>> NEVADA'S HOUSING CRISIS.

WHAT IMPACT CAN THE NEXT PRESIDENT OF THE UNITED STATES HAVE ON IT?

THAT'S THIS WEEK ON "NEVADA WEEK."

[MUSIC] SUPPORT FOR "NEVADA WEEK" IS PROVIDED BY SENATOR WILLIAM H. HERNSTADT.

WELCOME TO NEVADA WEEK.

I'M AMBER RENEE DIXON.

AND IF YOUR HOUSEHOLD DOESN'T MAKE SIX FIGURES, YOU CAN'T AFFORD A MEDIAN-PRICED HOME IN NEVADA.

THAT'S ACCORDING TO BANKRATE.

MEANWHILE, THE NATIONAL LOW INCOME HOUSING COALITION SAYS THAT IF YOU MAKE MINIMUM WAGE AND WANT TO RENT A ONE-BEDROOM APARTMENT IN THE STATE, YOU'LL HAVE TO WORK 85 HOURS A WEEK JUST TO AFFORD IT.

THE HIGH COST OF HOUSING IS AN ISSUE WE HEAR ABOUT OFTEN AT THE NEVADA DEMOCRACY PROJECT LISTENING SESSIONS WE HOST WITH THE NEVADA INDEPENDENT.

>> I'M WHAT'S CALLED AN ELDER MILLENNIAL.

I'M GOING TO BE 40 THIS YEAR.

AND I WAS KIND OF HOPING THAT AT THIS POINT IN MY LIFE I WOULD BE ON THE PROPERTY LADDER.

THAT IS NOT THE CASE.

I'M STILL RENTING.

I HAVE SEEN HOW IN RECENT YEARS, HOUSE PRICES HAVE SKYROCKETED, THE INTEREST RATES HAVE SKYROCKETED.

MY RENT, INCLUDING MY OWN, HAS SKYROCKETED.

MY RENT HAS ALMOST DOUBLED SINCE 2019.

AND SO BECAUSE OF THAT, THAT'S FORCED ME TO DIP INTO SAVINGS THAT I WAS USING TO PUT DOWN FOR A DOWN PAYMENT ON A HOUSE THAT I COULD NO LONGER AFFORD ANYWAY.

SO LIKE MANY PEOPLE MY AGE, I'M KIND OF GIVING UP ON THE IDEA OF GETTING ON THE PROPERTY LADDER.

AND IT'S LIKE, WELL, IT LOOKS LIKE I'M GOING TO BE RENTING FOREVER.

I DON'T KNOW.

>> WELL, SOME LOCAL LEADERS SAY YOUR VOTE THIS NOVEMBER COULD IMPACT HOW AFFORDABLE HOMES ARE IN NEVADA.

BUT TO WHAT EXTENT AND FOR WHAT KIND OF HOUSING?

FOR THAT DISCUSSION, WE BRING IN NEVADA STATE TREASURER ZACH CONINE, AND PRESIDENT OF NEVADA REALTORS BRANDON ROBERTS.

GENTLEMEN, THANK YOU FOR JOINING US.

I HAVE A QUESTION FOR BOTH OF YOU TO START WITH.

HOW MUCH OF AN IMPACT CAN THE NEXT PRESIDENT OF THE UNITED STATES MAKE ON HOUSING?

ZACH, I'LL START WITH YOU.

>> IT'S A MASSIVE IMPACT, RIGHT?

WE AT THE STATE HAVE INTERACTED WITH BOTH FORMER PRESIDENT TRUMP'S ADMINISTRATION.

WE'VE INTERACTED WITH THE BIDEN ADMINISTRATION.

THE NEXT PRESIDENT'S GOING TO PICK THE NEXT SECRETARY OF HOUSING AND URBAN DEVELOPMENT.

THE NEXT SECRETARY OF HOUSING AND URBAN DEVELOPMENT WORKING IN HAND WITH CONGRESS IS GOING TO SET MASSIVE PIECES OF HOUSING POLICY.

THEY'RE GOING TO CONTROL HOW MUCH MONEY COMES INTO THE STATE FOR AFFORDABLE HOUSING.

THEY'RE GOING TO CONTROL WHAT HAPPENS WHEN PEOPLE ARE TRYING TO GO THROUGH THE PROCESS.

THEY'RE GOING TO CONTROL WHAT HAPPENS WITH SUPPLY.

THEY'RE GOING TO CONTROL IN PART AND INDIRECTLY WHAT HAPPENS WITH INTEREST RATES.

THERE'S A MASSIVE AMOUNT.

>> AND WE'RE GOING TO GET INTO THOSE SPECIFICS LATER, BUT I WANT TO HEAR FROM YOU HOW MUCH OF AN IMPACT DO YOU THINK THE PRESIDENT CAN HAVE.

>> SO I THINK THERE'S AN IMPACT THAT THE PRESIDENT HAS IN THE FEDERAL GOVERNMENT BUT WE BELIEVE THAT IT IS MOSTLY A LOCAL AND STATE ISSUE THAT DETERMINES A LOT OF THE IMPACT ON AFFORDABLE HOUSING BUT THE GOVERNMENT CAN CONTRIBUTE TOWARDS SOME FUNDING TOWARDS LOW-INCOME HOUSING AND POSSIBLY DOWN PAYMENT ASSISTANCE.

AND THEN ALSO, YOU KNOW, THEY'RE A BIG LANDOWNER OWNING OVER 80% OF LAND IN NEVADA.

THEY COULD RELEASE MORE LAND FOR MORE BUILDING AND MORE INVENTORY.

>> AND SO THAT BRINGS ME TO MY NEXT QUESTION.

ARE WE TALKING ABOUT SUBSIDIZED HOUSING?

IS THAT WHERE THE FEDERAL GOVERNMENT AND THE PRESIDENT HAS THE GREATEST IMPACT?

OR ARE WE TALKING ABOUT MARKET RATE HOUSING?

>> WELL, WHEN WE LOOK AT HOUSING IN THE TREASURY, WE THINK ABOUT HOUSING SORT OF BROADLY, RIGHT?

