the staff of the Ridgewood blog
Ridgewood NJ, the state of New Jersey currently has a total of 391,428 vacant housing units, according to Census data, with the highest concentration in Newark.
In a recent report by the Lincoln Institute of Land Policy the report noted that abandoned properties have a devastating effect on the fiscal health of the town. They pay little in taxes and generate little revenue. By devaluing neighboring properties, they reduce property tax collections.
Additionally, the government bears substantial costs to deal with these properties. The report calls them “a massive drain on public resources, hitting hardest those cities already struggling to meet payrolls and invest in their future.”
Assemblywomen Holly Schepisi noted , “Currently, New Jersey has a total of 391,428 vacant housing units, according to Census data, with the highest concentration in Newark. These numbers are staggering particularly as we build hundreds of thousands additional units of court imposed housing in New Jersey. Why aren’t we converting even a fraction of these homes into affordable housing rather than building on every last remaining parcel?What is wrong with this State?”