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.
Government & Public Policy
From zoning disputes to the federal tax code, public policy affects the commercial real estate sector far more than you may realize. For industry leaders, government and politics demand constant attention.
Construction to carry on after being deemed essential, drawing praise from NJBA
Construction is set to continue in New Jersey after being deemed an essential business during the coronavirus crisis, providing a lift to developers even as they await additional guidance.
Brogan: Apartment industry bracing for impact of ‘stay at home’ order, economic uncertainty
With millions of New Jersey residents ordered to stay at home, apartment owners and managers are set to play a critical role in the effort to curb the spread of COVID-19. They’re also bracing for a major impact from a teetering economy and the prospect of some residents being unable to pay rent, which looms large against the backdrop of paying their own employees, mortgages and property taxes. That’s not to mention the need to respond to tenant emergencies and disruptions to the supply chain, which have impacted everything from cleaning supplies to appliances
Mandelbaum Salsburg adds new member in environmental law group
Mandelbaum Salsburg PC has deepened its bench of environmental lawyers with one of its newest additions.
NJBA, NAIOP postpone events amid coronavirus concerns
The escalating coronavirus crisis rippled through New Jersey’s commercial real estate sector on Thursday, as two top trade associations were among those to postpone upcoming events.
Final phase of Wood-Ridge transit village project secures site plan approval
A development team has secured a key approval for the final piece of a long-running plan to transform a piece of the former Curtiss-Wright aircraft plant in Wood-Ridge.
East Brunswick, developer uniting around common goal — transforming Route 18
A new public-private alliance has emerged in East Brunswick, where local leaders and a development team have united to revive a stretch of blighted retail property on Route 18.
Newark city council votes to advance land banking bill
Local officials in Newark are one step closer to launching a land banking program that would allow it to acquire and assemble blighted properties for redevelopment or restoration.
CSG adds veteran alcoholic beverage control regulator, eyeing new retail trends
Chiesa Shahinian & Giantomasi PC has bolstered its commercial real estate team with the hiring of a longtime regulator with the state’s Division of Alcoholic Beverage Control.
HMFA debuts $50 million loan program for special needs housing projects
State officials have unveiled a new $50 million loan program aimed at funding 400 apartments for disabled veterans, homeless individuals and other residents with special needs.
