Holly Schepisi 12:06 p.m. ET May 2, 2017

New Jersey has the highest property taxes, foreclosure rate and is the most expensive state in the nation to own a home.  Common sense and basic economics tell us that there is too much supply and too little demand, with high taxes and a dense population distorting total housing costs upward.

Now we are facing the equivalent of housing Armageddon.  A non-profit entity with ties to developers is attempting to force towns across the state to build 280,000 affordable housing units in the next nine years.