Trade war, hedge funds, lumber: Nevada congressman talks money
LAS VEGAS (KLAS) – The air brake hiss of the bus leaving Chinatown is not a sound commonly linked with the housing crisis, but community leaders tell Nevada's congressional leadership it's a note in their chorus call for help.
There are 78,000 acres of underutilized land in the core of the Las Vegas Valley, according to a new report from the Regional Transportation Commission of Southern Nevada (RTC) and ECONorthwest. Minjia Yan, director of Millenium Commercial Properties, highlighted the report during an affordable housing meeting with U.S. Rep. Steven Horsford (D-Nev.).
'Some of these areas are an abandoned Kmart building on Rainbow and Spring Mountain that has been vacant for 20 years,' Yan said.
RTC bussing is also a part of the conversation as Yan said the cost of transportation and rent is connected.
'The true cost of housing is the cost of housing plus cost of transportation,' she said. 'Where you live, you have to be accessible to where you work, where you go to schools, where you get access to the amenities that you need in your daily life.'
Surrounded by other community leaders, Horsford nodded along with Yan's points and expressed gratitude to the number of viewpoints in the roundtable discussion.
'It's about listening to the leaders in our community who both have the lived experience of housing and affordability,' Horsford said. 'As well as advocates and organizations that are working on the solutions.'
Representatives from Compass Development, Nevada Homeless Alliance, Nevada Housing Coalition, Hopelink of Southern Nevada, and the Nevada Housing Division met with Horsford to discuss their view from the ground level of the housing crisis.
'It's about land, lumber, labor, all of which are driving factors in the affordability crisis, not only for low-income and affordable housing but for housing at every level throughout the valley,' Horsford said. 'And that's something that we are working extremely hard on, and that will help inform our legislation.'
The cost of construction goods for new homes impacted by the Trump administration's newest tariffs, according to Horsford. During a Wednesday hearing the Nevada representative grilled the White House's top trade negotiator on trade strategy.
'So, the trade representative hasn't spoken to the President of the United States about a global reordering of trade and yet he announced it on a tweet? WTF, who's in charge?' Horsford said. 'It looks like your boss just pulled the rug out from under you and paused the tariffs, the taxes on the American people.'
U.S. Trade Representative Jamieson Greer said the president 'is in charge' and that he doesn't disclose his 'conversations with the president.'
Sitting in his office, Horsford told 8 News Now he didn't intend to create the viral moment but instead hoped to focus on the impact on Las Vegas-based tourism.
'I didn't go into that hearing planning to talk about the tariffs and the pause,' he said. 'I actually went into the hearing planning to talk about the effect of tariffs and its impact on our tourism economy, because we've already seen a decline of about 17% of international tourists coming from places like Canada, which is affecting our livelihood and those that work in the tourism.'
Horsford said what happened instead was Greer, who advises the president on trade strategy, appeared to be made aware of the recent tariff pause at the same time as others in the hearing room.
'Which then caused me to question, well, who's in charge and who's actually making these recommendations to the President,' he said. 'And then as he's answering the question, it became obvious to me. Oh, this was their plan all along, which led leads into the question was this market manipulation?'
The influence on the increasing cost of the Southern Nevada housing market also a target for Horsford who pointed to hedge funds as a major culprit.
'These hedge funds have come in and now own nearly a third of the homes in North Las Vegas in particular,' he said. 'That's one in three homes you can drive down certain blocks, and virtually the entire block is owned by these out-of-state hedge funds.'
Horsford said he has introduced legislation to crack down on corporate hedge funds and would address market manipulation.
'I'm about creating economic opportunity,' Horsford said. 'While these other forces are trying to literally take that housing off the market.'
