Nevada’s affordable housing crisis has deepened, leaving the state more than 70,000 housing units short of demand as population growth continues to outpace construction. Lawmakers narrowly failed during a recent special legislative session to advance a bill aimed at curbing corporate homeownership, a factor housing advocates say has worsened affordability for working families.
During November’s special session, legislators considered Senate Bill 10, which would have capped large private investors at purchasing no more than 1,000 homes per year. The bill passed unanimously in the Nevada Senate but fell just short of the required two-thirds vote in the Assembly. Supporters say the measure is likely to return in the 2027 legislative session.
Maurice Page, executive director of the Nevada Housing Coalition, said the crisis is rooted primarily in explosive population growth paired with years of insufficient housing construction. Nevada’s population increased by more than 1.2 million people between 2000 and 2024, a 62 percent jump — nearly triple the national growth rate over the same period.
As of 2023, Nevada was short 77,928 affordable rental units, according to the National Low Income Housing Coalition. While construction delays and zoning challenges remain central issues, Page and other experts point to the rapid rise in corporate-owned housing as a growing concern.
Data from the UNLV Lied Center for Real Estate shows that private investors accounted for roughly 10 percent of home purchases in the Las Vegas area before the 2008 financial crisis. In recent years, that share has climbed to 25 percent or more. Investors often purchase homes in bulk, then resell or rent them at significantly higher prices.
Page said investor-owned homes frequently return to the market at double their original purchase price or with sharply increased rental costs. Zillow data shows the average Nevada home value rose more than 45 percent between October 2019 and October 2025, increasing from $303,000 to $441,000.
Housing advocates argue the impact has fallen disproportionately on minority communities, where homes are often priced lower and therefore more attractive to investors. Page said this trend has pushed families out of neighborhoods and, in some cases, into overcrowded living arrangements or homelessness.
Democratic lawmakers have repeatedly attempted to address the issue. State Sen. Dina Neal introduced similar legislation in 2023 that passed both chambers but was vetoed by Republican Gov. Joe Lombardo. A revised bill introduced in 2025 capped investors at just 100 homes but stalled in the Assembly.
Senate Majority Leader Nicole Cannizzaro later advanced SB10 during the special session using a rare procedural move that bypassed gubernatorial approval to introduce the bill. Despite unanimous Senate support, the Assembly vote fell short.
Page described corporate investors as a “necessary evil” that helped diversify Nevada’s economy but warned the scale of investment now threatens housing access for teachers, nurses, first responders, and construction workers. He said many workers are being priced out of the state entirely.
Nevada lawmakers have increasingly pursued economic diversification as tourism-dependent revenues remain vulnerable. Recent economic disruptions, including the COVID-19 pandemic and policies under President Donald Trump affecting trade, travel, and immigration, intensified pressure on state finances.
Still, housing advocates say reform cannot wait. Page said the Nevada Housing Coalition plans to push for another version of the corporate housing bill in 2027, arguing that homeownership remains central to the American dream.
“I think everybody’s goal in life is to become a homeowner and create generational wealth,” Page said. “We want to make sure that dream is still possible in Nevada.”
