Oh, and by the way, the state is going to subsidize your new neighbor with MORE borrowing.
The NJ Residential Foreclosure Transformation Act is set for an Assembly vote on Monday, Save Jerseyans (rescheduled from last week), and it’s important to recognize this bill for exactly what it is…
…a back-door affordable housing initiative. Theoretically, Trenton could seize foreclosed homes on your block and replace them with halfway houses. Imagine what THAT would do to our already-sagging property values?
This legislation is also yet another full-out assault on home rule. The Mount Laurel cases already require municipalities to provide a certain amount of low income residential zones within their borders; if the NJ Residential Foreclosure Transformation Act passes, Trenton could decide WHICH homes are low-income housing. It’ll be like having one statewide zoning board.
Click here to find you legislator’s contact info online, Save Jerseyans, and give them a call. Ordinarily I’d advise waiting until Monday but there are plenty of folks floating around working on late minute budget issues. Why not try both!