New Jersey's affordable housing crisis has persisted for over 30 years.  The New Jersey Department of Community Affairs recently described the lack of affordable housing as “one of New Jersey’s biggest challenges” as “the cost of housing and land in New Jersey [is] at an all time high.”

This housing shortage has a profound impact on millions of New Jerseyans.  Where a family lives helps determine the quality of schools, access to jobs, availability of health care, access to public transportation, and the quality of emergency services, parks, roads, municipal services, and the environment in general.  This is particularly true in New Jersey, where local services are largely funded by local property tax revenue.  In short, a family’s quality of life depends heavily on where it lives. 

Yet millions of New Jersey residents have little choice about where to live because of the lack of affordable housing, especially in the suburbs, but increasingly also in all but the most depressed neighborhoods in the cities.  When families do find housing, they often pay one third, one half or even more of their income to live there.  This high price limits their ability to pay for daily needs, such as transportation, child care or health care.  And for many, exorbitant housing costs make saving for long-term needs like retirement or their children’s higher education an impossibility.  Moreover, the financial constraints that New Jersey’s housing prices put on individuals – and the corresponding impact this has on businesses trying to attract and retain employees – have a detrimental effect on New Jersey’s economic competitiveness.