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	<title>Comments on: Unemployment, Speculators Exacerbating Jersey City&#8217;s Foreclosure Problem</title>
	<atom:link href="http://www.jerseycityindependent.com/2010/03/05/unemployment-speculators-add-fuel-to-the-fire-of-jersey-citys-foreclosure-problem/feed/" rel="self" type="application/rss+xml" />
	<link>http://www.jerseycityindependent.com/2010/03/05/unemployment-speculators-add-fuel-to-the-fire-of-jersey-citys-foreclosure-problem/</link>
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		<title>By: Anonymous</title>
		<link>http://www.jerseycityindependent.com/2010/03/05/unemployment-speculators-add-fuel-to-the-fire-of-jersey-citys-foreclosure-problem/comment-page-1/#comment-84280</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Thu, 03 Mar 2011 03:50:00 +0000</pubDate>
		<guid isPermaLink="false">http://www.jerseycityindependent.com/?p=8846#comment-84280</guid>
		<description>What can we do?</description>
		<content:encoded><![CDATA[<p>What can we do?</p>
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		<title>By: Anonymous</title>
		<link>http://www.jerseycityindependent.com/2010/03/05/unemployment-speculators-add-fuel-to-the-fire-of-jersey-citys-foreclosure-problem/comment-page-1/#comment-84221</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Tue, 22 Feb 2011 22:00:00 +0000</pubDate>
		<guid isPermaLink="false">http://www.jerseycityindependent.com/?p=8846#comment-84221</guid>
		<description>Talk about it! We are back to Tax Abatements and Property Taxes again.The politicians, bureaucrats,elected and appointed officials of Jersey City are quick to welcome any article or opinion that places the blame on unemployment, real estate speculators, investors, anything that will draw attention away from the real problem.That problem is that Jersey City has sacrificed it&#039;s older neighborhoods in the interest of the Downtown Waterfront,and Tax Abatements in general.The rest of the taxpayers in Jersey City have to shoulder an increasingly impossible property tax load to make up for the fact that the Mayor and the City Council have destroyed the rateable tax base of the city, in order to give abatements to the developers.STOP TAX ABATEMENTS  </description>
		<content:encoded><![CDATA[<p>Talk about it! We are back to Tax Abatements and Property Taxes again.The politicians, bureaucrats,elected and appointed officials of Jersey City are quick to welcome any article or opinion that places the blame on unemployment, real estate speculators, investors, anything that will draw attention away from the real problem.That problem is that Jersey City has sacrificed it&#8217;s older neighborhoods in the interest of the Downtown Waterfront,and Tax Abatements in general.The rest of the taxpayers in Jersey City have to shoulder an increasingly impossible property tax load to make up for the fact that the Mayor and the City Council have destroyed the rateable tax base of the city, in order to give abatements to the developers.STOP TAX ABATEMENTS</p>
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		<title>By: Yvonne</title>
		<link>http://www.jerseycityindependent.com/2010/03/05/unemployment-speculators-add-fuel-to-the-fire-of-jersey-citys-foreclosure-problem/comment-page-1/#comment-35955</link>
		<dc:creator>Yvonne</dc:creator>
		<pubDate>Mon, 08 Mar 2010 03:48:38 +0000</pubDate>
		<guid isPermaLink="false">http://www.jerseycityindependent.com/?p=8846#comment-35955</guid>
		<description>Quite often homeowners speak to me at council meetings.  One of the prevailing comments I receive from residents of Ward F (07305) is the inability to rent their apartments.  The city is placing a lot of affordable housing in Ward F. How do homeowners compete for tenants if an affordable unit is asking less than $1,000 down the street? The affordable unit has an abatement.  The small homeowner in Ward F needs the tenant to help pay taxes.  They are not competing for tenants on the watefront, they are competing for tenants who rent affordable housing.  Isn&#039;t it any wonder that Ward F has the highest foreclosure rate?</description>
		<content:encoded><![CDATA[<p>Quite often homeowners speak to me at council meetings.  One of the prevailing comments I receive from residents of Ward F (07305) is the inability to rent their apartments.  The city is placing a lot of affordable housing in Ward F. How do homeowners compete for tenants if an affordable unit is asking less than $1,000 down the street? The affordable unit has an abatement.  The small homeowner in Ward F needs the tenant to help pay taxes.  They are not competing for tenants on the watefront, they are competing for tenants who rent affordable housing.  Isn&#8217;t it any wonder that Ward F has the highest foreclosure rate?</p>
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		<title>By: Mia Scanga</title>
		<link>http://www.jerseycityindependent.com/2010/03/05/unemployment-speculators-add-fuel-to-the-fire-of-jersey-citys-foreclosure-problem/comment-page-1/#comment-35949</link>
		<dc:creator>Mia Scanga</dc:creator>
		<pubDate>Mon, 08 Mar 2010 03:04:53 +0000</pubDate>
		<guid isPermaLink="false">http://www.jerseycityindependent.com/?p=8846#comment-35949</guid>
		<description>Homeowners are facing huge tax increases of up to 25% for this fiscal year which ends June 30th.  Plus the JC MUA raised water &amp; sewer rates by 19.5%  on January 1st....  It&#039;ll get worse..  Wait when the school tax rate increase kicks in with the cut back in state aid for  the JC schools.</description>
