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Jersey City Real Estate Becoming Popular as Rent Prices in New York City Rise

Jersey City over the past 10 years has been building new luxury housing and high-rises along the Hudson River twice as fast as New York City. However, the big increase in Jersey City housing supply has not necessarily driven rent prices down due to the consistent high demand and high deficit of housing from the dense population living and working around the New York City areas. This phenomenon has driven many Jersey City locals to more affordable areas such as Newark and Elizabeth, New Jersey....

Tags: Affordable Housing, commute, Elizabeth, evictions, high demand, housing supply, income disparity, increased rent, Jersey City, Luxury Apartments, Manhattan, new amenities, New Jersey, Newark, rent price, shortage of housing supply, tristate

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The U.S. Supreme Court Refuses to Hear New York Rent Stabilization Law Case

In May, a few New York landlords along with the Rent Stabilization Association and the Community Housing Improvement Program filed a petition in the United States Supreme Court to consider arguments that the state’s rent stabilization represents “an unlawful taking of property without just compensation.” They claimed that the various rent laws in New York create a wide gap between the rent they receive and the costs they have to expend as a landlord and they are forced to offer low rent, ...

Tags: Community Housing Improvement Program, constitutionality, foreclosure, high interest rate, Housing Stability & Tenant Protection Act of 2019, inflation, Landlord, New York, New York real estate, rent control, rent control law, Rent Guidelines Board, rent law, Rent Stabilization, Rent Stabilization Association, rent stabilization law, Tenant, U.S. Supreme Court, unlawful taking

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United States v. Washington Trust Co. of Westerly Ends in $9 Million Settlement

The Department of Justice (“DOJ”) filed a complaint against the Washington Trust bank company located in Rhode Island. The DOJ stated that the bank violated fair lending laws by purposely not offering home loan services at its branches in black and Hispanic-dominated neighborhoods. Furthermore, the DOJ alleged that the bank knew about these racial disparities yet did nothing to change their policies or do more outreach. The Washington Trust bank agreed to a $9 million settlement with the ...

Tags: Black & Hispanic neighborhoods, complaint, Department of Justice, disparities, DOJ's Combatting Redlining Initiative, fair lending laws, home loan services, loan applications, outreach, racial discrimination, redlining, settlement

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