Get your business listed on the Best Local Business Listing Network on the web!  

Even Though There Is A Shortage Of Housing, A New Report Is Positive About Jersey City Development

New research on the development of Jersey City is encouraging, despite the affordability crisis that the city has been experiencing recently.

According to new research, the real estate expansion in Jersey City is being portrayed in a favorable manner. “Black Thursday” in 2020, when financial markets experienced their greatest single-day percentage drop since the 1987 stock market meltdown, was a Covid-19-induced low, according to Author Grid Real Estate LLC.

A vaccine, as well as two years of treatment, had a major impact on the disease. Furthermore, according to the report, “rents rebounded immediately in the second year following the outbreak, and demand soared across the board.”

It’s hard to say what it is that is driving Jersey City’s soaring market. The grid highlights “extreme” population growth in metro New York, Jersey City’s proximity to Manhattan, a “vibrant” development environment, Jersey City’s entertainment and food options, its creative community, and pro-growth zoning, among other things.

Grid’s inquiry yielded some surprising facts, which will be recognizable to those who pay attention to the new building projects springing up all over the city. Between 2016 and 2022, as a result of the research, “the rise… of Journal Square [was] tremendous,” the researchers write, and “the amount of building activity in each of the three neighborhoods was significant enough that the Division of Planning published separate development maps for each of them.”

The Grid’s co-founder and former executive director of the Jersey City Redevelopment Agency, Bob Antonicello, claims that “all three of these new growth areas are connected to public transportation, either by light rail or PATH.” But they receive the benefits of national trends, which is a good thing.”

Grid has come to terms with the fact that its rapid expansion has come at a cost to the company. As a result, the news hasn’t been particularly good for those looking for low-cost residences in recent months. The Harvard Joint Center for Rental Housing reports that lower-income households struggle to meet their monthly commitments even with rental aid given by the CARES Act. The city’s affordable housing issue persists, and the epidemic has further aggravated the situation. In the long run, the development of gentrification will only contribute to exacerbating the already severe shortage of affordable housing.”

According to a recent survey, the average Jersey City renter spends $1,612 per month on rent, compared to $1,129 in the rest of the country, indicating that rents are rising in the area. Furthermore, the issue is exacerbated in a city where renters account for 71 percent of the total population. According to the Bureau of Labor Statistics, the cost of the 10 most common household bills in Jersey City is 36.5 percent higher than the national average in these categories.

Grid sees the glass as half-full, despite the difficulties he is experiencing right now. Cities and suburbs around the country are seeing revitalization, and we see this as a tremendous opportunity to rethink, rejuvenate, and reconstruct our communities.” It remains to be seen if advocates for affordable housing and community organizers will be able to come to agreements on this issue.

Scroll to Top