ALL HOUSING IS HOUSING.

IF YOU BUILD MORE SUBSIDIZED HOUSING, THAT MAKES MORE MARKET RATE HOUSING AFFORDABLE.

IF YOU BUILD LESS SUBSIDIZED HOUSING, MARKET RATE HOUSING GETS LESS AFFORDABLE, RIGHT?

IT'S A SUPPLY SIDE ISSUE.

AND SO ALL OF THOSE FACTORS TOGETHER -- AND I AGREE, I THINK THAT THE LOCAL AND STATE GOVERNMENTS HAVE A MASSIVE ROLE IN THIS.

BASICALLY, EVERY LAYER OF GOVERNMENT IS RESPONSIBLE NOW FOR MAKING SURE THAT WE CAN GET OUT OF THIS HOUSING CRISIS.

>> AND BEFORE WE DISCUSS THE IMPACT OF SUBSIDIZED HOUSING ON THE HOUSING MARKET, I FIRST WANT TO HIGHLIGHT THE NEED FOR SUBSIDIZED HOUSING IN NEVADA.

WE TALKED WITH AUDRA HAMERNIK ABOUT THIS.

SHE'S THE PRESIDENT AND CEO OF NEVADA HAND, A NONPROFIT THAT DEVELOPS AFFORDABLE HOUSING.

YOU'LL HEAR FROM HER AFTER YOU HEAR FROM A RESIDENT OF NEVADA HAND'S NEWEST APARTMENT COMPLEX FOR LOW-INCOME SENIORS.

ROME PINE SENIOR APARTMENTS OPENED IN JULY IN NORTH LAS VEGAS AND HAS 220 UNITS.

>> YOU KNOW, THE AMOUNT OF RENT FOR A ONE-BEDROOM, WHICH IS, I MEAN, YOU CAN'T DO THAT WITHOUT SOME HELP OR I USED MY SAVINGS TO DO THAT.

AND SO THIS WORKED OUT FOR ME FINANCIALLY.

BUT IT'S NOT REALLY EASY TO GET INTO, YOU KNOW?

THEY DO HAVE WAITING LISTS AND A LOT OF SENIORS ARE FAR WORSE THAN I AM, YOU KNOW, SO THEY REALLY DO NEED AFFORDABLE HOUSING.

THE DEMAND IS UNBELIEVABLE IN NEVADA.

RIGHT NOW, THE NATIONAL LOW INCOME HOUSING TAX CREDIT COALITION IS SAYING IN THEIR GAP ANALYSIS THEY DO ANNUALLY THAT WE HAVE ABOUT 78,000 UNITS NEEDED FOR EXTREMELY LOW INCOME PEOPLE.

SO THAT GIVES YOU A LITTLE BIT OF CONTEXT.

WE'RE PROVIDING 220 UNITS, SO SOME DAYS IT FEELS LIKE WE'RE JUST TAKING BABY STEPS AND SOLVING THE PROBLEM.

BUT HERE WE HAD, YOU KNOW, I THINK THE LAST NUMBER I HEARD WAS ABOUT 1,400 PEOPLE APPLYING FOR 220 UNITS.

IT'S JUST WE NEED MORE TAX CREDITS AND WE NEED MORE FUNDING.

WE KEEP THREE CONSTRUCTION CREWS GOING PRETTY MUCH ALL THE TIME.

IF WE HAD MORE FUNDING, WE WOULD BE DOING MORE PROJECTS.

>> SO IF AUDRA HAD HER WAY AND THERE WAS MORE SUBSIDIZED HOUSING IN NEVADA, HOW WOULD THAT IMPACT THE PRIVATE HOUSING MARKET?

>> IT WOULD HELP TREMENDOUSLY.

I MEAN, WE NEED MORE INVENTORY ACROSS THE BOARD.

MIDDLE-INCOME, YOU KNOW, ALL THE WAY ACROSS.

WE NEED MORE ATTAINABLE HOUSING.

BUT IT IS A GREAT START AND WE DO NEED MORE AFFORDABLE HOUSING FOR SENIORS AND LOW-INCOME.

>> SO YOU BOTH AGREE ON THIS, IT'S A SUPPLY THING AND WHEREVER THE SUPPLY COMES FROM IT'S GOING TO HELP?

I MEAN, WHAT IF THERE IS MORE MIDDLE INCOME HOUSING?

DOES THAT END UP IMPACTING THOSE WHO ARE LOOKING FOR LOW INCOME HOUSING.

>> BY ITS DEFINITION, RIGHT?

SO HOUSING BROADLY IS ONE BIG BUBBLE.

AND SO IF YOU PUSH ON ONE SIDE, THEN THE OTHER SIDE GOES UP, IF YOU PUSH ON THE OTHER SIDE, THEN GOES UP, IF YOU PUT MORE AIR INTO IT, THEN THE BUBBLE GETS BIGGER.

AND WE SAW THIS SPECIFICALLY IN NORTHERN NEVADA WHEN YOU HAD INDIVIDUALS COMING IN FROM CALIFORNIA, BOTH DURING THE PANDEMIC, BUT ALSO TO DEAL WITH SOME OF THE TECH BOOM UP THERE, WE SAW SORT OF THE HIGHEST LEVEL OF HOME BECAME MORE EXPENSIVE, WHICH THEN PUSH PEOPLE IN THOSE HOMES INTO A MORE MEDIUM HOME, AND THE PEOPLE IN MEDIUM HOME INTO KIND OF A STARTER HOME, AND THE STARTER HOME BACK INTO APARTMENTS, AND THE APARTMENTS BACK INTO WEEKLIES, AND THE WEEKLIES OUT IN THE STREETS, RIGHT?

WE HAVE A DISPLACEMENT ISSUE WHEN WE HAVE MORE DEMAND FOR HOUSING THAN WE HAVE SUPPLY, AND THE THING THAT THE GOVERNMENT CAN REALLY HELP ON IS WE CAN HELP INCREASE SUPPLY DRAMATICALLY IN PARTNERSHIP WITH THE PRIVATE SECTOR BECAUSE SOMEBODY'S GOT TO BUILD IT.

