JMF Properties, one of New Jersey’s leaders in residential and commercial redevelopment, has emerged from 2019 with a growing roster of brand-name retail and hospitality tenants.
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.