Viewing a single comment thread. View all comments

mrkirlew t1_itj7rqw wrote

The developers have locked in on the train route towns to boost up the rent prices. When there was a recession in 2008 Newark it was cheap. It's more than just the price of materials. People in NYC are looking for cheap places. What happened in Brooklyn, is going to happen to Newark. We recently had a council person locked up for taking bribes from developers. Newark is worth billions. People in Brooklyn said the same thing.

14

swimteam69 OP t1_itja1ph wrote

Exactly, Newark has a prime location with being by NYC but we struggle to either be in our own city and being in nyc shadow. I think it is a good relationship, leverage the location to NYC but develop to be our own.

6

sutisuc t1_itm6utq wrote

This is honestly Newark, and NJ’s, blessing and curse. We’re so close to NYC so we can take advantage of the jobs, entertainment, culinary options, etc. But then there’s much less of an investment in our own cities because so much of peoples time, money, energy, etc is put into NYC and then people who aren’t from these cities have very little attachment to them.

On top of this because a good chunk of the “new” residents moving into Newark work in NYC the state and city are not seeing any of that tax money so you get new residents but they don’t actually pay in any money to the tax coffers (unless they pay property taxes). So NYC get the benefit of having white collar (and even blue collar) workers who pay into their taxes without having to deliver as much in the way of services and not housing people, while Newark has to provide service, housing, etc for people who work and spend a lot of money elsewhere.

7

ahtasva t1_itm8lye wrote

NJ and NYC have a tax treaty that provides for some kind of claw back in favor of NJ in this instance. Also, as along as you live in NJ and are not homeless you are in effect paying property taxes. Does not matter if you rent or own.

3

sutisuc t1_itm8xmo wrote

Nah you just get a credit on your taxes to NJ based on what you pay to NY so you’re not double taxed, NY is not giving any of that money back to NJ LOL.

7