State lawmakers in Nevada are considering a bill, SB 391, aimed at limiting the number of homes that corporations can purchase in an effort to make it easier for individuals and families to buy homes in the state. Sponsored by State Senator Dina Neal, the bill would create a registry of corporate investors and restrict the number of residential properties they can buy in a year. Supporters of the bill, including researchers at the Lied Center for Real Estate at UNLV, believe it will help level the playing field and make it easier for individuals to compete with corporate investors in the housing market.
However, opponents, such as the Nevada Realtors Association, argue that the bill could disrupt the state housing market and negatively impact local businesses that purchase multiple properties each year. The bill, which has passed the Judiciary Committee, is now headed to the Senate floor for a full vote. In Clark County, about 20 percent of home purchases in recent years have been made by corporate buyers, creating fierce competition for individual buyers. The bill aims to address this issue and make homeownership more attainable for families in Nevada.
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