>> LET'S TALK ABOUT INTEREST RATES.

HOW MUCH OF AN IMPACT CAN THE PRESIDENT OF THE UNITED STATES HAVE ON THEM?

>> WELL, THE PRESIDENT DOESN'T DICTATE THE INTEREST RATE.

>> SOME WOULD ARGUE THAT HE HAS AN INFLUENCE OR SHE HAS AN INFLUENCE.

>> YOU KNOW, POSSIBLY ON CERTAIN THINGS, BUT HE DOESN'T DICTATE OR SHE DOESN'T DICTATE WHERE THE INTEREST RATES ARE SET.

CHAIRMAN POWELL AND THE FEDERAL RESERVE SET THE INTEREST RATES.

BUT INTEREST RATES HAVE A TREMENDOUS IMPACT ON THE AFFORDABILITY BECAUSE IT AFFECTS THE PAYMENT OF BEING IN A HOUSE.

AND WHEN YOU TALK ABOUT LANDLORDS OR PEOPLE THAT OWN HOMES AS WELL, THEY HAVE TO COVER THOSE MORTGAGES A LOT OF TIMES AND THAT AFFECTS THE RENT RATES AS WELL.

AND FORTUNATELY THERE'S SOME TALK OF LOWER INTEREST RATES COMING DOWN THE PIKE AND WE'D WELCOME THAT.

>> DO YOU THINK THE PRESIDENT CAN IMPACT INTEREST RATES?

>> I THINK BROADLY THE POLICIES OF ANY ADMINISTRATION CAN CREATE ECONOMIC STABILITY OR ECONOMIC INSTABILITY.

BOTH OF THOSE THINGS CAN LEAD TO CHANGES IN INTEREST RATES.

BUT HE'S ABSOLUTELY RIGHT.

THIS IS A FEDERAL RESERVE PIECE OF BUSINESS.

THE CHAIRMAN'S GOING TO WORK WITH THE REST OF THE MEMBERS OF THE FEDERAL RESERVE.

WE EXPECT TO LOWER INTEREST RATES BEFORE THE END OF THE YEAR, MAYBE ONCE, MAYBE TWICE.

THAT, IN COMBINATION WITH THE WORK OF THE ADMINISTRATION, CAN HELP LOWER INTEREST RATES, BECAUSE YOU HAVE BOTH THE INTEREST RATES THAT THE FED IS PUTTING OUT THERE, BUT YOU ALSO HAVE THE ACTUAL INTEREST RATE OF SOMEONE BUYING A HOME.

AND ONE OF THE PROPOSALS OF THE BIDEN-HARRIS ADMINISTRATION WAS TO PUT ADDITIONAL DOLLARS INTO BUYING DOWN THAT INTEREST RATE, SO IN PERIODS OF HIGH INTEREST RATE, WE WOULD BE ABLE TO CREATE MORE OF A STANDARDIZED, LOWER SUBSIDIZED MARKET, NOT JUST FOR EXTREMELY LOW-INCOME INDIVIDUALS, BUT FOR EVERYONE BUYING A HOME FOR THE FIRST TIME.

>> WOULD THIS BE THE FEDERAL GOVERNMENT PAYING WHO?

>> EFFECTIVELY BUYING DOWN INTEREST RATES, SO THEY WOULD BE HELPING TO SUBSIDIZE THE DOWN PAYMENT, WHICH WOULD FUNCTIONALLY LOWER THE COST OF THE HOUSE.

>> WHAT ABOUT ITS IMPACT ON NATIONAL DEBT?

>> LOOK, I THINK WE ARE ALWAYS MANAGING THE CONCEPT OF NATIONAL DEBT IS ALWAYS A QUESTION ABOUT WHAT CAN WE BE DOING TO BEST SET OURSELVES UP FOR THE FUTURE VERSUS WHAT DO WE NEED IN THE IMMEDIACY.

AND I THINK YOU CAN LOOK AROUND THIS COMMUNITY AND REALIZE THAT IN NEVADA RIGHT NOW HOUSING IS AN EXISTENTIAL CRISIS AND BY THE BY IT'S NOT JUST A NEVADA THING RIGHT IN SOMETHING LIKE 42 STATES HOUSING IS AN EXISTENTIAL CRISIS.

AND SO IF WE WANT TO CREATE THE COUNTRY THAT WE ALL DESERVE TO LIVE IN WE NEED TO MAKE SURE THAT PEOPLE HAVE A PLACE TO LAY THEIR HEADS >> SO LAS VEGAS REALTORS SAID THIS WEEK THAT THE MEDIAN PRICE OF A SINGLE-FAMILY HOME IN THE LAS VEGAS VALLEY IS $480,000.

THE QUESTION SO MANY PEOPLE ARE ASKING IS DO I BUY NOW, ESPECIALLY WITH NEWS OF A POTENTIAL RATE CUT.

WHAT ARE YOU SAYING WHEN PEOPLE ASK YOU THAT?

>> SO THAT'S A RECORD, MEDIAN HOME PRICE.

I MEAN, I WAS PRESIDENT OF THE LOCAL IN 2022, AND THE HIGHEST WE HIT IS 468, WHICH WE THOUGHT WAS TREMENDOUSLY HIGH.

BUT YES, NOW IS STILL A GREAT TIME TO BUY IF YOU CAN GET IN.

PRICES ARE STILL GOING UP, AND REAL ESTATE IS STILL ONE OF THE NUMBER ONE WAYS TO BUILD FINANCIAL WEALTH.

>> RIGHT.

YOU WANT TO ADD TO THAT?

I MEAN, ESPECIALLY THE PART ABOUT HOME OWNERSHIP CONTRIBUTING TO THE ABILITY TO CREATE GENERATIONAL WEALTH.

>> YEAH, I WAS GOING TO SAY, I'M QUALIFIED TO GIVE INVESTMENT ADVICE, AND I'M NOT GOING TO DO THAT.

