This year’s buzzword in Trenton is affordability and it’s a word Gov. Phil Murphy used a few times at an event promoting his proposed property-tax relief program known as Anchor, which is included in his budget for the new fiscal year starting in July. Eligible homeowners would receive an average rebate of about $700 under the program, while renters would receive up to $250. Under the proposal, the average household rebate would rise to over $1,100 by fiscal year 2025. But at an event in Somerville Thursday, Murphy said he wants to see that timeline accelerated.
In Newark on Thursday, Mayor Ras Baraka announced projects chosen for his Affordable Newark initiative, which aims to provide housing for families earning less than $32,000 a year. A press conference was held in the South Ward, where buildings on Stratford Place are being renovated to provide new housing. Other developments are planned for elsewhere in the city, including a project in the East Ward designed to permanently house homeless veterans. The city is investing $20 million in the housing initiative. A recent Rutgers University report found that corporate investors have been buying up properties in Newark and raising rents to levels that were unaffordable for many residents.
Investors are nervous these days and are selling what are considered to be riskier assets. The stock market has been on a wild ride lately and it’s not the only market that has seen heavy selling. The price of cryptocurrencies — including Bitcoin — has plunged and the crypto market has been devalued by billions of dollars.
