32-year-old renter Mason Cunha and his realtor have been struggling to find the right home in Las Vegas due to high interest rates and low inventory. Vice President Kamala Harris plans to address this issue by building three million new homes and rental units, which Cunha supports. Harris also proposes outlawing price fixing by corporate landlords and giving first-time homebuyers up to $25,000 in down payment assistance if they have paid their rent on time for two years. However, potential homebuyers like Andrew Lum are concerned about where the funding for this assistance will come from.
Andrew Lum, a wedding DJ and married father, sold his house when his family expanded and now rents a bigger house because he cannot afford to buy. He believes that his life was better under former President Donald Trump’s administration, as they were able to purchase a home at a lower interest rate and with minimal down payment in 2020. Trump’s plan to reduce mortgage rates through slashing inflation and opening federal lands for new home construction is being contrasted with the Biden administration’s actions, such as transferring a 20-acre plot in Las Vegas for affordable housing. Lum and Cunha both question Trump’s statement that mass deportations will free up more housing, calling it farfetched.
The issue of affordable housing in Las Vegas and across the country is not only impacting potential homebuyers but also renters. With high interest rates and low inventory making it difficult for renters like Mason Cunha to purchase a home, Harris’s proposal to build new homes and rental units is seen as a solution. However, concerns about funding and eligibility for down payment assistance remain among individuals like Andrew Lum, who is currently unable to afford a home despite having owned one previously. The policies and actions of past and present administrations regarding housing are being scrutinized as potential solutions to the housing crisis in Las Vegas.
As Vice President Kamala Harris pushes for solutions to address the housing crisis in Las Vegas, such as building three million new homes and rental units, renters and potential homebuyers are evaluating the feasibility and impact of these proposals. While some, like Mason Cunha, support the idea of increased inventory and assistance for first-time homebuyers, others like Andrew Lum are questioning the details of the plan. Lum’s experience of being able to purchase a home at a lower interest rate during the Trump administration is contrasted with the Biden administration’s focus on opening federal lands for housing development.
The debate over affordable housing in Las Vegas highlights the challenges faced by individuals like Mason Cunha and Andrew Lum in finding a home that fits their needs and budget. The impact of high interest rates and low inventory on the housing market is prompting calls for government intervention and policy reforms, such as Vice President Kamala Harris’s proposal to build new homes and offer down payment assistance. As the housing crisis continues to affect renters and potential homebuyers in Las Vegas, the effectiveness of government actions and policies in addressing these challenges remains a topic of debate and scrutiny. Individuals like Cunha and Lum are navigating the complexities of the housing market in search of a solution that meets their needs and financial capabilities.
