From left: Cynthia Daly, interim director of the Kislak Real Estate Institute at Monmouth University, presented the program’s Leadership Excellence Award on May 29 to Onyx Equities cofounders Jonathan Schultz and John Saraceno Jr., who received the honor on behalf of their Woodbridge-based firm. The company is behind many of New Jersey’s most complex and high-profile development projects and investments that have repositioned major commercial properties, including the 2 million-square-foot Northeast Science & Technology Center at the former Merck & Co. campus in Kenilworth, as well as the modernization of the four-building, 2.3 million-square-foot Gateway office complex in Newark.
Addressing affordable housing: Government leaders must adapt
After multiple Supreme Court decisions over 50 years, the creation of the Council on Affordable Housing and its subsequent power stripping by the Supreme Court in 2015, over 60,000 units of affordable housing have been created. So, does that mean that the battle over affordable housing in New Jersey is over? Nothing could be further from the truth.
The next chapter in affordable housing in New Jersey
Since 2015, more than 280 towns in New Jersey have signed settlement agreements for their affordable housing obligations, while a judge has determined the statewide need to be about 155,000 units and experts project that about 50,000 of those will be created by 2025. Frankly, the court process is way too far down the road to try and move it back to the Council on Affordable Housing or another state agency. But that is not to say there are not some issues worth discussing as we move forward.