But that picture changes depending on where one looks, he said. Reinhart’s real-estate hot spots are predictable, “the nice parts of Monmouth County, the nice parts of Bergen County.” So are the sore spots, “some of the urban areas” as well as some Shore towns that have not bounced back from Hurricane Sandy, he said,
As much as anything, the sticky problems in the real-estate market may be generational, Reinhart said. Many millennials, those born from roughly 1980 to the turn of the century, stagger out of college with crushing debt into tight job and credit markets, he said.
“Just coming up with a down payment for a house is a problem,” Reinhart said.
In turn, that may make urban areas with public transit and cheap housing, Irvington in a nutshell, more attractive to future buyers, he said.
In the meantime, though, the township’s proposed use of eminent domain “may be a good thing if it stabilizes the community, stabilizes the housing market,” Reinhart said.
While he finds the many legal objections being raised by the mortgage industry “interesting,” they are also unpersuasive. Based on the precedents, Mayor Smith’s plan is “probably fine on a constitutional basis,” Reinhart said.
For McQueen, the plan offers a ray of hope after three tough years. It is about time for Irvington residents and official to work together, because they are not going to find much help from elsewhere, she said.
“The banks know that are our people are black and Latino, poor and elderly, and they’re just taking advantage,” she said.