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Newsweek
19 minutes ago
- Newsweek
Kroger To Close 60 Stores Across US: What To Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Kroger announced plans to close 60 of its supermarkets across the United States over the next 18 months, representing about 5 percent of the Cincinnati-based company's 1,239 Kroger-branded grocery stores across 16 states. The popular grocery retailer revealed the closure plans while reporting first-quarter earnings on Friday but has not specified which store locations will be affected or released a list of impacted stores. Newsweek reached out to Kroger on Saturday via email for comment. Why It Matters Companies close store locations for various reasons. While shifts in consumer shopping behavior and lower demand can cause stores to close, corporations often choose to shutter underperforming locations. Sales dropped slightly to $45.1 billion compared to $45.3 billion for the same period a year earlier according to Kroger earnings data. The move comes as grocery retailers nationwide face mounting pressures from changing consumer habits, inflation, and increased competition from discount chains and online retailers. More than 2,500 store closures are planned across the U.S. this year, according to The Mirror. What To Know Kroger expects the 60 store closures to provide a modest financial benefit to the company, according to a regulatory filing. In the first quarter, Kroger recognized an impairment charge of $100 million related to the planned closings. The company indicated that resulting savings will be reinvested into customer experience initiatives across remaining locations. The closures affect Kroger's extensive footprint spanning 16 states, though the company has remained tight-lipped about specific locations. The grocery retailer told CBS MoneyWatch that it will not be releasing a list of the affected stores. This lack of transparency has left employees and customers uncertain about which communities will lose their local Kroger. However, Kroger says it is committed to supporting displaced workers. All employees at affected stores will be offered roles at other Kroger store locations, though details about relocation assistance or wage protection remain unclear. The timing coincides with broader challenges facing traditional grocery retailers. Many chains are grappling with rising operational costs, changing shopping patterns accelerated by the pandemic, and fierce competition from warehouse clubs, dollar stores, and e-commerce platforms. FILE - This June 17, 2014, file photo, shows a Kroger store in Houston. Kroger Co. FILE - This June 17, 2014, file photo, shows a Kroger store in Houston. Kroger Co. AP Photo/David J. Phillip What People Are Saying Kroger company statement: "As a result of these store closures, Kroger expects a modest financial benefit. Kroger is committed to reinvesting these savings back into the customer experience, and as a result, this will not impact full-year guidance." Director of Media Relations/Corporate Communications Erin Rolfes told Newsweek in an email response: "In the first quarter, Kroger recognized an impairment charge of $100 million related to the planned closing of approximately 60 stores over the next 18 months." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, previously told Newsweek: "For some major retailers, 2025 is becoming a year of consolidation. Retail locations that have struggled in recent years to remain profitable due to rising costs and less demand are being shuttered, as companies focus their efforts on more successful stores. The hope is these closures will ultimately produce more fiscal and operational efficiency, but it will come at the cost of customers who favored these locations having fewer options." Michael Ryan, a finance expert and the founder of previously told Newsweek: "These aren't random casualties; they're strategic amputations of unprofitable limbs to save the corporate $15+ minimum wages to supply chain inflation, all crushing their razor-thin margins. Combine this with the march of e-commerce and changing consumer habits post-pandemic, physical retail becomes a luxury many companies can no longer afford." What Happens Next The 18-month closure timeline suggests Kroger will implement the plan gradually, though specific dates and locations remain undisclosed.
Boston Globe
26 minutes ago
- Boston Globe
Belarus frees dissident Siarhei Tsikhanouski and 13 others after a rare visit from top US envoy
Advertisement 'My husband is free. It's difficult to describe the joy in my heart,' Tsikhanouskaya told reporters. But she added her team's work is 'not finished' while over 1,100 political prisoners remain behind bars in Belarus. Tsikhanouski, known for his anti-Lukashenko slogan 'stop the cockroach,' was jailed after announcing plans to challenge the strongman in the 2020 election. Following his arrest, his wife ran in his stead, rallying large crowds across the country. Official results of the election handed Lukashenko his sixth term in office but were denounced by the opposition and the West as a sham. Tens of thousands of people poured into the streets in the aftermath of the August 2020 vote, in the largest protests in the country's history. In the ensuing crackdown, more than 35,000 people were detained, with many beaten by police. Prominent opposition figures either fled the country or were imprisoned. Tsikhanouski was sentenced to 19 1/2 years in prison on charges of organizing mass riots. Advertisement Lukashenko has since extended his rule for a seventh term following a January 2025 election that the opposition called a farce. Since July 2024, he has pardoned nearly 300 people, including imprisoned U.S. citizens, seeking to mend ties with the West. At the meeting in Minsk, Lukashenko hugged and warmly welcomed Kellogg and the American delegation to his residence. 'I really hope that our conversation will be very sincere and open. Otherwise, what is the point of meeting? If we are clever and cunning in front of each other, we will not achieve results,' Lukashenko said. 'You have made a lot of noise in the world with your arrival.' Lukashenko's press secretary, Natalya Eismont, told Russian state media hours later that he freed the 14 prisoners following a request from U.S. President Donald Trump. It was not immediately clear whether Kellogg's visit might pave the way for the lifting of some U.S. sanctions against Minsk, imposed over the brutal crackdown against the 2020 protests and Lukashenko's support of Russia's all-out invasion of Ukraine. 'Lukashenko is clearly trying to get out of international isolation, and the release of such a large group of political prisoners signals a desire to start a dialogue with the U.S. in order to soften international sanctions,' Belarusian political analyst Valery Karbalevich told The Associated Press. 