LAS VEGAS, Nevada – Nevada Governor Joe Lombardo wants President Biden to stop the federal government from spending too much money and do something about the lack of affordable homes in Nevada.
Nevada’s Governor Lombardo said, “The lack of housing and rising prices are now tearing at the very fabric of our state.” As of yesterday, the March Consumer Price Index from the U.S. Bureau of Labor Statistics showed that prices rose 3.5% over March 2023. This can’t go on forever. Stopping future inflation through too much government spending is something your administration needs to do right away. If they don’t, it will be disastrous not only in Nevada but all across the country.
Lombardo was worried about how the home market would be affected by the fact that inflation and interest rates would stay high.
“The Federal Reserve of St. Louis says that the average price of a home in Las Vegas was $342,995 when you took office in 2021.” But that price had gone up to $460,000 by January 2024. If you bought a typical home in January 2021 with a 3.5% down payment and an FHA loan (principal and interest only), your monthly payment would have been $1,363.00 at the market interest rate of 2.82%. At the market interest rate of 6.51%, that same typical home would cost $2,808.00 per month today. That’s more than twice as much as what Nevada families pay each month, he told Biden.
The Democrats in Nevada said that Lombardo was trying to avoid responsibility and that he blocked a bill that would have lowered housing costs.
A spokesman for the Nevada State Democratic Party, Tai Sims, said in a statement, “President Biden gave Nevada $1 billion to boost affordable housing, lower housing costs, and keep homeowners and renters in their homes. He has also proposed a plan that would provide up to $35,000 in assistance for first-generation and middle-class homebuyers.””All Lombardo did was give in to the creepy billionaire who gave him money for his campaign for governor.”
In his letter to Biden on Thursday, Lombardo brought up the same issues he had raised in a letter to the President when he arrived in the Biggest Little City in March.
“We must remember the effects that short-sighted policies and wasteful spending have on all Americans and must all show restraint so that hard-working families can still reach the American Dream,” Governor Lombardo said in the end. “Mr. President, it’s time for your government to follow the rules of a free market based on supply and demand and cut back on wasteful federal spending that hurts families in Nevada.”