I'M NOT QUALIFIED TO GIVE REAL ESTATE ADVICE.

BUT THAT'S CORRECT, RIGHT?

ONE OF THE LARGEST DRIVERS OF GENERATIONAL WEALTH AROUND THE COUNTRY FOR THE ENTIRE HISTORY OF THE COUNTRY HAS BEEN THE ABILITY TO OWN REAL ESTATE AND PASS ON THAT REAL ESTATE.

AND I THINK THAT'S WHY IT'S SO IMPORTANT THAT WE WORK ON THOSE PROGRAMS FOR FIRST TIME HOME BUYERS BECAUSE IT REALLY CAN CREATE JUST A GENERATIONAL CHANGE, AN INFLECTION POINT FOR FAMILIES.

>> HOW DO YOU DO THAT?

WHAT KIND OF INCENTIVES.

WHAT DO YOU THINK IS MOST PRACTICAL?

WHAT WOULD YOU LIKE TO SEE?

>> WELL, DOWN PAYMENT ASSISTANCE PROGRAMS TO HELP THEM GET IN.

>> THEY EXIST, THOUGH, CURRENTLY.

>> YEAH, AND SOMETIMES THEY'RE UNDERFUNDED.

AND THEN ALSO THE ABILITY FOR THEM TO GET MONEY TO BE ABLE TO BUY DOWN THE RATES, AFFORD TO GET INTO THE HOUSE.

IT'S ALL IMPORTANT.

>> I THINK GOING BACK TO YOUR FIRST QUESTION ABOUT SORT OF WHAT CAN AN ADMINISTRATION DO, RIGHT?

IN FORMER PRESIDENT TRUMP'S BUDGET, HE CALLED TO CUT THE BUDGET OF HUD BY 18%.

IT WOULD HAVE RESULTED IN TENS, ABOUT $50, $60 MILLION LESS COMING INTO THE STATE OF NEVADA TO ALLOW US TO DO PROGRAMS LIKE DOWN PAYMENT ASSISTANCE, RIGHT?

WHO IS AT THE TOP OF THAT PUZZLE MATTERS AND WHETHER OR NOT THEY ARE DEDICATED TO MAKING SURE THAT NEVADANS HAVE HOMES MATTERS.

>> I THINK VOTERS MAY LOOK AT THAT AND THINK, WELL, YOU'RE TALKING ABOUT THE URBAN HOUSING DEVELOPMENT, SORRY, THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND THAT IS GOING TO BE FOR SUBSIDIZED HOUSING.

>> BUT SUBSIDIZED HOUSING -- THE SAME MONEY THAT COMES INTO THE STATE TO HELP US DO THE LOW-INCOME TAX EQUITY CREDITS, RIGHT?

THE MECHANIC THAT BUILD FANTASTIC PROGRAMS LIKE THE ONE THAT AUDRA WAS JUST TALKING ABOUT IN NEVADA HAND, THE GREAT THINGS THAT THE MOLASKY'S DO WITH OVATION, ALL OF THAT MONEY COMES FROM THAT PROGRAM, RIGHT?

BUT WHEN DOWN PAYMENT ASSISTANCE DOLLARS COMES IN, THAT ALSO COMES FROM THAT PROGRAM.

IT'S ALL THE SAME SOURCE OF FUNDING.

AND AS WE JUST DISCUSSED, WHEN YOU MAKE SUBSIDIZED HOUSING MORE AVAILABLE, IT MAKES MARKET RATE HOUSING MORE AFFORDABLE.

>> BUT I THINK THESE PROGRAMS ARE BAND-AIDS TO HELP PEOPLE GET INTO THE MARKET NOW.

I THINK THE LONG-TERM SOLUTION IS MORE HOUSING, MORE HOUSING UNITS, AND THAT'S WHAT'S GOING TO STABILIZE AND HELP US IN THE FUTURE.

>> THAT'S RIGHT.

>> SO I WANT TO GET TO A SOUND BITE FROM GOVERNOR JOE LOMBARDO.

HE WAS AT A GROUNDBREAKING, ALONG WITH YOU, THIS WEEK, AN OVATION PROPERTY THAT'S IN THE NORTHWEST LAS VEGAS VALLEY.

I ASKED HIM WHAT HE THOUGHT WAS CONTRIBUTING TO NEVADA'S HOUSING CRISIS, AND HE STARTED WITH LAND AVAILABILITY.

LET'S LISTEN TO HIM ABOUT THAT.

>> I'VE INITIATED, AUTHORED MORE THAN ONE LETTER TO THE WHITE HOUSE IN ORDER TO GET AN EASING OF THE REGULATIONS OR SOME DEFINITIVE ANSWERS ASSOCIATED WITH THE REGULATIONS AND THE DISTRIBUTION OF FEDERAL LAND WITHIN THE STATE OF NEVADA.

AND QUITE OFTEN PEOPLE SAY, WELL, HOW IS IT DIFFERENT THAN ANY OTHER STATE?

WELL, NEVADA IS ENCUMBERED BY MORE THAN 80 PLUS PERCENT OF FEDERAL LAND.

AND FOR US TO EXPAND UPON AFFORDABLE, ATTAINABLE HOUSING, WE NEED LAND AVAILABILITY.

AFFORDABLE LAND AVAILABILITY.

WE CAN GET THAT THROUGH THE BLM, BUT THE PROCESS IS VERY SLOW AND CUMBERSOME.

>> WHAT ELSE IS KEEPING THE LEVEL OF HOUSING NEEDED FROM BEING BUILT?

>> WELL, WE'VE GOT ZONING.

WE HAVE ZONING ASSOCIATED WITH DIFFERENT PARTICULAR AREAS.

AS THE CITY COUNCILWOMAN OPINED EARLIER IN THE THING, HUD CAME FORWARD TO THE CITY OF LAS VEGAS TO PRESENT THIS CASE.

AND IT WAS A VERY DIFFICULT PROCESS.

WE GOT TO EASE THE PROCESS.

