NJ Loses Jobs

From NJ Spotlight News:

NJ Recorded loss of 5,300 jobs in February

For the first time in seven months, nonfarm employment has decreased in New Jersey. The U.S. Bureau of Labor Statistics reported a decrease by 5,300 jobs in February to reach a seasonally adjusted level of 4,370,700. The unemployment rate stayed steady at 4.8% for the sixth straight month; the national unemployment rate is 3.9%.

In February, 5 of 9 major private-industry job sectors recorded growth: private education and health services (+2,400), leisure and hospitality (+1,000), information (+500), financial activities (+200) and manufacturing (+100). The public sector recorded a seasonally adjusted gain of 700 jobs.

From the Record:

NJ lost 34,000 jobs in the past year. Are there choppy waters ahead?

New Jersey’s economy posted a loss for the first time in six months, the state Department of Labor and Workforce Development said Thursday, after the labor market showed signs of slowing last year.

The New Jersey jobless rate in February hovered at 4.8%, where it’s been since September, the latest data shows. That makes it the fourth-highest unemployment rate in the nation, and above the national rate of 3.9%. 

All told, the state lost 34,000 jobs between February 2023 and 2024, state data shows. Higher-paying sectors such as finance, professional services (accounting, architecture, legal work, technology) and telecommunications slowed hiring in the past year. 

“Certainly, growth has slowed, really in the second half of the year,” said James Hughes, an economist at Rutgers University. 

This entry was posted in Demographics, Economics, New Jersey Real Estate. Bookmark the permalink.

97 Responses to NJ Loses Jobs

  1. Phoenix says:

    First.

  2. Chicago says:

    Hmm

  3. Phoenix says:

    Poor guy. Only 26. Couldn’t take boomer manufactured world anymore.

    New Milford Man, 26, Struck Killed By Overnight Freight Train In Bergenfield
    A 26-year-old New Milford man died by an apparent suicide when he was struck by a freight train overnight in Bergenfield, authorities said.

  4. Phoenix says:

    Wonder how long it will take America to rebuild a bridge. I’ll bet those builders are salivating like Pavlov’s dog just waiting for the government “spare no expense” check that Biden just signed.

    Price of building that bridge just quintupled.

    Hehe.

  5. grim says:

    How many billion to replace that bridge? $10?

  6. Phoenix says:

    Give me your tired, your poor
    Your huddled masses yearning to breathe free
    The wretched refuse of your teeming shore
    Send these the homeless tempest-tost to me

    Oh, and send them to Texas. Well, send some to Alaska too, as it is more than twice the size of Texas. Then the migrants will be able to see Russia as well.

    A U.S. appeals court is keeping a block on a new Texas law that empowers state officials to detain and deport migrants, functions that have historically been under federal control.

  7. Phoenix says:

    Anyone short Maersk?

  8. Phoenix says:

    Just put it on the National Debt Credit Card. You can choose cash back or airline miles.

    grim says:
    March 27, 2024 at 7:18 am
    How many billion to replace that bridge? $10?

  9. Phoenix says:

    Tramp for VP. Hehe.

    Shanahan went from a successful career as a patent lawyer and entrepreneur to marrying into uber-wealth after meeting Google co-founder Sergey Brin at a yoga festival. The two divorced in 2022, amid reports that she had had an affair with Brin’s friend and fellow tech titan, Elon Musk.

  10. Phoenix says:

    Now that is some expensive you know what.

    In divorce proceedings, which were finalized in 2023, Shanahan sought over $1 billion from Brin. The final division of assets was settled in confidential arbitration.

  11. Phoenix says:

    This part is a real tear jerker, poor thing is a victim.

    Shanahan has talked openly about the struggles she faced being the wife of a billionaire and being around extreme wealth. “It’s nearly impossible to have mega wealth and be deeply grounded.”

  12. Fast Eddie says:

    A little discussion on the job losses in today’s title subject would be nice.

  13. Very Stable Genius says:

    If anyone feels bad for not losing enough money with Reddit, go at it with $DJT.

