
The full text of the letter can be found HERE.
Senator Rosen has been taking on corporate investors and fighting against unfair practices by corporate bad actors that raise housing prices to lower costs for Nevadans. She recently sent letters calling on the Federal Reserve to cut interest rates to lower housing costs and mortgage costs. She has also introduced the Housing Oversight and Mitigating Exploitation (HOME) Act to crack down on predatory practices by corporate investors who are driving up home prices by buying up housing stock. Senator Rosen also helped pass legislation to provide nearly $165 million in funding to Nevada for emergency rental assistance, as well as the funding for Nevada’s $500 million Home Means Nevada Initiative.
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