Nevada lawmakers took up a major housing proposal in the special session SB10, a bill aimed at capping how many homes large corporate investors can buy. The goal was worthy: give working Nevadans a fair shot at owning a home. The trend of pushing workers to rent instead of owning a home is concerning. But SB10 didn’t pass, and for good reason.
Hard caps and punitive restrictions may feel like bold action, but they rarely produce the results we hope for. Capping corporate home purchases at an arbitrary threshold doesn’t build a single new house, doesn’t lower prices, and doesn’t help a young family save for a down payment. Worse, it risks undermining investment in new housing when Nevada needs more supply, not less.
The problem lawmakers are trying to solve is real. Corporate ownership of single-family homes has grown significantly, and in some neighborhoods, it’s pushing local buyers to the sidelines. But we don’t strengthen homeownership by distorting the market. We do it by empowering Nevada families and aligning corporate incentives with community stability.
Instead of the punitive approach proposed in SB10, Nevada should adopt a smart, incentive-based alternative that strengthens homeownership without stifling investment.
First, create a Homebuyer Incentive Credit for Nevadans purchasing a primary residence. Whether through a tax credit, property tax reduction, or a matching down-payment program, the state can meaningfully help first-time buyers compete in a tough market. If the goal is more owners, then we should directly support those trying to buy.
Second, reward good actors. A corporate seller incentive would encourage institutional investors to sell a portion of their holdings to Nevada residents. Instead of punishing every company equally, reward those willing to put homes back into the hands of families.
Third, rather than a rigid cap, implement a soft threshold on annual corporate home purchases. Above a certain number of acquisitions, a modest fee would kick in with every dollar going into a newly created Nevada Homeownership Trust Fund. This fund could support down-payment assistance, low-interest loans, and other programs that make buying a home possible for working Nevadans. This approach doesn’t ban investment; it ensures investment contributes to the solution.
Finally, include a sunset clause and require a full review in five years. If the policy works, renew it. If it doesn’t, adjust it. Accountability should be built into every major housing reform.
There have been various attempts to address housing costs through rent controls and eviction limits. But these policies ultimately drive-up costs and restrict supply. The only proven way to make housing more affordable is to reduce burdensome regulations and speed up permitting so more homes can be built. If we want affordability in our valley, we need more units…period.
SB10 failed not because lawmakers don’t care about the problem, but because the solution relied on restrictions instead of results. Nevada has a chance to go back to the drawing board and craft a policy that actually moves the needle on homeownership. We can protect property rights, encourage investment, and still put Nevada families first.
A smarter bill, one that empowers homebuyers rather than handcuffing the market, would not only draw broader bipartisan support, it would actually help the people SB10 was trying to serve.
Nevadans deserve a path to homeownership that works. Let’s build it.