    Put your money where your mouth is $DJT

  14. Phoenix says:

    That’s just noise, only noise.

    Fast Eddie says:
    March 27, 2024 at 7:33 am
    A little discussion on the job losses in today’s title subject would be nice.

  15. grim says:

    In other news, Murphy signs into law a new EV tax. $250 a year escalating to $290 a year.

    Oh, and EV owners will need to pay it on July 1st. Buying a new EV? You’ll need to pay $1000 up front to NJ now.

    Nothing like a surprise tax.

  16. Phoenix says:

    Just put in my order for a Donald Trump Bible.

    Only 59.99

    Figured it would restore my religion.
    Naah, it will never do that. No sale.

    But if Vince Offer was peddling it I would probably buy one anyway. I miss Vince.

  17. Phoenix says:

    The rodent also jacked up the gas tax. Hey, you need to be fair to both sides. Hehe.

    grim says:
    March 27, 2024 at 7:51 am
    In other news, Murphy signs into law a new EV tax. $250 a year escalating to $290 a year.

  18. grim says:

    I mean, $250 is the equivalent of about 12 gallons of gas a week. Average efficiency of about 28 miles per gallon, that’s 336 miles a week, 18k miles a year.

    Work from home, I’m lucky if I do 10-11k a year max.

    Way to go NJ.

  19. 3b says:

    Fast: Everything is grand in NJ.

  20. Very Stable Genius says:

    $DJT up to $70

    Phoenix says:
    March 27, 2024 at 7:51 am
    Just put in my order for a Donald Trump Bible.

    Only 59.99

    Figured it would restore my religion.
    Naah, it will never do that. No sale.

    But if Vince Offer was peddling it I would probably buy one anyway. I miss Vince.

  21. Phoenix says:

    Oopsy.

    An Arizona teen is facing charges after allegedly plowing her Chevrolet Corvette supercar into a married father-of-two after speeding at over 155mph.

    On the night of the crash, Arizona authorities said Berg rear-ended Clark’s motorcycle on the highway after reaching the breakneck speed, before slamming on the breaks to 87mph right before impact.

    She reportedly told troopers at the scene that she tried to avoid the motorcycle but couldn’t slow down in time.

    It is unclear who bought Berg the 2024 Chevrolet Corvette supercar. Her family lives in a modest four bed, two bath, $616,000 home in Tempe.

  22. Boomer Remover says:

    Yeah that EV registration fee is confusing.

    Four years ago NJ paid me $5,000 to buy an EV and didn’t even want to tax the purchase. FFWD>> four years and they’re now adding registration surcharges. Confusing and duplicitous.

    And this, a direct quote from a rando NJ resident who simply bends over and absorbs the cost: “Not happy about it, but it is what it is,” said Narvise Brown, of Woodland Park.

    You know the govt is going to begrudgingly build replacement bridge, but we all know they’d rather skate on whatever was put up 50-100 years ago and keep feeding the military machine.

  23. 3b says:

    Phoenix: Modest 4 bedroom, 2 bath house $616,000. 00 home??

  24. leftwing says:

    “I also think a big reason people don’t leave [Bergen/NJ] is because they are locked in their mortgages.”

    Family.

    Spent half my adult life there. As a non-native I can assure you not a single person born and raised elsewhere in America is waking up this morning and saying “gee, I just MUST move to NJ”.

    Jobs, homes are mobile. Your (wife’s) relatives are not, neither are your children’s friends and social network.

  25. Boomer Remover says:

    “Her family lives in a modest four bed, two bath, $616,000 home in Tempe.”

    Well, to be fair the Zillow estimate on this home was $400,000 four short years ago.

    The general stench of property mania is PHX is unmistakable. Sales are relisted just weeks or months later for twenty to thirty percent more.

  26. Phoenix says:

    The general stench of property mania is PHX is unmistakable. Sales are relisted just weeks or months later for twenty to thirty percent more.

    Made so much on housing to buy a 2024 Vette and flatten a cop.

    America, land of gluttony, vanity, narcissism, and unfettered capitalism.

