Page 32 - RENJ June 2021

30 JUNE 2021
ROUNDTABLE
WHAT WILL BE THE PANDEMIC’S LONGEST-LASTING IMPACT(S) ON NEW JERSEY’S MULTIFAMILY SECTOR?
funds should be allocated to rent relief. Programs like this will ensure stability of the rental market in Jersey City and the state.
JONATHAN GERTMAN
VICE PRESIDENT OF DEVELOPMENT THE NRP GROUP (NEW YORK)
During the pandemic, public awareness and appreciation of the people who make our lives possible — the ‘essential workers’ — expanded significantly. It isn’t
just police, firefighters and teachers, but also the delivery person and the deli worker. The need to spend resources and make zoning
allowances to make sure they have affordable, quality housing close to jobs is something I hope continues for the long term.
Secondly, I think we will see that ‘micro-units’ and the push to
ever smaller living boxes failed spectacularly. While that had only started to creep into the northern reaches of the state, I think we will see a renewed focus on the apartment
unit itself and centering customer value.
Finally, as an industry we just cannot be building interesting inclusive communities without diverse teams and representation. This continues to be top of mind for NRP and should be a focus for the industry until our business looks much more like our society.
DAN GORCZYCKI
MANAGING DIRECTOR TRUERATE (NEW YORK)
The pandemic has changed tenants’ wish lists. Tenants in multifamily buildings have already made it clear that they want more open space. New developments will be forced to add amenities such as recreation areas to stay competitive. People who will
be working
from home
permanently
will want
newer product.
Therefore, older
buildings will
be forced to
renovate or their occupancies will suffer. This desire for open space will help secondary and tertiary
WENDY S. PAUL
EXECUTIVE DIRECTOR
JERSEY CITY APARTMENT OWNERS ASSOCIATION
COVID has had a dramatic and negative effect on the existing multifamily
market and
could have
a significant
chilling effect
on the future.
The impact
is obvious in
Jersey City,
which is likely to be confirmed in the most recent census as New Jersey’s largest city, but also statewide.
While the eviction moratorium has provided refuge for renters, the multifamily apartment owners are expected to continue to cover all related expenses with little to no assistance. Rental assistance programs have provided further
and more meaningfully help for renters. The city of Jersey City was innovative when it supplemented
the state’s rent relief program by providing direct rent relief and utility assistance to residents earlier this year, which staved off a small part of the mounting loss, but the amount of rent relief provided is only a drop in the bucket. More support is needed to help owners not collecting rent to pay their bills.
The integrity of existing and growth of new housing could be significantly stunted, as property owners struggle to recoup lost rental income and catch up on debt taken on to stem the pandemic.
More should be done. For example, apartment owners, which have not received rent relief due to renters
not having shown documentation or applying for assistance programs over six months, should be made eligible to receive funds. In addition, more