Christine Dwyer of Morris Township sent us this letter, arguing the NJ Residential Forclosure Act is a big overreach, a "government boondoggle to stifle home ownership and erode property values in the already hard hit-housing market."
What do you think. Tell us in the comments below?
It is bad enough when the Obama Administration governs by executive order against the will of the American people, but now our state legislature is chomping at the bit to get into the act.
The NJ Residential Foreclosure Act will establish a state agency that can purchase foreclosed upon property in any municipality after the local government has been given 45 days to decide if they want to purchase said property.
The properties will be dedicated to low income (or no income) households as long as the tenant agrees to stay a minimum of 1 year. These properties then become deed restricted for THIRTY YEARS. That should put a damper on already crashed property values
The Agency will also be allowed to purchase “market rate units” without imposing the low/no income housing conditions thereby becoming a realtor. NJ: 1st in property taxes, 1st in income taxes and now 1st in state owned single family houses? What a way to go.
Thanks to sound decisions by Governor Christie, NJ is just beginning to rebound from some of the Corzine spending spree, no subway to the wrong place with many millions expected in cost overruns, thank heaven.
We do not need another government boondoggle to stifle home ownership and erode property values in the already hard hit housing market.
Governor Christie needs to veto any of these growth-stifling ideas by the “give away the store” group in our Legislature.
This issue needs to be brought into the light and made open for discussion before it is too late. Allow me to start the ball rolling with a few questions.
Who is going to pay to maintain these homes?
Is subsidized housing in every neighborhood a worthy goal?
Do we want the State to be the largest landlord in NJ?
Where will we make up the lost tax revenue for 30 years?
Talk about growing government! This may sound crazy, but would it make more sense to leave all that money in the hands of the tax payers so they can pay their mortgages and not be foreclosed upon?