LAS VEGAS, NV – Today, President Joe Biden announced a new proposal that would stabilize annual rent increases at five percent and remove key tax benefits from corporate landlords who refuse to comply.
The proposal would still require congressional approval and only apply to large landlords who own 50 or more units. However, the policy – if enacted – would be a critical step on the path toward easing the burden of the cost of living for millions of Americans, especially the thousands being gouged by corporate landlords right here in Nevada.
After the pandemic, rents across Nevada surged – and have remained high. Las Vegas families must now make nearly $70,000 annually to afford rent, well above the median household income of roughly $66,300. At current rents, a sole breadwinner or single renter in Nevada’s major cities could be paying between 43 and 46 percent of their income on rent every month.
Shelbie Swartz, Executive Director, of Battle Born Progress, issued the following statement:
“Today’s announcement is a step toward making sure millions of people nationwide and thousands of Nevadans can get out from under the crushing weight of massive rent increases. Corporate greed has driven housing inflation for too long, and regular people have been saddled with the price. No one should have to worry about whether they’re going to be able to afford next year’s rent, just because corporations and Wall Street investment firms are padding their profits. But this is only one step in the right direction, and one that still needs Congress to act – something we urge this current Congress to do. If every Nevadan is going to have access to a place they can call home, today’s announcement cannot be the end of the discussion. Today’s proposal from President Biden includes asking corporate landlords to cap rental increases at five percent or risk losing current available federal tax breaks, as well as a plan to repurpose federal land for new affordable housing units. This multi-pronged approach will help Nevadans by increasing supply and reining in rents. Inevitably, more will need to be done – but we feel this is a good first step. We applaud President Biden for announcing this proposed action today. Now it is time for Congress to take this up and quickly pass it to give relief to Nevadans.”
Erika Castro, Organizing Director of PLAN Action, issued the following statement:
“Every Nevadan deserves a place to call home. But vulture investors and corporate slumlords in Nevada are indiscriminately raising rents and pricing Nevadans out of their neighborhoods. President Biden’s plan will provide some relief to tenants who are trying to make ends meet, and save to buy a home of their own. Housing isn’t a commodity, or passive income, it’s our health care, our education, and our family safety. We are thankful for the work of People’s Action and their Homes Guarantee campaign to get us to this point. Pro-tenant leaders have to work hard this fall to stop Donald Trump–the most notorious slumlord in the county–and pass strong, permanent protections in 2025.”
Gariety Pruitt, State Director at For Our Future Nevada issued the following statement:
“For years, Nevadans have demanded that their elected officials do something about the greed of large, corporate landlords that are taking advantage of the human need for shelter to jack up the rents at their properties. Not only has this issue driven numerous families to homelessness, but it corners hard-working families into choosing between paying their bills, buying groceries, and sometimes even receiving health care. President Biden’s announcement brings hope to many Nevadans who felt betrayed by Governor Lombardo after he vetoed five critical housing justice bills, passed by both the Nevada Senate and the Assembly during the 2023 Legislative Session, which addressed the housing crisis in our state. However, today’s announcement alone will not alleviate Nevada’s housing issues. We need Congress to put people over profits and take action to turn this proposal into a reality! Nevadans deserve fair, affordable housing options.”
Leo Murrieta, Executive Director of Make the Road Action Nevada, released the following statement on behalf of the organization’s thousands of members:
“We commend the Biden administration for announcing a nationwide rent cap to address the housing crisis. This policy is a victory for tenants and communities, providing crucial relief for families, seniors, and individuals on fixed incomes. We urge Congress and local governments to support and swiftly implement this policy, alongside measures like anti-discrimination protections and tenant rights. As elections approach, it’s essential for voters to support candidates committed to housing justice and affordability. This rent cap announcement underscores the importance of making informed choices at the ballot box to back leaders dedicated to building a fair and equitable housing system.”
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