Re: Jersey City has big plans for 100 acres on West Side along Hackensack River

Posted by hero69 on 2018/6/18 11:10:56

JCGuys wrote:

hero69 wrote:
well, i hope the objective of this potential purchase is to make a decent rturn on tax payer money with providing affordable housing as a secondary goal.

What could go wrong...

Seriously, affordable housing is expensive. $100 million for the lot plus remaining remediation plus infrastructure for another $70 million or so plus $200,000 for each affordable unit, with the city wanting at least a couple thousand. Then throw in interest and other fees.

That's well over half a billion that will need to be subsidized by the market rate condos/rentals!
i too think this is a foolish idea. isn't there enough affordable housing in bela, greenville, and other nearby cities.

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