'After five years, Lukashenko is trying to loosen the knot with which the Kremlin tied him, using him for the war against Ukraine,' Karbalevich said. Advertisement Belarus has allowed the Kremlin to use its territory to send troops and weapons into Ukraine, and also to station its forces and nuclear weapons there. Many other prominent dissidents still languish in Belarusian jails, among them Nobel Peace Prize winner Ales Bialiatski, a human rights advocate serving a 10-year prison sentence on charges widely denounced as politically motivated. Bialiatski, founder of Viasna, Belarus' oldest and most prominent rights group, was arrested in 2021 during raids by the country's main security agency that still goes by its Soviet-era name, the KGB. In March 2023, he was convicted on charges of smuggling and financing actions that 'grossly violated public order,' and sentenced to 10 years. Authorities labeled him especially dangerous because of alleged 'extremist' tendencies. He, his family and supporters say the charges against him are politically motivated, and a U.N. panel of human rights experts called on Belarus to release him. In 2022, when Bialiatski was behind bars, he was awarded the Nobel Peace Prize along with the prominent Russian rights group Memorial and Ukraine's Center for Civil Liberties. Bialiatski has been serving his sentence at a penal colony for repeat offenders in the city of Gorki. The facility is notorious for beatings and hard labor. Bialiatski's wife warned last year about his deteriorating health, saying the 62-year-old battles multiple chronic illnesses. Also behind bars is Viktor Babaryka, a former banker who was widely seen in 2020 as Lukashenko's main electoral rival, and Maria Kolesnikova, a close ally of Tsikhanouskaya and charismatic leader of that year's mass protests. With her close-cropped hair and trademark gesture of forming her hands into the shape of a heart, Kolesnikova became an even greater symbol of resistance when Belarusian authorities tried to deport her. She responded by tearing up her passport at the border and walking back into Belarus. Advertisement Released alongside Tsikhanouski was longtime Radio Free Europe / Radio Liberty correspondent Ihar Karnei, the U.S. government-funded broadcaster confirmed. Karnei, who had also worked with prominent Belarusian and Russian newspapers, had been serving a three-year service on extremism charges he rejected as a sham. 'The release was a big surprise for me,' Karnei told AP in a phone interview Saturday. 'I didn't believe it until the very end, but now I understand that other political prisoners deserve the same.' He said that he spent about six months in solitary confinement. 'Most people suffer simply for their beliefs and do not deserve these terrible conditions and terms,' Karnei said. RFE/RL's Belarusian service had been designated extremist in the country, a common label handed to anyone who criticizes Lukashenko's government. As a result, working for it or spreading its content has become a criminal offense. 'We are deeply grateful to President Trump for securing the release of this brave journalist, who suffered at the hands of the Belarusian authorities,' the broadcaster's CEO Stephen Capus said Saturday in a press release. Karnei was detained several times while covering the 2020 protests. Unlike many of his colleagues, he chose to stay in Belarus despite the ensuing repression. He was arrested again in July 2023, as police raided his apartment seizing phones and computers. The group Reporters Without Borders says Belarus is Europe's leading jailer of journalists. At least 40 are serving long prison sentences, according to the independent Belarusian Association of Journalists. Many face beatings, poor medical care and the inability to contact lawyers or relatives, according to activists and former inmates. Advertisement Belarus also freed an Estonian national who had set up an NGO to raise funds for Belarusian refugees. According to the Estonian Foreign Ministry, Allan Roio was detained last January, and sentenced to 6 1/2 years in prison on charges of establishing an extremist organization.
New York Post
35 minutes ago
- New York Post
Padilla claims Noem clash wasn't planned stunt: ‘rhetoric compelled me'
California Democratic Sen. Alex Padilla insisted Saturday that he didn't pre-plan his heckling of Homeland Security Secretary Kristi Noem in Los Angeles — claiming that the stunt that got him handcuffed was a spur of the moment attempt at congressional oversight. Padilla argued in an interview with MSNBC hosts Eugene Daniels and Jonathan Capehart that Noem's 'rhetoric compelled' him to approach her lectern at a press conference and interrupt. Padilla was removed from the June 12 event after he pushed against law enforcement officers who blocked him and shouted, 'I'm Senator Alex Padilla! I have questions for the secretary!' He appeared on MSNBC to respond to Vice President JD Vance, who last week referred to him as 'Jose' Padilla and accused him of 'pure political theater' in his protest of Trump administration immigration enforcement policies. 5 Sen. Alex Padilla was handcuffed June 12 after attempting to confront DHS Secretary Kristi Noem. AP 5 Padilla pushed back against law enforcement officers as he tried to reach Noem's lectern. AP The VP's office explained the first-name error by saying Vance 'must have mixed up two people who have broken the law.' 'He knows my name,' Padilla griped to MSNBC. 'Sadly, it's just an indicator of how petty and unserious this administration is.' 5 Noem was discussing an immigration crackdown and local protests against immigration officials. AP 5 Vice President JD Vance accused Padilla of staging 'political theater.' Getty Images Padilla claimed that he was merely attempting to exercise his congressional duties during his confrontation with Noem. 'Part of our job is oversight and accountability — exactly what this administration does not want, and so they will try to throw any hurdle, any roadblock, to keep us from our oversight and accountability role. That's all I was doing, right?' the Democrat said 'That press conference, as you know, I did not barge in. I was escorted in. I did not lunge at the secretary… I had the audacity of trying to ask a question,' he said. 5 Democrats have denounced Padilla's brief detention. via REUTERS 'I heard there was this press conference, asked to join, they opened the door for me and I sat quietly on the side until the rhetoric compelled me to speak up — not just as a senator, but as an American,' Padilla added. 'Just the notion that they're suggesting that it's their job to liberate Los Angeles from our duly elected mayor and governor. It is too much.' The previously little-known senator was appointed to his position in 2021 by Gov. Gavin Newsom (D-Calif.) to fill the vacancy created by Kamala Harris becoming vice president. He was elected to a full six-year term in 2022.
