Page 7 - RE-NJ

EDITOR ’S
NOTE
LOOKING
FORWARD
It was undoubtedly a breakthrough
moment in late March when Gov.
Phil Murphy signed a law to pave
the way for New Jersey’s next wave
of affordable housing construction.
Even for a bill
that passed
along party
lines, it was
a legislative
solution to
an issue that
had vexed
and eluded
policymakers
in Trenton for many years prior, as
evidenced by the broad support it
enjoyed.
Fast-forward to mid-October and
the release of new fi gures on the
affordable housing defi cit in each
of the state’s 564 municipalities,
which must address the shortfall
through planning and zoning that
will support new development or
improving the existing stock. As
you’ll read in this month’s cover
story, builders and advocates see
it as a good starting point after
more than a decade of uncertainty,
conveying cautious optimism
even as they confront the fi nancial
hurdles, legal battles and political
debates that have slowed housing
production in the past.
“The last round was really just
born out of desperation and a little
bit of chaos, so that really looms
large for people,” said Melanie
Walter, executive director of the
New Jersey Housing and Mortgage
Finance Agency. “But you have
to refocus on really having that
structure and that opportunity to
rationally approach the issue now,
and it really creates a different
dynamic. So I think even the
development community coming in
will see that it will be a lower-stress
environment, despite the general
pushback that you’ll see, because
there’s some certainty and there’s
some understanding now.”
Walter, whose agency has helped
fi nance thousands of low- and
moderate-income units in the
last two years alone, was part of
a timely panel discussion in late
October that contemplated the next
™ 5
steps of the new law. Hosted by the
Urban Land Institute’s Northern
New Jersey chapter, the program
explored how local offi cials,
developers and advocates could
navigate challenges in the next
round — from fi nding new fi nancial
structures to changing public
perception about affordable housing
— as they avoid past pitfalls.
Our latest issue also revisits the
burgeoning data center market,
covering another topic that’s on
the minds of many commercial
real estate players. A recent
program hosted by NAIOP New
Jersey highlighted that growth in
the Garden State and nationally,
thanks to technologies such as
artificial intelligence and cloud
computing, even amid significant
uncertainty. As panelists noted,
New Jersey has great potential
and strategic importance as a data
center hub, but that future may
well be hampered by an electrical
grid that’s already strained. That
looms large for an asset class that
is power-intensive and poised for
exponential growth in just the next
few years.
You can fi nd those stories and more
in our Winter issue, as we prepare
to close out a year that many saw
as a bridge to better times. Without
question, there are submarkets
and asset classes that will still be
challenged in 2025, but the industry
isn’t standing still by any means.
Here’s hoping for a strong fi nish to
2024. Not to mention a safe, happy
and healthy holiday season.
Until next time, thanks for reading
and enjoy the issue!
Joshua Burd
Editor
[email protected]
Iselin | Roseland
Red Bank | New York
greenbaumlaw.com
We serve as a principal resource for clients
with interests here in New Jersey - and beyond.
Residential | Industrial | Retail | Office | Mixed-Use
Acquisitions & Sales
Commercial Leasing
Redevelopment
Construction Contracting
Land Use & Zoning
Property Tax Appeals
Real Estate Litigation
Planned Real Estate
Financing & Incentives Environmental Issues
Renewable Energy Initiatives
Public Private Partnerships
Attorney Advertising