June 25, 2023 - 7:22 pm
Nevada homeowners fared better than expected during the recently concluded session of the Nevada Legislature. So says leaders of Nevada Realtors.
“Compared to what we thought could happen when it started, the session went fairly well,” NVR President Tom Blanchard said. “We appreciate legislative leaders for their efforts and for generally considering and supporting our positions on key issues. We also want to thank to Gov. Joe Lombardo for being the backstop we needed to keep Nevada safe from some legislation that could have had negative consequences for Nevada and its property owners.”
For example, NVR leaders said state lawmakers did not pass legislation that could have led to rent control laws in some parts of the state. NVR has opposed rent control and related measures, with association leaders and industry experts saying such laws are counterproductive, would discourage development and further restrict an already low housing supply in Nevada.
In the end, Senate Bill 426 failed to pass. Opposed by NVR and other industry groups, it could have created the first rent control laws in Nevada.
Another bill that failed to become law was Assembly Bill 298, introduced by Assemblywoman Sandra Jauregui, D-Las Vegas. It would have authorized rent stabilization measures for senior citizens and people with disabilities. After being passed by the Legislature, Gov. Lombardo vetoed the bill.
Other bills that did not advance included SB 68, which proposed using revenue from the Real Property Transfer Tax for a Critical Needs Fund for supportive housing. The bill died after advancing without recommendation from the Senate Committee for Revenue and Economic Development in April.
Likewise, SB 143 would have prohibited landlords from refusing to rent to someone who had been acquitted, granted a pardon or otherwise exonerated for a crime. It never reached the governor’s desk.
NVR also supported AB 448, which was passed by the Legislature and is being considered by Gov. Lombardo. Blanchard said NVR supported this effort to review the 14 exemptions recognized under Nevada law that allow certain real estate transactions to avoid paying the Real Property Transfer Tax.
“Hard-working Nevadans pay the RPTT, whether they are first-time homebuyers or longtime property owners,” Blanchard said. “Yet, large corporate entities can escape paying the RPTT due to these exemptions, leaving millions of dollars out of the coffers of state and local governments. Fundamentally, this situation has been unfair for everyday Nevadans.”
Nevada Realtors, formerly known as the Nevada Association of Realtors, is a professional trade association with more than 20,400 members committed to protecting, promoting and preserving our communities. Visit nevadarealtors.org.