June 04, 2008
This article speaks to the Smart Growth Economic Development Stimulus Act of 2008 which is a legislative package which would change the state's approach to real estate and economic development. Ted Zangari, the coalition's lobbyist, stated: "We're swearing off sprawl and encouraging smarth growth...but New Jersey is the most ill-equipped state to deal with redevelopment issues." He also said that the state needs a comprehensive plan that would serve as a road map for all development and economic decisions. The 12 bills within the package would concede some development boundaries in exchanges for incentives and concessions from the state. The initiative comes at a time when residential and commercial real estate has ground to a virtual halt in New Jersey following the collapse of the subprime mortgage market and a faltering economy.