NJ Housing Advocates Call for Mansion Tax Revenue to Fund Affordable Homes

New Jersey housing advocates are pressing lawmakers to ensure that a significant portion of the revenue from a proposed mansion tax is allocated to affordable housing. The legislation, known as S4666/A5804, aims to increase the Realty Transfer Fee on properties over $1 million, potentially generating over $300 million annually. Housing organizations, including the Housing and Community Development Network of New Jersey, argue that at least $150 million should be directed to the Affordable Housing Trust Fund. They highlight the urgent need for affordable housing as construction costs continue to rise and demand outstrips supply. Advocates believe that dedicating these resources would directly support the creation and preservation of safe, affordable homes for residents burdened by rising rents.

They emphasize that communities cannot afford to wait for action on this pressing issue. The organizations urge state leaders to act swiftly to ensure that this opportunity leads to tangible progress in addressing the housing crisis. This proposed measure reflects a critical step toward improving housing stability and equity across New Jersey.