I am fully committed to the principle of housing as a basic human right. As Mayor, I will make an unprecedented, relentless effort to ensure that we end homelessness. My goal is to make certain that every resident that wants a place to live has a place in which to live.
The State of Nevada does not legislate rent control or otherwise regulate the amount a landlord can increase rent. Since the state is silent on this “matter of local concern,” and Nevada is a “Dillon Rule” state, local municipalities and counties have the authority to legislate rent increases.
Immediately after the Pandemic, year-over-year rent growth was faster than in the several years preceding the pandemic. I am concerned that this increase contributed to the creation of more homelessness.
In the fourth quarter of 2022, Las Vegas rent decreased 1%. That decline brought the average rental price down to $1,420 per month. According to the Nevada State Apartment Association (NVSAA), the price is down from $1,451 in the third quarter and below the national average of $1,620.
I am a firm believer that the free market should control essential living prices in our state’s economy. The factors of supply and demand should dictate prices. Therefore, I do not support the effort to impose rent control in Las Vegas.
To help prevent a drastic increase in rental rates, I will take decisive steps to increase our stock of available affordable rental units. We will encourage builders of new homes and larger rental units to enter into in “Linked Development” agreements with not-for-profits engaged in the rehabilitation and renovation of existing rental apartments and other rental housing in Las Vegas' more traditional communities.
This concept of “Linked Development” would entail major housing developers, who opt in, coordinating with their financial institutions, to ensure access to capital and favorable financing terms and rates to their linked, not-for-profit, rental unit developers. Major Developers may also leverage their economy of scales to ensure their suppliers extend the most favorable rates for building supplies, tools, and equipment to their Linked Not-For-Profits.
Additionally, city personnel will work with major housing developers to acquire some level of Naming Rights to support a Tiny Homes Communities initiative and, in other ways, support the establishment and maintenance of those communities.
These programs will help to increase the Las Vegas rental unit stock and thereby help slow the increase of rental rates.