Key Takeaways
- • Sen. Elizabeth Warren and New Mexico gubernatorial candidate Deb Haaland criticized private equity and corporate landlords for driving up housing costs during a UNM College Democrats event at the Lobo Theater on Monday, Oct. 19.
- • Warren said Wall Street and private equity are buying apartment buildings and single-family homes until markets are no longer competitive, and said profits "do not stay in New Mexico."
- • Citing Pew Charitable Trusts research, the discussion noted New Mexico median monthly rent rose 58 percent between 2017 and 2024, nearly double the national average.
- • Haaland called for New Mexico to limit how much property corporations can buy, and criticized rental application fees, citing a $250 fee as "completely ridiculous."
- • Warren pointed to the bipartisan Road to Housing Act, signed into law July 11, as a federal partner for states seeking to expand housing supply.
Summary
Senator Elizabeth Warren and New Mexico gubernatorial candidate Deb Haaland spoke at the Lobo Theater at the University of New Mexico on Monday, Oct. 19, at an event hosted by UNM College Democrats and other student organizations. The discussion was moderated by State Representative and UNM Law student Christina Parajon and focused on affordability, renter protections and the ownership of residential property by private equity firms, according to The Daily Lobo.
Both speakers focused heavily on corporate and institutional ownership of rental housing. Haaland said the reason for New Mexico's rent growth is the presence of corporate landlords, and called for the state to limit how much property corporations are permitted to buy. Warren said that Wall Street "has discovered housing" and that private equity is "the principal way" investors have acquired apartment buildings and single-family homes, arguing that once a buyer reaches critical mass, "it's no longer a competitive market anymore." Citing research from the Pew Charitable Trusts, the Daily Lobo reported that median monthly rent in New Mexico increased 58 percent between 2017 and 2024, nearly double the national average.
Warren, who has represented Massachusetts in the Senate since 2013, co-sponsored the bipartisan Road to Housing Act, signed into law on July 11, which aims to increase the country's housing supply. She said the law would give states a federal partner to accelerate housing construction and lower costs. Parajon noted her own bill allocating $10 million for no-interest loans to first-time home buyers to support construction of affordable starter homes.
Haaland also addressed rental fees and workforce development. She described rental application fees as "completely ridiculous," citing a $250 fee, and noted that NM Senate Bill 267, passed last year, requires landlords to disclose all rental costs including fees and caps rental screening fees at $50. On workforce, she proposed bringing trade skills into local schools and said medical debt should be removed from credit histories to help residents qualify for mortgages. Warren said the first-time homebuyer's average age has risen from 23 two generations ago to roughly 40 according to some studies, and argued that young people's debt is about four times what it was a generation ago.
UNM College Democrats president David Cooper, who said his organization invited the speakers, told The Daily Lobo he was "honored" to ask a question at the event.
Both speakers focused heavily on corporate and institutional ownership of rental housing. Haaland said the reason for New Mexico's rent growth is the presence of corporate landlords, and called for the state to limit how much property corporations are permitted to buy. Warren said that Wall Street "has discovered housing" and that private equity is "the principal way" investors have acquired apartment buildings and single-family homes, arguing that once a buyer reaches critical mass, "it's no longer a competitive market anymore." Citing research from the Pew Charitable Trusts, the Daily Lobo reported that median monthly rent in New Mexico increased 58 percent between 2017 and 2024, nearly double the national average.
Warren, who has represented Massachusetts in the Senate since 2013, co-sponsored the bipartisan Road to Housing Act, signed into law on July 11, which aims to increase the country's housing supply. She said the law would give states a federal partner to accelerate housing construction and lower costs. Parajon noted her own bill allocating $10 million for no-interest loans to first-time home buyers to support construction of affordable starter homes.
Haaland also addressed rental fees and workforce development. She described rental application fees as "completely ridiculous," citing a $250 fee, and noted that NM Senate Bill 267, passed last year, requires landlords to disclose all rental costs including fees and caps rental screening fees at $50. On workforce, she proposed bringing trade skills into local schools and said medical debt should be removed from credit histories to help residents qualify for mortgages. Warren said the first-time homebuyer's average age has risen from 23 two generations ago to roughly 40 according to some studies, and argued that young people's debt is about four times what it was a generation ago.
UNM College Democrats president David Cooper, who said his organization invited the speakers, told The Daily Lobo he was "honored" to ask a question at the event.
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