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Letter: Law Will Hurt Home Values, Ownership

What do you think?

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?

 

 

Taxpayer April 03, 2012 at 07:09 PM
Thank you Christine. The The Foreclosure Bills are S1566 and A21680. They will lower our property values, resulting in a smaller tax base and, of course, higher property taxes. We must contact our State Senators, Assemblymen, and the Governor to stop this madness.
Patriot April 03, 2012 at 07:53 PM
Time to remember June and November. If this is the best our elected officials can do in protecting the taxpaying home-owing citizens then its time for CHANGE ! They must go! This is another socialistic redistribution of wealth. We are drowning in debt both at the state and federal level. Instead of decreasing property and business taxes, our Legislature wants to spend more. There isn't a little elf with a pot of gold at the end of the rainbow! The pot is empty.
Lucy Tscherne April 03, 2012 at 08:04 PM
The NJ Residential Foreclosure Transformation Bill will Transform our neighborhoods and add to our already crushing tax burden. The significant impact of the bill on our towns demands open and widespread public discussion. I doubt many citizens even know of this. Similar legislation exists in Britain and it has resulted in towns with more government owned than private owned houses.
Concerned Citizen April 03, 2012 at 08:17 PM
If our elected officials on all levels - town, county, and state do not make an effort to oppose this bill, then they should be voted out of office. We need to elect officials that will protect the taxpayer. I will be watching..... Concerned citizen
Property Owner April 04, 2012 at 03:09 AM
Through these bills (S1566 and A2168) the State is compelling each municipality to act. First by requiring the municipality, where the housing is located, to advise the State whether it will buy the house or the State will then own the property. Thereafter, if the property is bought by the municipality, they have 180 days in which to sell or rent the property as 30 year deed restricted low income subsidized housing. Everyone should contact their town and advise them that this is happening. Every municipality will need additional funding to comply with these bills if they become law.
Henry Stock April 04, 2012 at 03:39 AM
This is big brother writ large! The State has no right to use our money in this way. The people that would fund this kind of scheme apparently think that they are Robin Hood, but they are really just thieves. This scheme pads the pockets of bankers, real estate agents, some contractors, and turns properties over to people that would never be able to pay for them, all on our dime.
George April 04, 2012 at 01:49 PM
Once again, big government's answer to everything - legislate, decrease liberty and throw around taxpayer money and say its from the State.
Patriot April 04, 2012 at 05:09 PM
Fannie and 'Freakie' gave Bad loans and created this foreclosure avalanche. Banks were pressured to give mortgages to people who did not qualify for them and the taxpayer footed the bill. Now they want to use these foreclosed homes for affordable housing.. what a shell game and what an insult! Spending more taxpayer money.....bankrupting us more! What happens when THE OCCUPANT cannot pay taxes or keep the house in good repair? Do we foot the bill for that also? If these bills are passed they should be VETOED by GOVERNOR CHRISTIE!! Enough is enough!!
Question Everthing April 05, 2012 at 08:36 PM
When is this "Nanny State" going to stop? I am so sick and tired of other people doling out our hard-earned taxpayers money when our economy is in such dire condition. Stop the uncontrollable spending!! Stop stifling the will of the people. Nothing means more that attaining something you really want by hard work. The state or goverment should not determine how people should live, where they should live, what they should eat, what they say, etcetera....they should stop meddling and get out of our lives. They make everything sound so rosy and cosy....one just cannot wait to accept and acquiesce to the next most "wonderful offering". Get smart! With each offering we are losing more and more ofour freedoms and if we don't wise up we will become nothing more than an empty mindless apathetic blob of a person. Insignificant, Creatures without honor!
superdog April 12, 2012 at 07:14 PM
I guess you hated Regan also because he felt the same way>>>and wanted the rich to pay more taxes...because the poor is who keeps them rich with all of our hard work....we have drowned before ...and came back tell the big companies to stop out-sourcing to INDIA.......and the Philippines>>>bring the jobs back to America..and close the dam borders
Henry Stock April 12, 2012 at 07:49 PM
To superdog, I don't think that you understand anything about Reagan. You take him out of context. The fact is that when Reagan made the comments mentioned by Barrack Obama the other day, the top federal tax rates were over 50%. Reagan lower the top rates to 28%, but also got rid of the many loopholes that allowed them to avoid actually paying taxes ... You know, like General Electric did under Obama's schemes. The point is that most of us tax payers do not want our government sticking its nose into economic activities that are best handled by private enterprise. Every time Government does something like this, it distorts the free market and hurts everyone in the process. At least it hurts everyone that is not politically connected.
Common sense April 16, 2012 at 03:04 PM
If you take homes off the market (out of foreclosure) aren't you in fact supporting the market? I see this as helping home values. Also isn't it saving the State from constructing low income housing fro scratch that is already mandated? Sounds like a win win.

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