When COVID-19 hit the United States, most Americans never imagined the impact it would have on daily life. As the virus spread, states like New Jersey started to implement policies to promote social distancing and to help those impacted by the economic fallout of the crisis, including policies such as an eviction moratorium. While such a policy addresses one specific immediate-term problem, it does not address the systemic need for rent revenue that supports an entire multifamily ecosystem, which is a critical component of New Jersey’s economy and significantly supports the State and municipalities through taxes. Without rental assistance and an understanding that rent is still due, multifamily jobs will be lost, private-sector financial obligations may not be met, utilities will not be paid and municipalities might see shortfalls due to the inability to pay property taxes. That is why we need a rental assistance program immediately.
Current Issue
Go inside the latest monthly issue of Real Estate NJ, the only New Jersey-based magazine dedicated to commercial real estate in the Garden State.
Rutgers real estate program eyes new degrees, new investment as it looks to the future
With a foundation in place and support from many of the state’s top commercial real estate leaders, the Rutgers Center for Real Estate is now looking ahead to the next five years and beyond. The program’s leaders feel that further growth will hinge on expanding and fine-tuning the course offerings — such as creating a standalone real estate major and a master’s in real estate — while navigating the challenges of fundraising and scaling up to support their growing student population.
Moving forward in a time of uncertainty
Our world here in New Jersey has changed over the past two weeks and, for many of us, most dramatically over the past few days alone. We’re only just beginning to learn what it will be like to do our jobs and conduct business in the era of social distancing, and what this all means for the state’s commercial real estate sector will start to become clearer in the months ahead.
Waves of change bring opportunity to New Jersey’s suburbs
Jersey is looking better all the time — especially the suburbs. That’s my conclusion after reading a new Rutgers University report that provides an impressive amount of detail and analysis on economic, demographic and market trends which can help public officials plan for the future in ways that may help regenerate our suburbs and the overall state economy.
Addressing affordable housing: Government leaders must adapt
After multiple Supreme Court decisions over 50 years, the creation of the Council on Affordable Housing and its subsequent power stripping by the Supreme Court in 2015, over 60,000 units of affordable housing have been created. So, does that mean that the battle over affordable housing in New Jersey is over? Nothing could be further from the truth.
Machemer, Crow Holdings moving quickly to fill Northeast industrial pipeline
With its first project nearing completion and a tenant in hand, Crow Holdings Industrial is keenly focused on what comes next for its Northeast expansion strategy. The firm has a pipeline in the region amounting to more than 7 million square feet, with the potential to deliver much-needed warehouse and logistics space to a vastly undersupplied market.
One to watch
We learned last September that a developer has proposed building a 135,000-square-foot studio complex in Jersey City, with the very purpose of capturing the production companies that it says are coming here because of the film tax credit incentive. As you’ll read in this month’s cover story, other developers and property owners are making a similar bet, amid surging demand from the film and television industry.
