Nevada lawmakers kill bill to limit corporate home buys for rentals

"By a single vote, Nevada legislators spared the governor a second time from having to veto a measure that would cap the annual number of residential properties firms could buy and rent out as homes. During a special session, the failed legislation would have given Democratic lawmakers the required supermajority to cap corporate homebuying at 1,000 houses per year. Republican Gov. Joe Lombardo vetoed a similar bill two years ago."

"Though the bill failed, its introduction highlights the growing intensity of a nationwide debate over institutional investor ownership of build-to-rent and single-family rentals, which may impact housing affordability and accessibility. Supporters say build-to-rent projects add to residential rental supply, stabilize communities, and upgrade distressed housing stock. They argue these projects give families more choices when ownership is out of reach and can boost nearby values."

"Many housing advocates and lawmakers, however, frame large-scale investor ownership as a direct threat to affordability and neighborhood stability. Critics argue that institutional buyers often outbid owner-occupier households for starter homes and then return those properties to the market with higher rents. Nevada Republican State Sen. Ira Hansen, who has supported legislation to curb corporations' ownership levels, echoed that sentiment, explaining that he was voting against SB 10 at the governor's request."

By a single vote, Nevada legislators failed to pass a measure to cap the annual number of residential properties firms could buy and rent out as homes. Senate Bill 10, considered during a special session, would have capped corporate homebuying at 1,000 houses per year after an earlier proposal to cap purchases at 100 homes failed. Gov. Joe Lombardo vetoed a similar bill two years earlier. SB10 was added to the special session agenda through a bipartisan effort. Nevada's legislature meets biennially and will not hold a regular session until 2027. Supporters say build-to-rent increases rental supply and upgrades housing stock; critics say institutional buyers outbid owner-occupiers, raise rents, and threaten affordability.

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