The future of rent control in Hoboken lies in the hands of voters this November
Voting “yes” allows landlords to list vacant properties that were rent-controlled at the market rate. In exchange, they’d pay $2,500 per unit to the city’s affordable housing trust fund. A “no” vote maintains the city’s current rent control practices.
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Early voting begins across New Jersey on Saturday morning, and in Hoboken, there’s an extra ballot question about the future of rent control in the city.
The referendum question is a tricky one. In fact, the City Council voted to rewrite it in the summer.
The question states, “Shall the ordinance submitted by initiative petition, providing for an amendment to Hoboken City Code Chapter 155 (Rent Control) at Section 155-31 to provide an option to landlords to pay a fee of $2,500 to the Hoboken Affordable Housing Fund in order to lease voluntarily vacated apartments at a freely negotiated rent, which thereafter remain subject to the provisions of the Rent Control ordinance, including limitations on annual increases, be adopted?”
Voting “yes” allows landlords to list vacant properties that were rent-controlled at the market rate. In exchange, they’d pay $2,500 per unit to the city’s affordable housing trust fund.
A “no” vote maintains the city’s current rent control practices.
“I am supporting ‘vote no’ on this ballot question because I am concerned that we need to keep those rent control protections in place,” said Councilmember Emily Jabbour. “On a year-to-year basis, you can only increase that rent by 5% or the Consumer Price Index, whichever is lower.”
But Ron Simoncini, of the Mile Square Taxpayers Association, says the city needs a change to save rent control housing.
“The existing policy in Hoboken is responsible for Hoboken's rent control cohort reducing from 12,500 units to 7,500 units,” Simoncini said. “If we don't do something about allowing these property owners to improve their property and generate the kind of income that it takes to operate these properties, they're going to continue to go away.”
Jabbour argues the proposed fee isn’t enough.
“$2,500, when the average rate in Hoboken is closer to $4,000, isn't really a fair exchange,” Jabbour said.
“They haven't built a unit of affordable housing in Hoboken in 61 years, and they're going to say that our effort to actually create affordable housing doesn't have enough weight behind it?” Simoncini countered. “We'll see what the voters do with that.”
Mail-in voters should check both sides of their paper ballots. This question is on the opposite side of the one with the candidates in other races.
