Nevada’s housing crisis is real. Prices are up. Rents are high. Working families are getting squeezed.
And Democrats? They keep pushing rent control — a policy that sounds good but fails in practice.
But now there’s a better idea on the table.
Assembly Bill 540 (AB540), backed by Governor Joe Lombardo and introduced by the Assembly Committee on Government Affairs, is a serious, common-sense plan to address the housing crunch without wrecking the free market.
What Is AB540?
This bill sets up the Nevada Attainable Housing Account, with $200 million in state funds to support housing for working-class Nevadans — not just the very poor.
“Attainable housing” means homes affordable to families earning up to 150% of the area’s median income.
So if the median income in your county is $70,000, this covers folks making up to $105,000 — like teachers, nurses, firefighters, and construction workers.
People who work hard but can’t catch a break in this insane housing market.
It’s not a giveaway. To get funding, builders and nonprofits have to kick in matching dollars.
That means taxpayer money goes further — and projects have skin in the game.
And here’s something smart: the bill cuts red tape.
Projects using this funding are exempt from expensive “prevailing wage” mandates and bureaucratic delays. That means quicker builds and lower costs.
Real Help, Without Socialist Overreach
This plan respects the private sector.
It encourages partnerships between developers, nonprofits, and local governments.
It doesn’t punish landlords.
It doesn’t cap rents.
It doesn’t micromanage the market.
Instead, it builds more housing.
Unlike rent control — which often causes landlords to convert rentals into condos or simply stop building — AB540 offers a real path to more supply.
Think of it this way: if your grocery store runs out of milk, do you ration it — or bring in more cows?
Rent control rations milk. AB540 buys more cows.
Other Perks Worth Noting
- Local governments get rewarded for cutting approval delays.
- Builders in rural areas may get fee waivers and faster contractor licensing if there’s a labor shortage.
- Projects near public land (like federal land in Southern Nevada) can qualify for extra incentives.
- Rental assistance programs can be created to prevent evictions, with reporting systems to track effectiveness.
- The state can help renters build credit by reporting on-time rent payments — totally voluntary for tenants and landlords.
What About Accountability?
A new council — the Nevada Attainable Housing Council — will oversee the funds.
Members include folks with backgrounds in housing, finance, and public service. No one on the council is allowed to profit from the projects they review.
Plus, developers applying for support must show they’ve delivered on past projects. No more fly-by-night companies cashing in on taxpayer money.
Critics Say What?
Some progressive groups argue this doesn’t go far enough. They say rent control is still needed to stop “greedy landlords.”
But studies tell a different story.
A 2018 report by the Brookings Institution found that rent control “reduces the quality and quantity of rental housing” over time.
Even liberal economists like Paul Krugman have admitted that price caps can backfire.
And in places like San Francisco and New York — where rent control has been the law for decades — the housing crisis is still worse than ever.
AB540 is a different approach. One that works with the market, not against it.
A Step in the Right Direction
Nevada doesn’t need heavy-handed price controls. We need more housing. And Assembly Bill 540 delivers.
It helps working families. It cuts red tape. It uses public money wisely. And it avoids the economic disasters caused by rent control.
Housing policy isn’t about slogans — it’s about results.
This bill could be the blueprint Nevada and other states have been waiting for. Let’s hope the Legislature gets this one right.
This article was written with the assistance of AI. Please verify information and consult additional sources as needed.