    Oh well.
    Hehe.

  27. Phoenix says:

    This is why you WFH. It’s more than the gas savings.

    First two workers missing after Baltimore bridge collapse are named as father-of-six Miguel Luna, 49, whose shattered wife says ‘my heart hurts’ and dad-of-two Maynor Suazo, 37, as all six are now presumed dead
    Miguel Luna, 49, was working the graveyard shift on the bridge when the Dali ship lost propulsion and caused the collapse of the iconic Francis Scott Key bridge

  28. Phoenix says:

    Container ship mechanic to management: This thing needs a new engine.

    Management back: We have a responsibility to our shareholders.

    Hehe.

  29. Libturd says:

    Phoenix,

    You must be a real hoot to work for.

  30. 3b says:

    Left: Just noting the comment of 4 bed/ 2bath and modest fir 616k. Not long ago they would be considered luxury, now it’s just modest, and in Phoenix.

  31. BRT says:

    I was in Arizona last summer. My wife went to college there. She couldn’t believe the amount of build up there was along the main highway there. They were also doubling the amount of lanes on it. The amount of construction going on there was intense. You’d never see that kinda work actually get done in NJ. But looking at the prices there, especially Scottsdale, it’s very overvalued IMO. We visited her relatives there and they said basically every single person moving in was from California (sound familiar NJ?). They were having water distribution issues at the current population. Not sure they can service more people without some water pipeline feeding in from somewhere.

    We did see all those Saudi alfafla farms that were using all the water. They could put an end to that real quickly with some sort of consumption tax.

  32. 3b says:

    BRT: Construction repair on an overpass/ bridge between Englewood and Ft. Lee, for over 2 years, and still not done. It’s like they started it , and then just let it sit there.

  33. BRT says:

    It’s no different in 2008 from the America Recovery and Reinvestment Act. Saw a bunch of signs go up saying funded by “America Recovery and Reinvestment Act” and no work ever got done. 206 Bypass is still the biggest offender. Decades of dragging their feet for a few miles of road. I swear, I could have laid it out by hand and bags of asphalt/concrete from Lowes on my own in that time frame.

  34. Fast Eddie says:

    “America Recovery and Reinvestment Act”

    Identical to Directive 10-289 – funnel money to dem coffers to seize power.

  35. Fast Eddie says:

    Ironic isn’t it? Trump is denied his 1st Amendment rights on Twitter, starts his own platform and is currently $7.2 billion dollars richer than he was a week ago. How it must feel to be a liberal and digest it… goodness, it must burn! Trying to bankrupt the guy and he turns around and once again, for the 492nd time, shoves it up their ass3s.

  36. Libturd says:

    Problem is, when he loses the election in November, those shares will be worthless. He’ll be broke once again bankrupting yet another business. This time though, he will take all of his Trumpee contributors with him, just like all of his bond holders in the past. And his favorite real estate tool, bankruptcy, won’t be able to help him this time.

    They really should have made the symbol SKR.

  37. The Great Pumpkin says:

    OC1,

    You said free market. Well, then stop advocating for overbuilding. Let the free market do the work. As the price goes up. let these people move somewhere else. Let them go to Texas, Carolinas, or Florida and drive up their cost of living while ruining their quality of life. Let the market do the work. Overbuilding is not the answer, esp when it’s forced by some unfair bs law called affordable housing.

    Again, your pt of view wins. Nj will be destroyed and you will get your affordable chit housing as the expense of quality of life. Then, when no one wants to live here, you will have your affordable housing.

  38. Very Stable Genius says:

    How many shares did you buy?

    DJT

    Fast Eddie says:
    March 27, 2024 at 10:35 am
    Ironic isn’t it? Trump is denied his 1st Amendment rights on Twitter, starts his own platform and is currently $7.2 billion dollars richer than he was a week ago. How it must feel to be a liberal and digest it… goodness, it must burn! Trying to bankrupt the guy and he turns around and once again, for the 492nd time, shoves it up their ass3s.