THE PERMITTING THE ZONING AND THE LAND AVAILABILITY ARE THE THREE KEYS, AND LOW INTEREST FINANCING THAT THE STATE COULD PROVIDE, PLUS SUBSIDIZED FUNDING THAT THE STATE COULD PROVIDE.

>> OKAY.

SO LET'S BREAK THAT DOWN.

THE SUBSIDIZED HOUSING HE'S TALKING ABOUT, THAT IS FROM HUD, GIVEN TO THE STATE TO DISTRIBUTE, CORRECT?

>> CORRECT.

>> OKAY.

SO THEN PERMITTING ZONING, CAN A PRESIDENT ACTUALLY HAVE AN IMPACT IN THIS AREA?

>> THOSE ARE LOCAL ISSUES.

>> THOSE ARE LOCAL ISSUES.

>> SO THEN WHAT ARE THE MOST IMPORTANT POLITICAL OFFICES THAT PEOPLE SHOULD BE LOOKING AT ON THEIR BALLOT THIS NOVEMBER IF HOUSING IS A TOP PRIORITY FOR THEM?

>> SINCE I'M NOT ON THE BALLOT THIS NOVEMBER I WILL OPINE HERE.

EVERY LAYER OF GOVERNMENT MATTERS FOR HOUSING.

THE FEDERAL GOVERNMENT MATTERS FOR HOUSING FOR THE REASONS WE'VE DISCUSSED.

LOCAL GOVERNMENTS, YOUR COUNTY COMMISSIONS, YOUR CITY COUNCILS, THOSE ARE GOING TO BE PEOPLE THAT HAVE TO GO AND TELL THE COMMUNITY THAT WE'RE BUILDING AFFORDABLE HOUSING NEXT TO THEM, AND THEY'VE GOT TO BE OKAY WITH IT, RIGHT?

BECAUSE WE CAN'T PEOPLE CAN'T GET INTO HOUSING AND THEN JUST SHUT THE DOOR BEHIND THEM ASSUMING THAT NOBODY ELSE IS ON THEIR WAY UP.

IT DOES NOT WORK AND THERE IS A FAIR AMOUNT OF NIMBYISM ACROSS THE STATE, ACROSS THE COUNTRY, RIGHT, THAT IT'S NOT IN MY BACKYARD, RIGHT?

WE WOULD ABSOLUTELY LOVE AFFORDABLE HOUSING, BUT NOT RIGHT HERE.

AND THEN WHAT ENDS UP HAPPENING IS THERE THERE IS NO PLACE FOR, THAT WAS WHAT THE GOVERNOR WAS REFERRING TO.

SO CITY COUNCIL FOLKS, RIGHT, HAVING THE TENACITY AND FRANKLY THE COURAGE TO DO THAT WORK, THE COUNTY COMMISSION HAVING THE COURAGE TO DO THAT WORK.

AND THEN FROM A STATE LEVEL, RIGHT, LOOKING AT STATE POLICIES THAT ARE GOING TO, AS WE'VE DISCUSSED, INCREASE SUPPLY, FOCUS ON INCREASING SUPPLY AND TO SOME EXTENT GIVE PREFERENCE TO OWNER OCCUPIED, RIGHT?

YOU KNOW, WE HAVE A REALLY BIG ISSUE IN NEVADA, SPECIFICALLY IN SOUTHERN NEVADA WITH SORT OF THIS MASSIVE CORPORATE OWNERSHIP, THIS FINANCIAL INSTITUTION OWNERSHIP OF SINGLE FAMILY HOMES, THEY'RE TAKING THEM OFF THE MARKET, THEY'RE PUTTING THEM DIRECTLY INTO THE RENTAL MARKET AS OPPOSED TO ALLOWING THEM TO BE SOLD.

AND IT IS, AT LEAST FROM OUR POINT OF VIEW, AND I'D BE REAL CURIOUS TO SEE WHAT YOU ALL ARE SAYING, IT IS STIFLING THE AMOUNT OF INVENTORY ON THE MARKET, IT IS RAISING PRICES, AND IT'S NOT GOOD FOR NEVADA.

>> BUT WE NEED TO KEEP IN MIND, TOO, THAT CORPORATE INVESTORS OR CORPORATE BUYERS ALSO BAILED US OUT OF THE DOWNTURN IN 2008 AND 2009 AND BUYING A LOT OF THE INVENTORY THERE AS WELL.

SO YES, I THINK THERE NEEDS TO BE SOME INCENTIVES TO SELL TO OWNER OCCUPANTS.

I THINK THEY SHOULD GET PRIORITY BECAUSE WE HAVE A NEED FOR THEM TO GET IN THERE AND IT SHOULDN'T BE DETERMINED BASED JUST ON, HEY, WHO'S GONNA PAY THE HIGHEST PRICE.

>> AND ARE YOU TALKING ABOUT INCENTIVES VERSUS PENALTIES, PERHAPS?

>> INCENTIVES ARE JUST PENALTIES THAT ARE MORE POLITICALLY APPROPRIATE FOR US, RIGHT?

I MEAN, IF WE'RE ABLE, WE WANT TO INCENTIVIZE INDIVIDUALS WHO ARE BUYING HOMES THAT THEY ARE THEN GOING TO LIVE IN, WHICH MEANS BY DEFINITION THAT THAT INCENTIVE WOULD NOT BE AVAILABLE FOR SOMEONE WHO'S BUYING THE HOME AND NOT PLANNING ON LIVING IT, RIGHT?

THE BIDEN-HARRIS ADMINISTRATION PUT OUT A PROPOSAL WHERE THEY WOULD PUT SOME RESTRICTIONS, REMOVE SOME TAX BENEFITS FROM A LANDLORD'S GREATER THAN 50 UNITS IF THEY DID NOT DO THE THINGS THAT WOULD INCENT TO OWNER-OCCUPIED.

THEY WOULD INCENT PEOPLE BEING IN HOMES FOR LONG PERIODS OF TIME.

AND THAT'S A CARROT, RIGHT?

