An investigation into property records suggests that Pretium Partners, a New York-based hedge fund, is likely the largest homeowner in Clark County, Nevada. Their subsidiary, Progress Residential, reportedly owns over 3,000 homes in the area. Despite Pretium’s lack of confirmation on exact numbers, the county’s records suggest their holdings could be as high as 4,500 homes. This practice of property acquisition often involves using various LLCs, complicating the tracking of ownership.
The situation reflects a broader trend where institutional investors are increasingly owning a significant portion of the housing market. In Clark County, investors own about 15% of the housing stock, with this figure rising to nearly 25% in North Las Vegas. This has raised concerns about housing affordability and accessibility.
U.S. Representative Steven Horsford has criticized these investment practices, arguing they limit homeownership opportunities and contribute to housing price inflation. He introduced legislation aimed at curbing potential exploitative practices by large investors like Pretium.
Pretium, on the other hand, claims to be addressing the housing shortage by providing rental options and investing in housing development. They argue that their activities contribute to housing market liquidity, especially post-recession.
Despite these claims, local stakeholders like Maurice Page of the Nevada Housing Coalition argue that corporate ownership exacerbates Nevada’s volatile housing market. They call for stricter regulations to limit corporate acquisitions and ensure housing availability for local families.
The challenges in accurately tracking ownership and the impact of corporate investors on the housing market have been highlighted by experts like Nicholas Irwin from UNLV. He points out the need for better data collection and transparency to understand and potentially regulate corporate housing ownership more effectively.
The debate continues as stakeholders push for more oversight and accountability to address the housing crisis in Nevada, aiming to prioritize the needs of local residents over corporate interests.