  39. Libturd says:

    I’d by NATE before I purchased DJT. Better risk/reward profile.

  40. leftwing says:

    “Trump is…is currently $7.2 billion dollars richer than he was a week ago.”

    Yeah, agreeing with Lib here, don’t spend it yet…

    “Overbuilding is not the answer, esp when it’s forced by some unfair bs law called affordable housing.”

    Well, here’s a novelty given the polarity of our political views…going to agree with OC1 here…

    Not that I support ‘overbuilding’…I don’t, I’m proudly a NIMBYist and watching many of you respond to him is a bit surreal.

    The guy is offering as a solution to out of reach suburban home prices an alternative that would work – market rate high density housing – and the board here responds with ‘no room for SFH, built out’.

    Uhmmm….that’s his whole point and his actual solution…if you want to ‘fix’ house prices either demand needs to go down (unlikely and can’t be managed anyway) or supply needs to go up….

    If there is nowhere left to build SFH in numbers in an area the only impactful supply solution is to….rezone and go higher density, no?

    My former built out NJ hometown had a minimum SFH lot size of 1/2 acre. Any new development is tear down and rebuild. A lot of it.

    They wouldn’t even need to rezone for high density, just drop the minimum lot size to 1/4 acre. Presto, you can double the number of homes for each knockdown….and the flood gates would open as the re-development return on that would be phenomenal.

    It’s funny to watch…the view here that changing zoning codes to allow suburban high density would be an “unfair bs law” but somehow the existing zoning codes that prohibit higher density housing is somehow a “fair” law?

    LOL.

  41. Phoenix haha edition says:

    The new Womens Auxillary. Go teach, go.

    Three female teachers are charged with having sex with underage students in the SAME Arizona town – with one rumbled by husband finding her stash of sick love letters
    Alyssa Todd, 23, was the second teacher accused of sexually abusing a minor
    Jessica Kramer, 42, was arrested for sex crimes involving a minor in September
    Diana Pirvu, 23, was a teaching assistant when she allegedly abused a student

  42. Phoenix says:

    I didn’t know Rebel Wilson was an MD. Or Sacha Baron Cohen was too cheap to pay for health insurance. Hehe.

    Rebel Wilson has claimed Sacha Baron Cohen asked her ‘stick her finger up his butt’ and strip nude during filming for his movie, The Brothers Grimsby.

  43. Juice Box says:

    Bergen county is really no different than the rest of the state. The permits tell the story Bergen County built 647 mixed use housing developments from 2010-2020.

    That is allot of condos and apartments. Like the rest of the state they have up zoned everywhere to meet low income housing requirements and to preserve the tax rolls by converting commercial land to residential.

    Most building permits statewide are now 2/3rds multi family, Bergen county is no different.

    You want the white picket fence? Guess what you have to pay $775,000 on a busy road for a 1940s Cape Cod.

    Only good news is the asking price was reduced $75,000

    https://www.zillow.com/homedetails/297-E-Clinton-Ave-Bergenfield-NJ-07621/37852696_zpid/

  44. Phoenix says:

    So that is the back story. 26 year old guy sees he has to pay 775k to buy a crapshack in town so steps in front of a train. Makes sense. He lost all hope. RIP guy, hope you get the house you want from your skydaddy up above.

    Juice Box says:
    March 27, 2024 at 12:01 pm
    You want the white picket fence? Guess what you have to pay $775,000 on a busy road for a 1940s Cape Cod.

    Only good news is the asking price was reduced $75,000

    https://www.zillow.com/homedetails/297-E-Clinton-Ave-Bergenfield-NJ-07621/37852696_zpid/

  45. 3b says:

    Juice: East Clinton Ave is like a highway. No way you would want kids playing out there. A house just sold on Kinderkamack Rd in River Edge, up on a hill, and hard on Kinderkamack Rd. There is a long steep driveway in the front, and you would have to back out onto Kinderkamack, nearly impossible. Previous owners were able to get town approval some years back to add a drive way on side of house, which faces the old rolls Royce repair shop which is now a storage place for antique cars. Small, house, not much to look at, and it sold for 585k, almost double from 2012. It’s madnesses

  46. 3b says:

    Left: They are building lots of multi family housing in Bergen Co. Most of the units are studio and one bedroom, some have two bedrooms. Towns are approving these , with the assumption I guess of no kids since limited bedrooms

  47. 3b says:

    Trey Farmer a musical prodigy and President of Princetons Queer Alumni association , two masters degrees, Princeton/ Harvard busted for child pornography.

