Housing Reimagined

Let’s build a future where housing is affordable and accessible to all.

Housing Reimagined

The Housing Reimagined plan seeks to reshape New Jersey’s housing landscape, addressing the needs of every municipality. The state is short over 200,000 housing units, with thousands of families unable to find homes, and over 100,000 eligible residents unable to afford mortgages.

For years, politicians have made empty promises about lowering property taxes and making New Jersey more affordable, without addressing the core issue: a lack of housing supply.

The ongoing conflict between townships and the state over housing obligations has stalled progress, costing taxpayers while nothing gets built. Home rule, once beneficial, is now a barrier to the regional approach needed to solve the affordability crisis.

We’re emphasizing the importance of holding every municipality accountable and bridging the gap between planning and execution. The recent affordable housing law is just a start; more comprehensive solutions are essential.

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REIMAGINE NEW JERSEY

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EQUITY | RESPONSBILITY | COMMUNITY | REIMAGINE NEW JERSEY |

This is how we reimagine housing in New Jersey

  • We should immediately establish a dedicated task force responsible for executing the following:

    • Identify the number of units

    • Pull together trade unions, private sector developers, lenders, advocates and public sector planners

    •Take half (I believe it's in billions) of tax incentive credits and set them aside for exclusively affordable housing development.

    •Send expert navigators into local communities to confer with local elected officials and grassroots housing advocates to both identify space as well as create a sensible plan to begin development. (This work should always start in areas close to transit.)

  • Start a two to one First Loss Capital Fund for Affordable Housing, held in the New Jersey Public Bank. A combination of State funding and private investment, the First Loss Capital Fund would jumpstart the urgently needed development of affordable housing by reducing risk on high-impact projects.

  • Allow municipalities to be creative and subsidize affordable home ownership like what the urban league is doing right now in the state for starter homes, accessory dwelling units and other kinds of housing.

  • Create opportunities for workforce housing up to 120% of the Area Median Income (AMI). 

  • Work with municipalities to create more land banks and land trusts throughout the state in order to give more pathways to homeownership.

  • Invest in the effectiveness of the Community Wealth Preservation Program, Senator Britnee Timberlake's law that helps foreclosed homes remain in the hands of the owners or their relatives.

  • Address evictions by raising the filing fee, currently just $50 in New Jersey, and expanding the state's right to counsel program in eviction proceedings.

  • Create a program to aggressively prevent foreclosures in the first place by giving homeowners tax relief when they need it the most: folks with fixed incomes, families putting kids through college, or people taking care of their elderly or disabled family members and end up falling behind on their mortgage. 

  • Incentivize changes in zoning ordinances to becomemore inclusionary and create a statewide zoning floorand/or zoning allowances.

  • Put a temporary cap on all rent increases across the state at cost-of-living adjustments (COLA) for two yearsto help stabilize costs.Put a temporary cap on all rent increases across thestate at cost-of-living adjustments (COLA) for two yearsto help stabilize costs.

  • Heavily regulate investment firms to keep them from buying up multiple properties at a time and artificially driving prices up.

  • Create opportunities for workforce housing up to 120% of the Area Median Income (AMI). 

  • Expand the realty transfer fee, the primary funding source for the Affordable Housing Trust Fund, so that it is progressive and collects more revenue from the sale of very expensive homes. This revenue could be used to support first-time/first-generation homeownership opportunities, like the programs at the Housing and Mortgage Finance Agency, and others to help address
 our worst in the nation racial wealth gap.

  • Add a fee on for-profit, luxury developments that could be forgiven or refunded if the landlord provides affordable units through inclusionary zoning and/or keeps rent increases at a reasonable rate.

As the cost of living continues to climb, it’s clear we’re all in this together. We need a holistic approach to address the root causes. Our current home rule system is broken. It’s time for a new vision.

— Ras J Baraka

We are in this together.

Contribute today to help Ras build New Jersey’s future.