Housing | Congressman – Steven Horsford | Vette Leader

Take action against price gouging on the housing market

The problem: Last year, large institutional investors bought more homes in America’s top metro areas than they have in the past 20 years.

On average, nonresident investors bought nearly one in seven homes, and in certain housing markets that number jumps to one in four.[1] As rents rise across the country, housing is becoming increasingly unaffordable for the average American.

With at least a decade of declining investment since the 2008 housing market crash, America’s housing supply just can’t keep up with rising demand. Large institutional investors are raising billions of dollars in capital to make extravagant cash offerings for homes, and these investments are concentrated in older, middle-income neighborhoods with a greater concentration of Asian, Hispanic, and black residents.[2] Homes owned by institutional investors may never appear on the housing market again. By raising rents and reducing available homes for American families, nonresident investors are putting the American dream of home ownership out of reach for too many.

The solution: Institutional oversight of the housing market to ensure transparency and fair competition for Americans hoping to buy or stay in their home.

The Housing Supervision and Reduction of Exploitation Act will ensure consumers are protected from market manipulation by empowering the Department of Housing and Urban Development.

especially the Housing Supervision and Reduction of Exploitation Act does the following:

  1. Makes it illegal for any person to rent or sell a housing unit at an unreasonable price during a housing crisis.
    • The President can declare a housing emergency so no one can raise rents or house prices to unreasonable levels or further take advantage of the circumstances.
  2. Directs the Minister for Housing and Urban Development to conduct an investigation to determine whether prices are being manipulated by artificially reducing housing capacity or other price-gouging practices.
    • Requires a report to Congress no later than 270 days after passage of this law, including a long-term strategy to combat housing market manipulation and an analysis of how nonresident housing market investors are impacting underserved and minority communities.
  3. Authorizes the HUD Secretary to monitor home purchases in housing markets across the country to investigate:
    • Institutional investors who have individually acquired more than 5 percent of the single family homes for sale in any market over 3 years.
    • When institutional investors have collectively acquired more than 25 percent of the single-family homes listed for sale in any market over a one-year period.

Housing Resources in Nevada

  • Nevada 211 – https://www.nevada211.org/shelter/
    • A Nevada Department of Health and Human Services program connects Nevadans to resources for emergency shelter, housing, and rental assistance.
  • Clark County Social Services – https://www.clarkcountynv.gov/residents/assistance_programs/index.php
    • Provides rental and utility support, financial support, transportation support, housekeeping services, long-term care
  • Las Vegas Family Pledge – https://familypromiselv.com/
    • Helps vulnerable and homeless Clark County families with children achieve sustainable housing and independence through a compassionate, community-based response through their Motel Shelter and Bridge programs.
  • HopeLink from Southern Nevada – https://www.link2hope.org/
    • Provides rental, mortgage and utility assistance for North Las Vegas and Henderson.
  • Legal Aid Center of Southern Nevada – https://www.lacsn.org/
    • Provides 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 any other combination of families. Subject to availability, there are other programs within shelters that may provide case management and extended stay.
    • The Intact Families program houses everyone who identifies as a family together in one space. You will receive intensive case management and support with the needs identified by the clients. Length of stay may vary. It provides easy case management and resources or recommendations for the needs that clients identify.
    • Do not serve unaccompanied minors. All minors must be accompanied by an adult. Cannot accommodate registered sex offenders.
  • Nevada Affordable Housing Assistance Corporation – https://nahac.org/
    • Are you about to lose your home? NAHAC was selected by the State of Nevada to oversee the no-cost, no-fee pilot program for applicants.
    • The Unemployment Mortgage Assistance Program provides temporary financial assistance to eligible Nevada homeowners who wish to remain in their homes but have suffered loss of income due to unemployment or underemployment.
    • The Mortgage Restatement Assistance Program will provide funds to help income-earning homeowners clear their past-due first mortgage arrears, which may include payments needed to recover their foreclosed loans.
  • Nevada Partners – https://nvpartners.org
    • Provides DPA programs, credit counseling, homebuyer workshops, rental assistance/advice, mortgage assistance/advice, financial literacy workshops, youth programs, career training and employee support services.
  • Nevada Rural Housing Authority – https://nvrural.org/
    • Provides and funds affordable housing for all rural Nevadans through homeownership programs, rental assistance programs, community development initiatives and the Weatherization program.
  • Office of Field Policy and Management (FPM) – https://www.hud.gov/states/nevada
    • Provides customer service to the public by helping them find the resources they need regarding low-income housing, evictions, homeless assistance, and fair housing and equal opportunity grievances.
  • Rebuilding Southern Nevada Together – https://www.rtsnv.org
  • Southern Nevada Regional Housing Authority – https://www.snvrha.org/
    • The Housing Choice Voucher Services (Section 8) are a federal program to help low- and very low-income families, the elderly and the disabled to afford adequate, safe and sanitary housing (by choice) in the private market.

If you are part of an organization offering housing or similar assistance, please fill out our Google form to be added to this page.

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