  48. Phoenix says:

    Good assumption. Birthrate is falling. Not like South Korea but headed that way.

    3b says:
    March 27, 2024 at 12:22 pm
    Left: They are building lots of multi family housing in Bergen Co. Most of the units are studio and one bedroom, some have two bedrooms. Towns are approving these , with the assumption I guess of no kids since limited bedrooms

  49. 3b says:

    Phoenix: Yes, the birth rate continues to fall. As of a couple of years ago it was falling across all democratic with the exception of white women 40 and older. I don’t know if that is still the case as far as the demographic breakdown.

  50. Fast Eddie says:

    Phoenix,

    Perception is reality!

    That X link doesn’t lie.

  51. LAX says:

    Thanks to rising home prices and elevated mortgage rates, it’s now cheaper to rent than it is to buy a home in all of America’s biggest metropolitan areas, according to a new report by Realtor.com.

    In its February monthly rent report, the company found that it’s more affordable to rent than to buy a home in all of the top 50 metro areas in the U.S.

    While it was already cheaper to rent than to buy in 90% of metro areas as of last year, a hot real-estate market has pushed that to 100%.

    And it’s the first time that has happened since Realtor.com began tracking renting versus buying in 2021.

  52. LAX says:

    Schools are laying off teachers in CA. Lot’s of districts are “greying” as the population retires in place.

  53. leftwing says:

    “Left: They are building lots of multi family housing in Bergen Co.”

    Rentals, though?

    Need ownership. Condos.

  54. leftwing says:

    Making it cheaper or easier to expand the rental inventory obviously does zero to expand home ownership at the bottom end….

  55. Phoenix says:

    First China, now Israel, soon America.

    Israel Deploys Expansive Facial Recognition Program in Gaza
    The experimental effort, which has not been disclosed, is being used to conduct mass surveillance of Palestinians in Gaza, according to military officials and others.

  56. Phoenix says:

    Like owning a piece of hell. You own your neighbors barking dog, or their kimchi, or their 3am screaming baby. Oh, and the best for last, you will own the wrath of Karen the Condo Association stumpy ( insert old dad’s reference here.)

    leftwing says:
    March 27, 2024 at 1:09 pm
    “Left: They are building lots of multi family housing in Bergen Co.”

    Rentals, though?

    Need ownership. Condos.

  57. Phoenix says:

    Eddie,
    Knew you would love that one. ❤

    Hehe.

  58. Phoenix says:

    There was a 400 percent increase in procedures from 2012 to 2020, according to the Society of Assisted Reproductive Technology. From 2020 to 2021, the number of egg-freezing cycles increased by more than 31 percent.Feb 6, 2024

    3b says:
    March 27, 2024 at 12:54 pm
    Phoenix: Yes, the birth rate continues to fall.

  59. Phoenix says:

    Pete Buttigieg warns anyone found responsible for the Baltimore bridge collapse will be held ‘accountable’

    This is the last guy on the planet whose words I would feel threatened by. 😂😂

  60. Phoenix says:

    /AskFeminists

    For those women who want children, I think it’s awesome that they’re freezing their eggs. They don’t have to settle with a mediocre man just to have kids. Go to a sperm bank and buy the milk without the cow.

    Hehe. No one is buying sperm. It doesn’t come with child support or alimony. Better to stop your birth control once you find a sucker with money. It’s the gift that keeps on giving.