BUT IT'S ALSO -- THE OTHER SIDE IS A STICK.

>> LAND AVAILABILITY, BEFORE I FORGET ABOUT THAT, HOW MUCH INFLUENCE DOES THE PRESIDENT HAVE IN MAKING THE FEDERAL LAND THAT THERE IS SO MUCH OF IN NEVADA AVAILABLE FOR DEVELOPMENT.

>> MASSIVE.

>> MASSIVE.

YOU WOULD SAY THE SAME THING?

OKAY.

SO THERE'S SOMETHING.

>> THE BLM, THE BUREAU OF LAND MANAGEMENT CONTROLS THAT PROCESS.

IT IS AS BYZANTINE AS THE DAY IS LONG, RIGHT?

I MEAN, LOOK, GOVERNMENT, SOMETIMES THE GOVERNMENT TAKES A LITTLE BIT LONGER THAN WE SHOULD, RIGHT?

BUT THE BLM TAKES A LITTLE BIT LONGER, AND THE GOVERNMENT'S SAYING THAT, RIGHT?

SO WE'RE TALKING ABOUT A LONG PERIOD OF TIME.

IF THEY WERE TO SPEED UP THAT PROCESS, AND IT'S NOT JUST THE AVAILABILITY OF ALL LAND AND I THINK THIS IS IMPORTANT RIGHT BECAUSE 80% IN NEVADA GIVE OR TAKE IS OWNED BY THE FEDERAL GOVERNMENT BUT A LOT OF THAT LAND IS NOT LAND WE SHOULD PUT AFFORDABLE HOUSING ON.

BUT AS WE SAW ON THAT PROJECT WHERE WE WERE AT THE GROUND BREAKING FROM THAT OVATION PROJECT, THEY WERE ABLE TO TAKE AN INFILL PIECE OF LAND, LAND THAT IS ALREADY SURROUNDED BY SERVICES AND PUBLIC TRANSPORTATION AND OTHER HOUSING AND COMMUNITIES AND SCHOOLS.

AND WE'RE GOING TO BE ABLE TO BUILD UNITS THERE.

RIGHT.

SO IT'S NOT JUST GETTING MORE LAND FROM THE FEDERAL GOVERNMENT, IT'S GETTING THE RIGHT LAND FROM THE FEDERAL GOVERNMENT.

AND THEN THE COUNTY COMMISSION, THE CITY COUNCIL'S BEING COURAGEOUS ENOUGH TO SAY WE'RE GOING TO USE THAT LAND FOR AFFORDABLE HOUSING.

>> WE NEED MORELAND FROM FEDERAL GOVERNMENT, BUT WE NEED IT NOT JUST FOR AFFORDABLE HOUSING.

I MEAN, WE NEED IT IN GENERAL.

>> THAT'S ABSOLUTELY RIGHT.

>> AND THEN THE OTHER THING IS THE LAND NEEDS TO COME AT AN AFFORDABLE PRICE, BECAUSE BUILDERS CAN ONLY SELL IT BASED ON WHAT THE COSTS ARE.

AND THAT LAND PURCHASE IS THE BEGINNING OF THE COSTS.

AND SO WE NEED IT AN AFFORDABLE PRICE THAT ALLOWS BUILDERS TO BUILD SOMETHING AT AN ECONOMIC AMOUNT.

>> I UNDERSTAND THAT NEVADA REALTORS WAS NOT TOO HAPPY WITH WHAT PRESIDENT BIDEN PROPOSED AS FAR AS THAT, NOT JUST THAT RENTAL CAP, BUT ALSO, YOU KNOW, WITH THE LAND THAT HE INTENDS TO MAKE AVAILABLE.

I MEAN, THE LAND, HE'S TALKING ABOUT THE FEDERAL GOVERNMENT LAND THAT IT WILL BE USED FOR AFFORDABLE HOUSING.

ARE YOU FAMILIAR WITH THE RECENT PROPOSAL HE MADE WHEN HE WAS HERE IN NEVADA?

>> YEAH.

>> I MEAN, YOU DON'T THINK THAT'S ENOUGH LAND AND IT'S NOT FOR... >> WE DON'T THINK IT'S ENOUGH LAND.

I THINK IT'S EARMARKED FOR GOVERNMENT-ASSISTED OR AFFORDABLE HOUSING, RIGHT?

LOW INCOME.

BUT IT'S ONLY IN SOUTHERN NEVADA, AND WE HAVE A PROBLEM STATEWIDE.

AND SO WE NEED IT ACROSS THE STATE.

AND THEN, YEAH, AND THEN ON THE OTHER SIDE, THE RENTAL CAPS OR THE RENT CONTROL THAT WERE PROPOSED WE WERE ADAMANTLY AGAINST.

>> TELL ME WHY.

AND JUST TO CLARIFY, THAT WAS A 5%, NO, 10% CAP.

5% CAP, I APOLOGIZE, 5% CAP, ANNUAL CAP ON LANDLORDS RAISING THE RENT FOR LANDLORDS THAT HAVE MORE THAN 50 UNITS.

OKAY, BUT THEN, YOU KNOW, LAST LEGISLATIVE SESSION HERE IN THE STATE, THERE WAS THE PROPOSAL FOR A 10% CAP FOR PEOPLE AGED 62 YEARS AND OLDER.

SO IF THIS COMES UP AGAIN, WHY WOULD YOU OPPOSE IT?

>> SO RENT CONTROL IS A FAILED POLICY AND IT'S BEEN DEMONSTRATED IN CITIES ACROSS THE COUNTRY AND WE BELIEVE IT'S NOT THE RIGHT DIRECTION TO GO IS TO LIMITING WHAT A PRIVATE PROPERTY OWNER CAN RENT THEIR PROPERTIES FOR.

WHEN YOU LOOK AT IT IT FROM THE BIDEN ADMINISTRATION SAYING HEY 50 UNITS OR MORE IT SOUNDS LIKE, OH, IT'S A GOOD DEAL THAT JUST AFFECTS THE CORPORATE THING.

