In a surprising development, Donald Trump has expressed support for a ban on large corporate investors purchasing homes, aligning with a stance that Democrats in Nevada have been advocating for years. Joe Lombardo, however, has blocked similar initiatives, raising questions about his ties to Wall Street and affluent special interests.
Back in 2023, Lombardo vetoed a legislative proposal designed to restrict the number of homes big corporations could acquire annually, echoing Trump’s current proposition. During the 2025 legislative session, Lombardo reportedly urged his party members to oppose a similar bill.
Amid Lombardo’s resistance to curbing corporate home purchases, major Wall Street firms such as Pretium Partners and Invitation Homes have emerged as the largest property owners in the Las Vegas Valley, holding around 8,000 homes.
Although Lombardo highlighted Nevada’s housing crisis during his 2022 campaign, he has since vetoed efforts towards affordable housing reforms. This comes at a time when foreclosure and eviction rates in Nevada have soared, leading to a homelessness crisis reminiscent of the Great Recession. Reports indicate a 20% spike in homelessness, the highest since the recession.
A recent survey reveals that a vast majority of Nevadans find housing unaffordable under Lombardo’s leadership. With most homes in Las Vegas being out of reach for typical buyers, one in three Nevadans is contemplating leaving due to escalating housing costs. Meanwhile, tariffs supported by Trump and Lombardo are expected to increase building and purchasing expenses.
Nevada State Democratic Party Executive Director Hilary Barrett:
“Joe Lombardo is now even more extreme than Donald Trump when it comes to helping families afford to buy a home. As Nevadans struggle with housing costs, Lombardo has consistently fought to protect the profits of his Wall Street backers by blocking efforts to limit their ability to price people out of the housing market. Make no mistake: this is Lombardo’s housing crisis and he will always side with billionaires and out-of-state corporations over working Nevadans.”
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