  61. 3b says:

    Left: As I understand it, financing for rental developments is less risky and easier to obtain than financing for coop’s/ condos. Also, I don’t know how much demand there would be for coops/ condos in the locations where they are being built, which are all on crappy physical locations. Of course, you have people that are buying houses on the side of highways , so who knows. But, that’s the reality with the multi family housing being built in Bergen Co now. They are all rentals.

  62. Phoenix says:

    3b,

    Building boom sounds eerily like what is “supposedly” happening in China.

  63. 3b says:

    Phoenix: It’s all over Bergen Co, and like I said they are all in bad locations. For the most part just big ugly boxes.

  64. Phoenix says:

    3b

    Just like the projects of the 70’s.

  65. 3b says:

    Phoenix: Yep!

  66. Phoenix says:

    Chinese can manufacture anything better, faster cheaper. Cars, electronics, aluminum.

    American boomers handed them the keys to the kingdom by outsourcing everything for some stock market profit.

    Man those buggers are coming at America economically from every angle. Persistent creatures aren’t they. They are relentless.

    U.S. companies faced a similar torrent of unfairly traded aluminum extrusions from China in 2010 and successfully petitioned the government for relief. But Chinese producers devised numerous ploys for circumventing the duties. Chinese companies incorporate extrusions into downstream products they ship to America. They also set up shop in third countries. Between 2020 and 2022, for example, U.S. importation of aluminum extrusions from Mexico increased by more than 80 percent, much of it from Chinese-owned enterprises.

  67. Libturd says:

    “Like owning a piece of hell. You own your neighbors barking dog, or their kimchi, or their 3am screaming baby.”

    When the company moved me back from Cali in late 2001, they put me up in a corporate apartment in Wayne at Mountain View Crossing (across 23 from the transit hub). Walking down the hallway was akin to walking around an international food court, only the odors seeping through the walls were much stronger and much less enticing. And yes, lots of barking kick dogs. No 3am babies, but I was only there for about two weeks.

  68. Libturd says:

    I almost didn’t rent the multi I ended up buying in fear of a similar setting. Luckily, it was a single elderly lady who lived downstairs.

  69. 3b says:

    Phoenix: Larry Fink head of Blackrock is calling on Boomer s like himself to fix the retirement system. He says young people don’t rust / like Boomers/ government.

  70. 3b says:

    Since when does one roll of Scotch brand scotch cape cost $5.99. Just saying.

  71. The Great Pumpkin says:

    Lefty,

    You agree with OC1? You agree to destroy homeowners that worked their ass off to buy a nice sfh in a quiet neighborhood and have high rise rentals shoved down their throats? How is that free market? They bought property, and govt changed the rules on them. Allowing this bs in the name of affordable housing. What does affordable housing have to do with people that already bought in a location based on certain assumptions…that they would be able to control development at the local level. You both piss on this.

    “My former built out NJ hometown had a minimum SFH lot size of 1/2 acre. Any new development is tear down and rebuild. A lot of it.”

  72. Phoenix says:

    Pumpkin,

    You bought a house in a town.
    You did not buy the town, the county, the state, or the country.

    Too bad, so sad.

    Next time buy a bigger plot of land in a less liberal state. Of course there goes your pension and health benefits.

  73. The Great Pumpkin says:

    How about we throw some projects up in your backyard….or a garbage dump?

    Phoenix says:
    March 27, 2024 at 2:08 pm
    Pumpkin,

    You bought a house in a town.
    You did not buy the town, the county, the state, or the country.

    Too bad, so sad.

    Next time buy a bigger plot of land in a less liberal state. Of course there goes your pension and health benefits.

  74. Phoenix says:

    The Great Pumpkin says:
    March 27, 2024 at 2:20 pm
    How about we throw some projects up in your backyard….or a garbage dump?

    Knock yourself out. Go for it. I don’t give a rats azz.

  75. The Great Pumpkin says:

    Pension and health benefits are some giveaway?

    “Next time buy a bigger plot of land in a less liberal state. Of course there goes your pension and health benefits.”