BUT WE BELIEVE THAT RENTAL RESTRICTIONS STUFF LIKE THAT SHOULD BE DONE ON A STATE AND LOCAL LEVEL.

THERE'S COMMUNITIES ALL ACROSS THE COUNTRY THAT THE FEDERAL GOVERNMENT DOESN'T KNOW HOW THAT WOULD ACTUALLY IMPACT THEM AND SO, LIKE I SAID, I THINK THOSE DISCUSSIONS THAT YOU HAD WITH YOUR LOCAL GOVERNMENT AND THE STATE GOVERNMENT.

AND YES, LAST LEGISLATIVE SESSION, IT WAS A BIG TOPIC.

AND WE ANTICIPATE THIS CAN BE A HUGE TOPIC GOING INTO THE FUTURE.

WE AGREE THAT SOMETHING NEEDS TO BE DONE.

WE JUST DON'T THINK IT'S BASED ON THE RESTRICTIONS OF RENTAL CAPS.

WE THINK THAT THERE'S MORE HARM THAT CAN COME FROM THAT THAN GOOD.

>> JUST TO CLARIFY A LITTLE BIT ON THE BIDEN-HARRIS PROPOSAL, BECAUSE I THINK THE DETAILS MATTER HERE, RIGHT?

IT IS NOT A RESTRICTION AGAINST RAISING THE RENT MORE THAN 5% FOR OWNERS OR MORE THAN 50 UNITS.

IT'S AN AGREEMENT THAT SAYS IF YOU RAISE THE RENT MORE THAN 50%, YOU DO NOT GET TO TAKE ADVANTAGE OF THE ACCELERATED DEPRECIATION SCHEDULE ALLOWED BY THE TREASURY, ALLOWED BY THE IRS, IN EXCHANGE FOR KEEPING THE RENTS LOW, WHICH IS THE FUNCTIONALLY THE SAME THING THAT WE TALK ABOUT WHEN IT COMES TO SUBSIDIZE HOUSING, RIGHT?

THE FEDERAL GOVERNMENT IS GOING TO COME IN, YOU ARE GETTING A BENEFIT IN EXCHANGE FOR THAT BENEFIT, YOU'RE TAKING SOMETHING OFF THE TABLE.

AND I THINK EACH INDIVIDUAL LANDLORD, EACH CORPORATE LANDLORD, COULD MAKE A DECISION TO TAKE THAT TAX HIT AND RAISE THE RENTS MORE OR NOT TAKE THAT TAX HIT AND KEEP THE RENTS THERE.

AND THAT ALLOWS THE DECISION TO BE MADE BY THE ACTUAL, BY THE CORPORATE OWNER, RIGHT, AS OPPOSED TO BY THE GOVERNMENT, WHICH I THINK WE BOTH AGREE IS BETTER WHEN THE CORPORATE OWNER IS IN THE LEAD.

FROM A STATE PERSPECTIVE, LOOK, WE'VE GOT TO BUILD SUPPLY, RIGHT?

AND THINGS THAT TAKE AWAY FROM US BUILDING SUPPLY ARE DEALING WITH THE SYMPTOMS OF A PROBLEM AS OPPOSED TO THE UNDERLYING PROBLEM.

WE'VE GOT TO FOCUS ON SUPPLY.

>> IS THERE A FORM OF RENT CONTROL THAT YOU WOULD SUPPORT IN NEVADA?

>> WELL, I THINK WHEN YOU LOOK AT THE BIDEN-HARRIS PROPOSAL, RIGHT, THAT'S NOT RENT CONTROL.

IT'S LITERALLY AN INCENTIVE FOR PEOPLE TO DO THE RIGHT THING.

I THINK WHEN WE LOOK AT THE COST OF MOVING FAMILIES, OF MOVING THE ELDERLY, OF MOVING INDIVIDUALS WHO ARE DISABLED, WHICH WAS THE OTHER GROUP PRESENTED, PROTECTED BY THAT THING, YOU KNOW, THAT'S A REALLY SIGNIFICANT STATE COST.

NOW, I THINK ON THE OTHER SIDE, WE AT THE STATE NEED TO SAY, OKAY, LOOK, IF WE'RE GOING TO, IF WE'RE GOING TO INCENT, IF WE'RE GOING TO CREATE A STRUCTURE WHERE YOU CAN'T RAISE RENTS ON CERTAIN INDIVIDUALS, THEN THE STATE HAS TO COME IN AND MAKE THAT LANDLORD WHOLE.

>> DO YOU WANT TO RESPOND?

>> NO, I WOULD AGREE WITH THAT.

I MEAN, YOU CAN'T EXPECT THE PROPERTY OWNERS TO TAKE ON THE ENTIRE BURDEN OF OUR HOUSING CRISIS.

>> THAT'S EVERYBODY'S RESPONSIBILITY.

>> WHAT ABOUT PROPERTY TAXES?

THEY CAN CERTAINLY IMPACT THE AFFORDABILITY OF A HOME.

WOULD YOU SUPPORT ANY FORM OF PROPERTY TAX REFORM IN NEVADA?

>> I MEAN, THIS IS JUST ZACH TALKING, NOT THE POSITION OF THE GOVERNMENT, ALTHOUGH I SUPPOSE.

BUT FROM A TREASURY PERSPECTIVE, WE THINK THERE'S WORK TO BE DONE.

OUR PROPERTY TAX STRUCTURE IS UPSIDE DOWN.

I THINK THAT WORK IS GONNA BE REALLY HARD.

AND FRANKLY, I WOULD NOT START ANYWHERE CLOSE TO HOUSING.

I WOULD FOCUS ON THE COMMERCIAL SIDE OF THE MARKET AND MAKING SURE THAT WE'RE ABLE TO CLOSE SOME OF THE LOOPHOLES AND THE TRANSFER TAX, RIGHT, WHERE LARGE TRANSFERS, REAL ESTATE TRANSFERS ARE HAPPENING, BUT TOTALLY GETTING AWAY FROM THE TRANSFER TAX, WHICH WAS INTENDED TO CAPTURE THE BENEFIT OF THOSE, RIGHT?

