LAS VEGAS (KTNV) — During this election, one of the biggest topics on the minds of voters is the economy and housing affordability.
In Southern Nevada, the average price of a single-family home in August of this year was $476,875, almost back to the record high set during the pandemic.
I looked into what both Vice President Kamala Harris and former President Donald Trump have planned when it comes to housing.
On Trump’s website, the policy says:
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Andrew Harnik/AP
“To help new home buyers, Republicans will reduce mortgage rates by slashing inflation, open limited portions of federal lands to allow for new home construction, promote home ownership through tax incentives and support for first-time buyers, and cut unnecessary regulations that raise housing costs.” – Donald Trump’s campaign
To view Trump’s policy, click here.
I spoke to experts in the field to see how this will all play out here in Southern Nevada — experts like Bob Hamrick, President of Coldwell Banker Premier Realty.
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“Opening federal land for Southern Nevada would have the greatest impact for Southern Nevada versus anywhere else in the country because Nevada has the most amount of government owned land,” Hamrick said.
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And if you go over to Harris’ website, this is her policy which reads in part:
“…And she will cut red tape to make sure we build more housing faster and penalize firms that hoard available homes to drive up prices for local homebuyers. Vice President Harris knows rent is too high and will sign legislation to outlaw new forms of price fixing by corporate landlords.
As more new homes are built and affordable housing supply increases, Vice President Harris will provide first-time homebuyers with up to $25,000 to help with their down payments, with more generous support for first-generation homeowners. This will help more Americans experience the pride of homeownership and the financial security that it represents and brings — offering more Americans a path to the middle class and economic opportunity.” – Kamala Harris’ campaign
Evelyn Hockstein/AP
To view Harris’ policy, click here.
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The $25,000 is the biggest one people are talking about. $25,000 to help first-time homebuyers. I asked Hamrick how this would play out.
“Any effort to incentivize buyers to purchase or give them an opportunity to make it easier to purchase is going to be beneficial,” Hamrick said.
“The question is: where is that $25,000 coming from? What is it going to go towards? And the most significant way in which we can have an impact on affordability is to bring down interest rates…I would also say that all real estate is local, and our local governments and state governments have a greater opportunity to impact housing in our states and in our regions than a president does. Whichever president gets elected is going to be great for the housing market.”
I also spoke with Social Sciences Professor Sondra Cosgrove with the College of Southern Nevada to ask which plan is more realistic.
“I think they are both realistic, if either one of them becomes president and they have a Congress that wants to work on these issues I think it is realistic to do. I think every state and every city is going to have a different reaction depending on how much resources we have at a local level to match what is happening at a federal level,” Cosgrove said.
A recent Review-Journal letter to the editor mischaracterized Sen. Catherine Cortez Masto’s Southern Nevada Economic Development and Conservation Act, also known as the Clark County Lands bill. As the former executive director of the Nevada Conservation League, I wholeheartedly support this legislation, so I wanted to set the record straight.
Sen. Cortez Masto has been working on this bill for years in partnership with state and local governments, conservation groups like the NCL and local area tribes. It’s true that the Clark County lands bill would open 25,000 acres to help Las Vegas grow responsibly, while setting aside 2 million acres for conservation. It would also help create more affordable housing throughout the valley while ensuring our treasured public spaces can be preserved for generations to come.
What is not correct is that the money from these land sales would go to the federal government’s coffers. In fact, the opposite is true.
The 1998 Southern Nevada Public Lands Management Act is a landmark bill that identified specific public land for future sale and created a special account ensuring all land sale revenues would come back to Nevada. In accordance with that law 5 percent of revenue from land transfers goes to the state of Nevada for general education purposes, 10 percent goes to the Southern Nevada Water Authority for needed water infrastructure and 85 percent supports conservation and environmental mitigation projects in Southern Nevada. This legislation has provided billions to Clark County and will continue to benefit generations of Southern Nevadans. Sen. Cortez Masto’s lands bill builds upon the act’s success.
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So here’s the good news: All of the money generated from land made available for sale under Sen. Cortez Masto’s bill would be sent to the special account created by the 1998 law. Rather than going to an unaccountable federal government, the proceeds would continue to help kids in Vegas get a better education, bolster outdoor recreation and modernize Southern Nevada’s infrastructure.
I know how important it is that money generated from the sale of public land in Nevada stay in the hands of Nevadans, and so does the senator. That’s why she opposed a Republican effort last year to sell off 200,000 acres of land in Clark County and other areas of the country that would have sent those dollars directly to Washington.
Public land management in Nevada should benefit Nevadans. We should protect sacred cultural sites and beloved recreation spaces, responsibly transfer land for affordable housing when needed and ensure our state has the resources it needs to grow sustainably. I will continue working with Sen. Cortez Masto to advocate for legislation, such as the Clark County lands bill, that puts the needs of Nevadans first.
LAS VEGAS (FOX5) — Nevada’s jobless rate is holding steady, but the state is still adding jobs.
A new report from DETR shows February’s unemployment rate unchanged at 5.3 percent, with the labor force growing by nearly 3,800 people.
MORE ON FOX5: Nevada unemployment rate rises to 5.3% in January
Nevada now has about 1.6 million nonfarm jobs, up 2.2 percent over the past year and 1,500 more jobs than in January.
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“This month’s report shows a strengthening labor market,” said David Schmidt, Chief Economist. ”Compared to the report for January, the pace of job gains in the past year increased from 1.9% to 2.2%, building on what was already the fastest pace of job growth in the country. While the unemployment rate remained stable, the labor force participation rate rose to 63.7%, 1.7 percentage points higher than the national level.”
Regional employment
In Las Vegas, employment ticked up by 1,100 jobs in February, about 0.1 percent, and is up more than 25,000 jobs compared to last year.
Reno added 1,000 jobs on the month, while Carson City shed about 200 but is still slightly above where it was a year ago.