FROM SUBSIDIZED TO MIDDLE CLASS AND LUXURY
In the late 1980s, I developed a philosophy that recognized the importance of middle-and upper-income residents, as well as low-income families, to use their strong purchasing power to support a city. This idea was adopted by the State of New Jersey, and was also encouraged by the federal government through the use of mortgage insurance, loans and grants.
I adapted the program of middle-class rental housing in Hoboken, and also in New Brunswick (Riverwatch, Richmond Court), Morristown, Chancery Square), and Long Branch (Pier Village). The objective was to establish residency for middle-income households and ultimately wean the cities from government subsidy.
This philosophy, in some form, is still supported today. A New Jersey program known as Urban Downtown Living was built on these principles, and is administered, when funded, by the Department of Community Affairs of the State of New Jersey. Another program, supported through the lending clout of the New Jersey Mortgage and Housing Finance Agency, recognizes the feasibility of market-rate housing, using various government programs to get financing and attract the middle class to an urban center.