New Jersey families are paying too much for housing, and for too many, the dream of home ownership is getting further and further out of reach. This housing affordability crisis impacts millions of New Jerseyans. It means that students can’t live where they grew up after graduating from college, that seniors can’t age in place or find a home near their children and grandchildren when they retire and are ready to downsize, and that businesses choose to set up shop in other states because their workforce can’t afford to live here. For most families, home ownership is the largest investment they will make and the best opportunity they will have to build generational wealth. But our current housing crisis and high property taxes mean many families may never get that opportunity. 

At the root of the problem is a severe housing shortage and a lack of supply at all levels. Since 2019, New Jersey has seen the second-largest decline in available housing inventory in the entire nation. That is not sustainable for families or our economy. We must revive New Jersey as a state that builds, leads, and innovates on housing. 

As governor, I am committed to improving housing affordability by increasing new home construction that meets the needs of all residents. More housing will expand opportunities for home ownership and help drive down rental costs as supply increases. I will work with our municipalities to expand “Missing Middle” housing that both grows our supply and works for our communities. I will work to provide financing and assistance to municipalities to help them repurpose underutilized infrastructure, like converting commercial buildings into housing units. By supporting new housing and redevelopment, municipalities can boost their tax base without burdening homeowners with higher rates. I will also strengthen first-time homebuyer programs to allow more New Jerseyans to build equity in the communities where they work and crack down on landlords who illegally discriminate against families and neglect to keep their properties in livable condition. Bringing down housing costs will unlock economic growth and help families keep more of their paychecks.

Read more about Mikie’s Affordability Agenda, and how it will bring down the cost of housing.