Baraka Shares Plan To Tackle Housing Crisis If Elected NJ Governor

NEWARK, NJ — As the cost of living in New Jersey continues to climb, there has been a lot of debate about how to create the hundreds of thousands of housing units that the state reportedly needs. But one thing is clear, according to Newark Mayor Ras Baraka: “we are all in this together.”

On Monday, Baraka outlined a plan to address the state’s housing crisis if he is elected governor in 2025 (learn more below).

Baraka is among a large field of gubernatorial candidates seeking to replace Gov. Phil Murphy next year. Other candidates who have officially thrown their hats into the ring include Steve Fulop, Sean Spiller and Stephen Sweeney (Democrats), Roger Bacon, Jon Bramnick, Robert Canfield, Jack Ciattarelli, Edward Durr, James Fazzone, Hans Herberg and Bill Spadea (Republicans), and independent candidates Gerardo Cedrone and Karen Zaletel.

According to Baraka, the state is short nearly 200,000 housing units – and the gap is widening.

“The math is simple: supply and demand,” Baraka claims in his plan. “We do not have enough housing. Because of that, the cost of housing has skyrocketed.”

• See Related: NJ Advocates Defend State's Affordable Housing Rules Amid Lawsuit

Baraka’s blueprint includes establishing an affordable housing task force to coordinate development, allotting half of New Jersey’s available tax credits to incentivize affordable housing projects, creating a two to one First Loss Capital Fund to be held in the New Jersey State Bank that will reduce risk on high-impact projects, and capping rent increases at cost-of-living adjustments (COLA) for two years to stabilize the market.

“People like to frame this as either a city problem or a suburban problem, but that's a false divide,” Baraka said. “As the cost of living in New Jersey continues to climb, it’s clear we’re all in this together.”

“We need a regional, holistic approach to address the root causes – anything less is just delaying the inevitable,” he added. “Our current system of home rule is broken. It’s time for a new vision.”

See more details about Baraka’s plan in the chart below or view it online here.

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