This Downbeach Buzz podcast features a discussion on various real estate topics affecting the Jersey Shore and Philadelphia markets.
We explore affordable housing plans in New Jersey, noting that some towns like Stone Harbor and Ventnor have submitted theirs, while Margate has not, which could lead to a builder’s remedy situation.
Margate has explicitly stated they have not submitted a proposed affordable housing plan as per state statute.
Builder’s Remedy: The consequence of non-compliance is the “builder’s remedy,” which allows builders to “come in and do whatever they want” if a municipality fails to provide an affordable housing plan. This grants builders significant leverage and bypasses local zoning controls.
Impact on Master Plans: The affordable housing plan is a mandatory component of a municipality’s master plan. Margate’s non-submission raises questions about its implications for their overall development strategy.
High transfer tax on home sales.
Differing opinions on whether lower interest rates or lower home prices would better stimulate the market.
Significant industry change: rental payment history will now be considered on credit reports, particularly for tenants renting from larger corporations, potentially aiding first-time homebuyers in securing mortgages.