  76. The Great Pumpkin says:

    Ever think that if they didn’t offer a pension or health benefits that I would never ever sign up for teaching? You think I would sign up to be a teacher in some chit hole that doesn’t value education and pays teachers nothing? This is the difference between a nj education and alabama. Same reason people choose to live here and raise their families. How many people raise their kids here and are out as soon as they graduate like Lib? Must say something about the education in this state.

  77. Libturd says:

    Best thing about having a garbage dump in your backyard is that you can just throw your trash over the fence.

  78. OC1 says:

    “Like owning a piece of hell. You own your neighbors barking dog, or their kimchi, or their 3am screaming baby.”

    There is a very nice husky (Max) in the apartment next to mine who barks a little sometimes.

    I also get some food smells from one my neighbors and I hate it- because it always smells DELICIOUS. I’ve been trying trying to figure out who it is so I can ingratiate myself to them and maybe get invited over for dinner. ;)

    Then there’s my pothead neighbor downstairs who occaisionally gets into loud fights with his girlfriend…

    But I otherwise generally like where I live and just deal with it. For me, it’s just part of all those little trade offs we make in that thing called “life”.

    That’s the way it is with housing- the trade offs I’m willing to make may not be the tradeoffs you’re willing to make .

    Some people prefer the tradeoffs that go with a small cheap apartment or condo, and some prefer the tradeoffs that go with a big expensive house- and that’s fine.

    I just don’t like the idea of zoning boards telling me what tradeoffs I have to make in order to live in a certain area.

    Free markets ain’t perfect, but they’re still the best way to satisfy the most people most of the time.

    But as long as we have restrictive zoning, the housing market is nothing close to being to being free.

  79. leftwing says:

    “[Condos are] Like owning a piece of hell.”

    Then feel free to play God and create more land in Bergen towns…because if you don’t increase the supply of housing stock available for ownership you will not fix the pricing problem.

    “Also, I don’t know how much demand there would be for coops/ condos in the locations where they are being built, which are all on crappy physical locations.”

    Again, you are exactly proving OC1’s point…the current zoning codes are exacerbating the problem of affordability, not helping it, therefore change the code so higher density building can be permitted in suburban neighborhoods currently prohibited.

  80. 3b says:

    Left: Many of these are higher density 3 floors and more, with anywhere from 300 to 500 units and more. As I said all built on crappy locations, side of a highly way , on a busy street next to the railroad tracks, flood zones, next to malls, former commercial sites, and the list goes on. Where else would they go in these already built up towns?

  81. The Great Pumpkin says:

    And force existing owners out in the name of affordable housing that never actually leads to affordable housing.

    Could it be that affordable housing doesn’t exist in a desirable location based on a free market based system? Shouldn’t desirable states and locations always have unaffordable housing? Logic agrees with me. Instead you agree with the bs affordable housing law that goes against your republican beliefs….wild. They are trying to artificially lower prices in a free market based system….that might work.

    “Again, you are exactly proving OC1’s point…the current zoning codes are exacerbating the problem of affordability, not helping it, therefore change the code so higher density building can be permitted in suburban neighborhoods currently prohibited.”

  82. OC1 says:

    Pumps-

    Your towns zoning rules weren’t carried down from Mt. Sinai on a stone tablet. Your deed doesn’t come with a statement saying that your town will forever remain exactly the way it was on the day you bought your house.

    You want to keep your single family house on your half-acre lot- great! Go for it!.

    But why do you think you forever have the inalienable right to tell the guy on the next street or across town what type of housing he can build on his property??

    That kind of thinking is bad for the economy and bad for society.

  83. leftwing says:

    3b, again rentals are being built in shitty locations to the specifications you see because that’s what zoning currently allows. No one would put condos there because no one would buy there…rentals are transitory, ownership is not.

    I don’t know any one Bergen town well but if I consider my former small NJ town you could start by rezoning the downtown for 4 over 1s (currently not allowed because of 35 ft max height); the streets around downtown can similarly change the height restrictions to get four floors of townhouses/row houses; right off the top of my head I can think of three large parcels in attractive locations with small footprint buildings that could be leveled for traditional suburban townhomes as their uses are failing or can be consolidated (town offices, unsuccessful freestanding restaurant, etc); and there are two current rental apartment complexes on large parcels straight out of the 70s (ugly brick buildings, two stories) that could be conscientiously redeveloped into condos/townhomes with higher density and heights, again not currently permitted under code.

