North Las Vegas homes have a Wall Street problem

November 13, 2023

Residents in a suburban North Las Vegas neighborhood, Kings Crossings, are grappling with the challenges posed by large corporate landlords dominating the single-family rental market. The landscape is marked by U-Haul moving trucks, eviction notices, and vans from American Homes 4 Rent, one of the nation’s major corporate landlords. Amid a backdrop of beige, cookie-cutter homes, the residents, like 29-year-old Deja Bordenave, express frustration at the diminishing affordability of the American dream. During the pandemic, Wall Street-backed companies and hedge funds substantially increased their presence in Southern Nevada’s single-family rental market, driving up property prices and leaving tenants vulnerable to rent hikes. Housing experts, including Rutgers University’s Eric Seymour, highlight the impact of these corporate landlords, who often outbid individual homebuyers and contribute to the unattainability of homeownership for many.

Seymour’s analysis reveals that these corporations, including American Homes 4 Rent, have more than doubled their holdings in Clark County, owning over 13,000 homes, compared to fewer than 8,000 in 2019. The situation is particularly acute in North Las Vegas, where explosive growth has led to a fivefold increase in American Homes 4 Rent’s presence. Critics argue that the influx of corporate landlords disproportionately affects minority communities, prompting calls for federal investigations into potential artificially inflated rent and property costs. Despite this scrutiny, efforts at housing reforms face challenges at both the federal and state levels, leaving working-class individuals like Deja Bordenave feeling that the traditional American dream of homeownership is slipping away.

Review Journal, November 13, 2023

Related articles:

Las Vegas Review-Journal, December 5, 2019, Investigative process

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