Opinion: Kamala Harris’ affordable housing plan is right for Nevada

The American Dream rests on a simple premise: no matter where you come from, if you work hard, you can purchase a home and lay the groundwork for building generational wealth.

Unfortunately, too many families in today’s economy find their dreams of homeownership increasingly out of reach. 

Housing affordability is a top priority for voters everywhere. Suppose we expect states and local governments to tackle the root issues of our housing crisis. In that case, we need federal leadership to deliver the bold action necessary to make housing more affordable and attainable for everyone.

To make this a reality, Nevadans and all Americans need Vice President Harris’ forward-looking plans, and we should reject Donald Trump and his allies’ failed ideas. 

It’s no secret that cities across America are experiencing the most acute housing crisis we have ever seen. As the chief financial officer for the State of Nevada, I see firsthand how our current housing environment is making it virtually impossible for workers and their families to get ahead. 

Nevada faces one of the most significant housing shortages in the country. Over 113,000 units are needed for households earning under 50% of the Area Median Income. And nationwide, we need approximately 4 million new housing units to keep pace with demand.

At its core, housing instability leads to broader economic instability. During the Great Recession, we saw first-hand what can happen to our economy when the housing market collapses. With Nevada’s dominant hospitality and service industry economy, the housing bubble bursting led to a prolonged economic contraction that hindered job creation for almost a decade.

During the COVID-19 pandemic, I led Nevada’s efforts to prioritize emergency rental assistance to tenants and landlords, negotiate with banks and mortgage lenders to prevent them from foreclosing on homeowners and dedicate $500 million from the American Rescue Plan to increasing our affordable housing supply.

While these actions prevented an economic depression, we nonetheless face a housing market today that shows no signs of improving unless we find ways to work across all levels of government to find solutions.

Inflation is finally coming back down, but high interest rates make it more difficult for individuals to purchase their first homes and dampen our state’s ability to build up new housing supply. In 2023, Nevada saw an 8% decline in all new housing permits, and new multi-family project permits decreased by more than 32%. 

When you couple this lack of available supply with the fact that roughly 15% of homes in Las Vegas are now owned by corporate investors, rental increases will continue to outpace wage growth for the foreseeable future. 

Unless things change. 

And we can bring that change to Nevada and across the country.

Harris understands that addressing our housing crisis is fundamental to ensuring a strong economy. That’s why her Opportunity Economy plan includes a comprehensive plan to lower housing costs, end America’s housing shortage, and provide families with the tools to get ahead.

Her plan will construct three million new homes across the country, provide the first-ever tax incentive for homebuilders who build starter homes sold to first-time homebuyers, and dedicate $40 billion to support an innovative Housing Construction Fund.

A Harris-Walz administration will ultimately lower hardworking families’ rent by investing in our housing supply. Further, her plans call for $25,000 in down payment assistance to first-time homebuyers.

On the other hand, Donald Trump proposed slashing funding for the Department of Housing and Urban Development by nearly 20%. Every executive budget of former President Trump proposed eliminating key programs supporting affordable housing efforts nationwide.

Furthermore, Project 2025, the shadow policy playbook for a potential Trump-Vance administration, would undo the Fair Housing Act, which prevents discrimination in multi-family housing. The plans also call for eliminating the Housing Supply Fund that President Biden and Vice President Harris established to tackle our housing shortage.

Simply put, Donald Trump will make it even more difficult for state and local leaders to help their constituents. That means the housing crisis will not only continue but get worse. The housing situation in America is the most existential threat to our future economic well-being. With approximately 12,000 millennials turning 35 each day, we simply don’t have time to waste to address our housing market. 

If we don’t act, then our current housing crisis will turn into a housing catastrophe with unimaginable economic consequences for the next generation.

That’s why we desperately need leaders in Washington who will do what it takes to build more housing. Kamala Harris is that leader.