		<content:encoded><![CDATA[<p>Homeowners are facing huge tax increases of up to 25% for this fiscal year which ends June 30th.  Plus the JC MUA raised water &amp; sewer rates by 19.5%  on January 1st&#8230;.  It&#8217;ll get worse..  Wait when the school tax rate increase kicks in with the cut back in state aid for  the JC schools.</p>
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		<title>By: John Restrepo</title>
		<link>http://www.jerseycityindependent.com/2010/03/05/unemployment-speculators-add-fuel-to-the-fire-of-jersey-citys-foreclosure-problem/comment-page-1/#comment-35211</link>
		<dc:creator>John Restrepo</dc:creator>
		<pubDate>Fri, 05 Mar 2010 19:29:42 +0000</pubDate>
		<guid isPermaLink="false">http://www.jerseycityindependent.com/?p=8846#comment-35211</guid>
		<description>&quot;JCECDC received a neighborhood stabilization grant from Jersey City to purchase foreclosed properties and sell them to working class families. The program began at the beginning of the year, but JCECDC has not purchased a single home to date. Every building they have considered buying has been snatched up by investors who either outbid them, or purchased the properties before JCECDC was able to complete their due diligence process&quot;


Colin, since our phone interview there have been new developments. We are under contract and closing on the first home in 2 weeks and the 2nd offer has been accepted (closing in 4 weeks). Both of these homes have been widely advertised this week. Part of the messaging in this article I quoted above suggests that we may not have progress with the NSP program. However, we ONLY began actively pursuing properties in January after our funding sources were in place in December. So it took us two months to secure 2 properties (including competing against private investors) and many other opportunties have turned out these past 2 weeks after partnering with groups that are working as intermediaries between nonprofits and the banks.  Two homes in 2 months, is an accomplishment, even in a stable market with less competition if you consider normal process for such ventures.  In short,  we are ahead of schedule in meeting our NSP program goals. I just wanted to clarify that point.   John R.</description>
		<content:encoded><![CDATA[<p>&#8220;JCECDC received a neighborhood stabilization grant from Jersey City to purchase foreclosed properties and sell them to working class families. The program began at the beginning of the year, but JCECDC has not purchased a single home to date. Every building they have considered buying has been snatched up by investors who either outbid them, or purchased the properties before JCECDC was able to complete their due diligence process&#8221;</p>
<p>Colin, since our phone interview there have been new developments. We are under contract and closing on the first home in 2 weeks and the 2nd offer has been accepted (closing in 4 weeks). Both of these homes have been widely advertised this week. Part of the messaging in this article I quoted above suggests that we may not have progress with the NSP program. However, we ONLY began actively pursuing properties in January after our funding sources were in place in December. So it took us two months to secure 2 properties (including competing against private investors) and many other opportunties have turned out these past 2 weeks after partnering with groups that are working as intermediaries between nonprofits and the banks.  Two homes in 2 months, is an accomplishment, even in a stable market with less competition if you consider normal process for such ventures.  In short,  we are ahead of schedule in meeting our NSP program goals. I just wanted to clarify that point.   John R.</p>
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		<title>By: Darren Kramer</title>
		<link>http://www.jerseycityindependent.com/2010/03/05/unemployment-speculators-add-fuel-to-the-fire-of-jersey-citys-foreclosure-problem/comment-page-1/#comment-35194</link>
		<dc:creator>Darren Kramer</dc:creator>
		<pubDate>Fri, 05 Mar 2010 18:03:15 +0000</pubDate>
		<guid isPermaLink="false">http://www.jerseycityindependent.com/?p=8846#comment-35194</guid>
		<description>As a real estate agent, I can say that this analysis is spot-on.  I have gotten a noteable upswing of interest from investors based out of NYC and Brooklyn that are vulturing properties in Jersey City.  They are putting low ball, all-cash offers in on dilapidated houses in the hopes that desperate owners will bite.  This is exacerbating the abandonment issues that are brought up in the article.  This is particularly noticeable in the Greenville neighborhood that extends from about Liberty State Park to Monticello Ave, where investor interest is high and foreclosures are incredibly cheap.</description>
		<content:encoded><![CDATA[<p>As a real estate agent, I can say that this analysis is spot-on.  I have gotten a noteable upswing of interest from investors based out of NYC and Brooklyn that are vulturing properties in Jersey City.  They are putting low ball, all-cash offers in on dilapidated houses in the hopes that desperate owners will bite.  This is exacerbating the abandonment issues that are brought up in the article.  This is particularly noticeable in the Greenville neighborhood that extends from about Liberty State Park to Monticello Ave, where investor interest is high and foreclosures are incredibly cheap.</p>
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