THERE'S WORK TO DO IN THE PROPERTY TAX UNIVERSE, AND I THINK A LOT OF IT BEFORE WE GET ANYWHERE CLOSE TO WHAT'S HAPPENING ON THE RESIDENTIAL SIDE.

>> I AGREE 100%.

THERE'S A LOT OF WORK TO DO ON THAT.

IT'S NOT THE EASIEST SYSTEM TO UNDERSTAND.

>> THEN IF I TAKE ALL OF THIS TOGETHER, WHAT I GET IS MY VOTE FOR PRESIDENT WON'T REALLY MATTER IN TERMS OF HOUSING.

>> IT WILL ABSOLUTELY MATTER IN TERMS OF HOUSING.

>> WELL BECAUSE SOME OF THE THINGS THAT WE'RE TALKING ABOUT, BOTH CANDIDATES SAY THEY'RE GOING TO DO.

>> WELL, BUT THIS IS -- >> MINUS MAYBE SOME OF THE MONEY FOR HUD.

>> THE MONEY FOR HUD IS THE ENTIRE THING.

YOU CAN RELEASE EVERY PARCEL, WE CAN TAKE THE ENTIRE AMOUNT OF FEDERAL LAND AND GIVE IT BACK TO NEVADA, WHICH BY THE BY, FROM A NEVADA PERSPECTIVE, WE HAVE ABSOLUTELY NO ABILITY TO MANAGE NOR DO WE HAVE THE MONEY TO DO IT, RIGHT?

BUT WE COULD TAKE ALL OF THOSE 80% OF THAT LAND BACK IN.

AND IF YOU REMOVE THE SUPPORT FROM THE FEDERAL GOVERNMENT TO BUILD SUBSIDIZED HOUSING.

DO YOU KNOW HOW MUCH SUBSIDIZED HOUSING WILL BE BUILT ON THAT LAND?

ABSOLUTELY ZERO.

>> LET ME SAY THE REPUBLICAN PLATFORM, THE 2024 GOP PLATFORM TO MAKE AMERICA GREAT AGAIN.

REPUBLICANS WILL REDUCE MORTGAGE RATES BY SLASHING INFLATION, OPEN LIMITED PORTIONS OF FEDERAL LANDS TO ALLOW FOR NEW HOME CONSTRUCTION, WHICH WE HAVE TALKED ABOUT, PROMOTE HOME OWNERSHIP THROUGH TAX INCENTIVES AND SUPPORT FIRST-TIME HOME BUYERS, WHICH WE HAVE BOTH TALKED ABOUT AND CUT UNNECESSARY REGULATIONS THAT RAISE HOUSING COSTS.

SO THEN THE DIFFERENCE IS BETWEEN, IF WE'RE TALKING ABOUT ADMINISTRATIONS, HOW MUCH MONEY IS GOING TO BE PUT TOWARDS THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, WHICH WILL LEAD TO SUBSIDIZE HOUSING.

>> WHICH THEN LOWERS THE COST FOR ALL HOUSING, RIGHT?

LIKE ALL OF THESE THINGS MATTER.

AND I THINK IT'S ALSO IMPORTANT TO LOOK AT, YOU KNOW, WE TALK ABOUT THE 2024 PLATFORM, LET'S LOOK AT PROJECT 2025 AND WHAT THEY'RE TALKING ABOUT DOING WHEN IT COMES TO HOUSING.

>> WHICH FORMER PRESIDENT TRUMP DENIES HAVING ANY CONNECTION?

>> SURE AFTER HIS VICE PRESIDENTIAL CANDIDATE HELPED WRITE IT, BUT OKAY, WE'LL JUST COUCH THAT ANSWER A LITTLE BIT.

WHEN WE LOOK AT WHAT IS IN THAT PROPOSAL, RIGHT, THE REMOVAL OF THE ADMINISTRATIVE PROFESSIONALISM IN THE STATE, WE HAVE HUD OFFICERS WHO ARE IN THIS COMMUNITY WHO KNOW THE WORK THAT NEEDS TO BE DONE THERE.

AND THE GOAL OF PROJECT 2025, AMONGST A LOT OF OTHER CRAZY THINGS, SOME WEIRD STUFF IN THERE, IS TO REMOVE ALL OF THOSE PEOPLE, RIGHT?

SO REMOVE EVERYBODY WHO'S BEEN WORKING TO MAKE SURE HOUSING CAN BE MORE AFFORDABLE AND REPLACE THEM WITH PEOPLE WHO ARE LOYAL TO AN ADMINISTRATION.

I MEAN, WE'VE GOT TO BE REALLY SPECIFIC HERE.

EVERY CHOICE ON THE BALLOT MATTERS WHEN IT COMES TO HOUSING.

AND I THINK VOTERS SHOULD ASK EACH AND EVERY PERSON THEY'RE GOING TO VOTE FOR, WHAT ARE THEIR PLANS TO USE THE LEVERS OF WHATEVER OFFICE THEY'RE RUNNING FOR, TO CENTER HOUSING IN THAT CONVERSATION, BECAUSE THERE IS NO CRISIS THAT IS MORE EXISTENTIAL OR IMPORTANT TO BOTH THE ECONOMIC AND JUST SOCIETAL FUTURE OF THIS STATE THAN HOUSING.

>> THAT IS ALL THE TIME WE HAVE FOR TODAY'S SHOW, BUT WE'RE GOING TO CONTINUE THIS DISCUSSION ON NEXT WEEK'S SHOW.

ZACH CONINE, NEVADA STATE TREASURER; BRANDON ROBERTS, PRESIDENT OF NEVADA REALTORS.

THANK YOU FOR JOINING "NEVADA WEEK," AND THANK YOU FOR WATCHING.

FOR ANY OF THE RESOURCES DISCUSSED GO TO VEGASPBS.ORG/NEVADAWEEK, AND I'LL SEE YOU NEXT WEEK ON "NEVADA WEEK."