Jersey City desperately needs more affordable housing, and Jim McGreevey, who’s running for mayor, says he’s got just the plan.
His pitch is bold—1,000 new affordabl𒀰e housing units, all made possible by redirecting money from the Pompidou museum project.
But there’s a lot of skepticism about whether his plan holds up un𓄧♔der closer inspection.
Katie Brennan, a Jersey City local who works in affordable housinꦇg, isn’t buying i๊t.
She’s dug into th🌠e numbers, a♓nd they just don’t add up.
- McGreevey’s idea to use redirected Pompidou PILOT funds for affordable housing is complicated and probably won’t cover the 1,000 units he promises.
- Programs like LIHTC and ASPIRE are competitive and provide limited help, making large-scale projects in Jersey City difficult.
- Expanding local housing policies and focusing on new rules could lead to more affordable housing in a more realistic way.
Breaking Down the Plan for 1,000 New Units
McGreevey says he’ll use $150 million from the Centre Pompidou’s PILOT (Payment In Lieu Of Taxes) deal to help pay for the new housing units. But this plan isn’t as simple as it sounds:
- Problems with Using PILOT Funds: The Centre Pompidou deal is legally tied up, and changing it could take a long time and be expensive. Even if the city wins that battle, the $150 million wouldn’t be available as a lump sum.Instead, it would trickle in each year, making it hard to use for quickly building housing.
- Limited Support from LIHTC and ASPIRE Programs: McGreevey also counts on tax credits from programs like LIHTC and ASPIRE. But these programs have their issues:
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- LIHTC Challenges: Jersey City hasn’t received a major LIHTC award since 2018, making it difficult to rely on this funding.Plus, the city only received one smaller grant in 2024, which shows just how competitive the process is.
- ASPIRE Program: This program offers tax breaks, but it’s also competitive and has yet to bring many affordable homes to the city. So, it’s not a reliable funding source for many new units.
- Doubts About the Affordable Housing Trust Fund: McGreevey says the Jersey City Affordable Housing Trust Fund could be $50 to $100 million, but the numbers don’t support that.
The Trust Fund brings in about $2-4 milliℱon each year, so it’s unlikely to hold that much money. The city already collects the maximum fee allowed, so there isn’t an easy way to increase the amoun☂t coming in.
What’s More Realistic for Jersey City?
Even if McGreevꦅey’s plan seems shaky, there are other options out there that might actually make a difference. Katie Brennan, who’s been keeping 🌳a close eye on these issues, has some ideas that sound a bit more realistic:
- Building on Local Policy Successes: The Journal Square 2060 Redevelopment Plan introduced Jersey City’s first mandatory affordable housing requirement.
Under this 🌟policy, new developments with more than 30 units must ♏include 10% affordable housing.
If similar regulations had been in place earlier, projects like the KRE Pompidou site would have been required to include affordable housing. To clarify, this would have been possible without the need for PILOT funds or tax credits.
- Expanding Affordable Housing Rules: Brennan and other housing advocates are pushing the city council to extend these rules. They want to see them applied across all of Journal Square, and eventually, throughout the whole of Jersey City.
This approach could create more affordable units without jumping through the hoops of state and federal programs.
- Turning Old Buildings into Affordable Housing: McGreevey actually agrees on this point—finding new uses for empty or rundown properties can be a great way to create more housing.
It’s quicker and cheaper than building from scratch, and it’s something the city can do with✱out relying on complicated funding schemes.
McGreevey’s Plan: Challenges and Concerns
While McGreevey’s plan i🌼s full of big ideas, ജit raises some real concerns about whether it can be trusted:
- Misleading About the Pompidou Funds: McGreevey makes it sound like it would be easy to take the money meant for the Pompidou museum and use it for housing.
But, undoing that deal would be complicated, and even if the funds were freed up, they wouldn’t come in a lump sum. And this makes it hard to use them for immediate housing needs.
- Trust Issues Among Residents: Some residents worry that McGreevey’s close ties to developers might mean he’s more focused on helping his wealthy connections than on helping the community.
Because of this, these concerns make people question whether he would truly prioritize affordable housing.
- Overpromising and Under-Delivering: Building 1,000 homes, each costing about $500,000, means the city needs $500 million.
McGreevey’s plan relies on a mix of🍸 funding sources, but it’s not clear that he can actually secure all that money. Sure, his promises might sound great, but the details don’t inspire much confidence.
A Way Forward for Jersey City
Everyone agrees on one thing: Jersey City needs 🍸more affordable ho𒐪using.
But turning that dream into reality isn’t easy.
McGreeve♔y has put ꧟forward a bold plan, but it seems like more of a wish list than a real solution.
The c𒉰ity needs a💫 leader who can turn plans into tangible results, not just ideas that sound good on paper.
Instead of waiting for uncertain funds, a better approach might involve expanding local housing rules, reusing underused pro🌟perties, and f🐟ocusing on things the city can control.
These ideas could creat𒁏e more homes and help more people without relying on uncertain sources of money.
As Jersey City prepares for its next election, residents should closely examine the candidates’ platforms.
Doeജs McGreevey’s plan seem realistic, or is there another candidate with a🍌 more practical approach?
As we can see, theꦬ choice will shape the city’s future, and it’s up to the voters to make sure it’s a good one.
