With support from the New Jersey State Policy Lab, the New Jersey Climate Change Resource Center Climate Corps conducted research to better understand how flood buyback and managed retreat programs [...]
By Michael S. Hayes, Associate Professor, Rutgers University-Camden and Prakash Kandel, Ph.D. Student, Rutgers University-Camden. During the 2020 general election, New Jersey voters approved a ballot question to amend the state constitution to allow residents [...]
by Maia de la Calle. Rutgers Economic Advisory Service (R/ECON™) Housing affordability and ownership accessibility The main expense incurred by New Jersey’s residents is shelter or housing. As of 2019, New Jersey ranked third in the country for median monthly housing costs, after California and Hawaii.[1] In that same year, the median gross rent for [...]
By Adam Scavette Last summer, then acting New Jersey Governor Sheila Oliver signed legislation to devote $42.5 million toward restoring the state’s Urban Enterprise Zones (UEZ) to full operation for fiscal year 2022. In this piece, I discuss the history and performance of UEZs and opportunities to increase their effectiveness. The UEZ program is designed [...]
Naheed Azhar and Michael L. Lahr, Rutgers Economic Advisory Service (R/Econ™) As the count of listings and asking prices flattened,[i] realtors and creditors predicted a rise in foreclosures and mortgage delinquencies as people were laid off and furloughed and as many small businesses failed.[ii] But things did not roll out as feared for housing markets. [...]
By Katharine Nelson. Affordable housing is increasingly scarce within the United States, and COVID-19 has dramatically exacerbated the simmering crisis in affordable housing. In New Jersey, the risk of eviction is greater than across the country [...]
The New Jersey State Policy Lab is publishing our first report, Vacant Commercial Property in New Jersey: Causes and Solutions, written by Michael Hayes and Pengju Zhang. The economic recession caused by the COVID-19 pandemic has resulted in an increase in vacant [...]
By Michael L. Lahr, Director of Rutgers Economic Research Service (R/ECON™) What is the status of New Jersey housing markets? The bottom line has been more or less the same since June 2020: double-digit price growth prompted by low inventory and depressed interest rates. Have they peaked? That is a tougher call. For sure, the [...]
By Michael L. Lahr, R/ECON™ Housing markets are not just geographically separated, they are socially stratified too (in combination the two generate what is termed, “housing market segmentation”). Properties in a region can differ radically in price (e.g., range between $20,000 and $1,000,000 per acre). Moreover, the buyer base and housing availability for that particular [...]
Michael S. Hayes and Pengju Zhang The COVID-19 pandemic has accelerated changes in investment decisions throughout the economy. For example, the growth in virtual work and e-commerce has likely negatively impacted the demand for some commercial property in New Jersey. A significant increase in vacant and under-occupied property can cause many social problems, including increasing [...]
