Newark on the precipice of a vibrant renaissance, said Carl Goldberg in

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Thursday, June 22, 2017
Newark, NJ

The Newark City Council is scheduled for a vote Wednesday night on a rule requiring 20 percent of large residential projects be set aside for people with low and moderate incomes to keep housing affordable.

Mayor Ras Baraka has presided over a building boom for Newark during the current economic recovery, and the measure is intended to insure that people of all income levels share in the new housing being created.

But the affordable housing requirement could undercut the viability of some projects Newark is hoping to attract, said Carl Goldberg, a veteran New Jersey developer who is a managing member of the Rutgers Business School Center for Real Estate.

"Candidly, unfortunately," he said, "I think a 20-percent set aside, for most developers, the math doesn't work."

"Mayor Baraka has done an extraordinary job and the private sector is very enthusiastic about his leadership," Goldberg said. "I think Newark, for a lot of very positive reasons, is on the precipice of a vibrant renaissance. I would hate to see the city, inadvertently, do something to upset that."

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TAGS: Center for Real Estate Corporate Social Responsibility