One state gets aggressive with affordable housing
During the housing boom of 2001 through 2006, one group of people was constantly ignored: Those buyers who could only purchase affordable housing.
As housing prices rose to record levels across the country, it was getting more difficult for many hard-working people to be able to afford a home. Even during the housing slump, in which houisng prices have steadily dropped in many areas of the country, it’s still hard for residents in most major metropolitan areas to find affordably priced homes.
The state of New Jersey, though, is trying to change this. Last week, New Jersey governor Jon Corzine signed into law a requirement that every town in the state provide housing within its own boundaries for residents with low and moderate incomes.
This method of forcing municipalities to provide affordable housing may not sit well with those who prefer to let the market dictate how much items, including homes, should cost. But try buying a home in a major city on the salary of police officer, teacher, janitor or construction worker. It’s not easy.
If owning a house is still the American dream, then it’s up to municipal officials to take steps to make that dream attainable.
Tags: affordable-housing, Jon Corzine, New JerseyRelated Stories
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