    Those handful of top of mind opportunities would create easily over 1,000 new ownership opportunities in a town the census says 5,400 owned units exist. You just increased supply by 20%.

    Allow two units to replace one knockdown on the standard issue 1/2 acre lot and you really create some new volume. Volume that, by virtue of its size, are ‘starter’ type homes and more affordable BTW.

  84. leftwing says:

    “Logic agrees with me. Instead you agree with the bs affordable housing law that goes against your republican beliefs…”

    Not supporting COAH or other laws although the fact that they exist would make the overall zoning changes I offered easier to attain.

    Just stating basic common sense….you want house prices to slow the pace of increase in towns that are built out either decrease demand (unlikely) or increase supply which in built out towns can only be attained by permitting higher density development.

    Those are the two menu choices. Unless in the interim Phoenix pulled an “and on the Eighth Day” miracle out of his hat and created more land mass…

  85. Phoenix says:

    Those are the two menu choices. Unless in the interim Phoenix pulled an “and on the Eighth Day” miracle out of his hat and created more land mass…

    You give me too much credit.😁

  86. chicagofinance says:

    https://nypost.com/2024/03/27/us-news/chicago-reconsiders-offensive-plan-to-rename-columbus-drive-for-barack-obama-after-outraged-italian-americans-step-in/

    Best of comments
    1 hour ago
    I live in Chicago. Columbus Drive is a two-way street. If they want to name something for Obama, it will need to be a one-way street requiring a sharp left turn…

  87. Phoenix says:

    Time to secede. Oh, and look who gets paid before everyone else. F the teachers.

    Houston Mayor John Whitmire says city is ‘broke’ after decades of overspending that has stopped them from being able to pay firefighters

    Mayor John Whitmire proposing a 5% cut across the board, except for fire and police departments

  88. chicagofinance says:

    left: took a client to lunch at Huntley Taverne in Summit. I got there about 11:45AM and sat at the bar. I guess it never dawned on me when I was working Treasury in Basking Ridge and Bedminster, but a place like that restaurant would serve as a perfect way station for i-bankers to collect themselves before or after pitching to carpet land at all the corporates in the area. It is 2 minutes off 78/24; kind of a launching point in all directions. Or did you guys just take the Lincoln Navigator from the city and strategize in the car/wait to debrief in the city.

    It always pissed me off when the super-SMD would copter in to the heliport. Get over yourself. It was a certain Goldman guy and a serious shitbag from Salomon.

  89. chicagofinance says:

    The shitbag made himself look like a douche when he made fun of the CFO at a closing dinner for drinking Johnnie Walker Red. He handed him a bottle of Blue as a gift. The CFO got super pissed and said he drinks Red to honor his dad.

  90. chicagofinance says:

    Phx: That is so hilariously bad taste

  91. BRT says:

    Juice, look at the road there. Looks like it still has that 80s asphalt on it

  92. leftwing says:

    “You give me too much credit.”

    LOL, isn’t plating God de rigueur for medical professionals? :)

  93. leftwing says:

    “The shitbag made himself look like a douche when he made fun of the CFO at a closing dinner for drinking Johnnie Walker Red. He handed him a bottle of Blue as a gift.”

    Never did and still don’t understand people like this…obviously they think carefully about what they are going to say as it requires a setup. So their words are specifically chosen. And this is what they come up with?

    In my Analyst program one of the internal guys coming down to the training floor tried to break the ice with a joke that was a play on the words “liquor” and “lick her”.

    This was about thirty years ago, well before any Me-Too and still in the era of client entertainment in questionable clubs. Regardless, even my first-job idiot 20-something year old brain was shouting “dude, wtf are you doing?”.

    Class got an official apology from the firm and was notified the guy was let go within two days…

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