From the Daily Record:
Freeholder candidates take stand on housing
BY MICHAEL DAIGLE
“The Housing Alliance of Morris County asked the 13 freeholder candidates on the June 6 primary ballot to explain their positions on affordable housing. Ten replied.”
“”They all showed an understanding of the issues to varying degrees. It was important that the candidates identified that there is a myth about who needs affordable housing. It is needed by students graduating from college, our parents, people we know, care about and need.”said Dan McGuire, executive director of the housing alliance.”
“Randolph Mayor Gary Algeier, a Republican, said there is definitely a need for affordable housing (but) the word crisis is often overused”
“Wharton Mayor Bill Chegwidden, a Republican, said, “The fact that we are legally bound to provide housing gets my goat to start with. The phase affordable housing seems to stir a vision of poor neighbors moving in next to you and bringing down the value of your home.””
“Denville Mayor Gene Feyl, a Republican said, “The desirability of Morris County’s quality of life and economy clashes with restrictive zoning, Highlands legislation and high-end demand to create a shortage.”He cited the acceleration of already high land values and regressive property taxes as factors.”
“William “Jack” Hartford of Chatham Township, a Democrat, said Morris County is becoming unaffordable for senior citizens, for young people who would like to remain in the towns where they were born, and for public employees and volunteers.”
“Freeholder John Murphy of Morris Township, a Republican, said, “there is clearly a shortage of affordable homes in our area. I do not believe the answer is in instituting a government program that is funded by taxpayers (because they have had enough of increased taxes) but a more collaborative effort with nonprofits, private corporations, municipalities and the county government.””
“Dana Wefer of Jefferson, a Democrat, said, “the high cost of Morris County housing drives away young people and senior citizens and makes it difficult for businesses to hire employees. They live farther away and add to an already heavy traffic situation. She called for closer county cooperation with non-profits and bi-annual summits on the issue.” The state’s property tax system must be changed so that towns do not discourage the creation of housing for families out of a fear of increasing school costs, she said.”
Either way you slice it, politicians will say what they need to say to get votes
Follow the Jewish Low-cost housing project in Lakewood, NJ…. all for Jewish Community in Most of Lakewood township !!!
take a drive along route 9 and County Line road !!!
Only for Jewish People ?!!!
FYI, The Housing Alliance of Morris County is presided over by a Sussex County Freeholder.
Apartment rents expected to rise 5%
http://biz.yahoo.com/usat/060529/13571469.html
From the article about rent increases mentioned above.
“Apartment rents are expected to increase 5.3% this year – about double last year’s increase – the National Association of Realtors says.”
So don’t throw MORE money at rent! If the NAR says rents are going to rise, it must be true. As every Realtor ALWAYS says, NOW IS THE TIME TO BUY!
Yea sure, and homes will appreciation will be up 6% this year…
Did anyone expect anything less from the National Association of Realtors?
grim
Rents will rise!!! I think house prices will fall but rents will rise, due to the high cost of real estate and the rising interest rates. Now on the flipside real estate will lose value and equalibrium will be obtained again so that renting and owning will be close in terms of cost.
This of course bars economic conditions preventing this, like recession.
So yeah rent will go up 5%, house prices down 5-10%. Which do you prefer?
morris and NY in general is becoming unaffordable to almost anyone not a current homeowner unless you want to live in the ghetto. who are these people kidding?
I have to do this. I guess it’s a compulsion.
I meant to say:
Yea sure, and home appreciation will be up 6% this year…
OR
Yea sure, and homes will appreciate 6% this year…
—-
So yeah rent will go up 5%, house prices down 5-10%. Which do you prefer?
I have a choice?
Um, I’ll take the 10% house price decline.
But I’m already expecting that. Heck, I’ll bet we’ll see that over the odds rents increase 5.3% by year end.
I can see a scenario where rents rise by 5% this year. It shouldn’t, however, been seen as a sign that rents are “finally catching up” as the NAR would have you believe. If anything, it’s a byproduct of a turbulent housing market; a temporary swing related to the arbitrage opportunity created by the growing gap between rents and home prices. “Owners” took advantage of this opportunity by converting apartments to condos, thus reducing the rental stock. Non-owners are now taking advantage of the gap by choosing to rent rather than buy. At the end of the day, however, overall the number of new housing units added has exceeded population growth and this should put downward pressure on both.
Grim,
Did you check housing panic’s site yet? Apparently bubble blog are under attack.
If you consider the rent total increase in 5 years is less than 10%. Adding 5% increase don’t mean anything. The renting increase is still below inflation level.
metro,
I did, don’t know what to make of it. Since I run on blogger/blogspot, it is almost entirely out of my hands. Not even sure how to know if we were being hacked.
grim
I know, but it is disconcerting to say the least. I would hate to think that your site could go poof!
I posted about rents increasing, why because in NNJ the stock of rentals is low and thus if you do not have an apartment it is tough to get one. Also unfortunately investors *cough* bagholders are trying to sell their properties which remain unrented because it is easier to sell that way.
Also lets face it rents were pretty flat until about 2yrs ago when they startyed to rise with the real estate prices. Now I agree that the rents will go up and will probably be temporary in nature because rising interest rates and the slowdown of our economy should shor eup the dollar.
Essentially this is all an effect of the inflation driven by false economic gains and low interest rates. Housing prices in NNJ tend to be more volatile then rents which tend to fluxuate more slowly. But alas only time will tell.
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