A private investor has acquired a 70-unit garden apartment complex in Plainfield, in one of two newly announced transactions in the city by Gebroe-Hammer Associates.
Residential & Mixed Use
The construction boom in New Jersey is no more evident than in the multifamily and mixed-use sector, thanks to changing demographics and the demand for urban-style living, even in the suburbs.
The domino effect: Without rental assistance, who’s left holding the bag?
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.
