A New Deal for American Entrepreneurship
Co-Authored with Congressman Ro Khanna; As Featured in Newsweek
This week, Nevada took a step forward in advancing a bold new economic vision for the future. As part of a federal-state collaboration between the two of us, Nevada Assemblymember Joe Dalia submitted a bill draft request with the Nevada Legislature for the Homegrown Opportunity Act, a first-in-the nation policy that invests in no-cost housing for American entrepreneurs and innovators. As a Nevada Assemblymember and a Congressman from Silicon Valley who both spent years of our legal careers advising startups in Palo Alto, we know how challenging it is for young entrepreneurs and innovators to get started, especially if they don't have wealth to begin with. The legislation has various goals, ranging from stabilizing housing costs to creating a self-sustaining engine for economic growth, but its primary aim is to help low-income families break through inter-generational poverty and realize their American Dream.
The time is right for this bill. America stands at an economic crossroads. Too many families remain trapped in cycles of financial insecurity, owing to rising costs, stagnating wages, and diminishing opportunities for upward mobility. Homeownership and economic independence, once staples of the middle class, have become increasingly unattainable. Meanwhile, a recent McKinsey study forecasts that AI and automation could displace up to 30% of American work hours in the next 5 years, increasing the risk of unemployment and underemployment in critical sectors. The economically devastating “big, beautiful bill” already slashes access to our most critical safety nets in SNAP and Medicaid. When AI-driven labor displacement begins, demanding that benefit recipients “go find work” as that work is evaporating means sentencing families to financial ruin. We must act swiftly and take bold steps to give Americans a chance at financial freedom in an increasingly unfair system.
Nevada’s Homegrown Opportunity Act is a template for America to do just that. The bill proposes a novel yet pragmatic solution rooted in entrepreneurship. In its initial implementation, the legislation would provide entrepreneurs with two years of housing, food, and essential services in exchange for launching and maintaining businesses. It sets a target for Nevada to convert unused commercial real estate stock to launch 10,000 residential units, with at least 75% allocated to low-income Nevadans that just need an opportunity and a hand up.
As currently proposed, it would create 50,000 new home-grown businesses and provide a hand up to 37,500 low-income entrepreneurs in just its first 10 years. In a state of just over 3 million people, that level of impact could reshape Nevada’s future for generations. That is an economic vision that folks can see and feel, and it can be adopted anywhere, from Detroit to Fresno.
Consider the young innovator priced out of housing in New York City, or the skilled worker displaced by automation in Ohio. The Homegrown Opportunity Act breaks down barriers to entry and empowers those individuals to pursue their entrepreneurial dreams without being hindered by immediate financial pressures. It leverages entrepreneurial spirit as a shield against economic uncertainty and technological disruption.
This legislation is an investment that rests on a fair deal: your contribution back to the program is modest, limited in duration, and tied to your level of future financial success. Participants would repay housing costs through a modest revenue-based fee that would sunset after each business’s first ten years of operation and through conditional-debt instruments that apply only if the participant’s income crosses into the top 10% of earners. In short, the program sustains itself on the success stories of its participants, and that success fuels further reinvestment into elevating working-class families and communities.
Imagine the retail worker in East Las Vegas with a dream for her own shop that she’ll never realize because she has to fight daily to keep a roof over her head. Imagine the teenager in Reno whose family depends on food assistance programs who is just thinking about how to get by. The Homegrown Opportunity Act gives them back the heart of the American Dream: a chance at financial independence.
Some may be skeptical of this approach because it is a significant departure from the solutions of the past, but there has never been a greater urgency to act boldly and try new things. Our economic problems will not resolve on their own or by rehashing the same policy debates we’ve had for years. This approach breaks through the noise and through ideological lines. It recognizes the need for productive market intervention without discouraging market growth. It’s a practical alternative that promotes our shared values of economic prosperity and self-determination. And it’s a return to what America does best: innovation and opportunity.
We urge policymakers nationwide to join us in championing Nevada’s Homegrown Opportunity Act, and we urge our congressional colleagues to dedicate resources to investing in states that are willing to break new ground in pursuing this housing-for-opportunity model. By embracing this fresh vision, we can begin to renew the promise of the American Dream, unlocking economic prosperity, innovation, and genuine opportunity for every American.
