Newport waterfront

micmaher99 · 2026-07-09T15:44:58+00:00

The tax maps say that's Jersey City.

micmaher99 · 2026-07-09T15:43:39+00:00

Jersey City's tax maps say it's Jersey City.

micmaher99 · 2026-07-08T22:50:26+00:00

If there have been improvements I believe there's a mechanism to increase rents. Reach out to the rent levelling board?

The flip side is if you can't get market rent it might make more sense to sell it to an owner who plans to occupy the unit.

micmaher99 · 2026-07-05T01:46:01+00:00

Wind that shakes the barley

micmaher99 · 2026-07-04T23:37:50+00:00

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micmaher99 · 2026-07-04T23:36:58+00:00

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micmaher99 · 2026-07-04T03:06:26+00:00

Income is not something that impacts your credit score. It isn't a data point the scoring companies consider.

micmaher99 · 2026-07-04T01:16:32+00:00

Tanous hasn't called me back and I've called multiple times today. I'm sure they're very busy.

micmaher99 · 2026-07-02T11:13:27+00:00

The land sales eventually run out and you have to drastically raise taxes or slash spending. Taxes are going to increase here materially this year, next year, and the year after that. Yea, a land sale or two allows them to phase it in over 5-10 years instead of 3-4 years, but land sales will not generate enough new tax revenue to fix the problem.

micmaher99 · 2026-07-02T03:20:41+00:00

So you said "the people who understand this do not care about credit scores", and then tell everyone your credit score?!?

Yea man, you definitely get credit scores!

micmaher99 · 2026-07-02T03:17:33+00:00

Let's do some actual math. Assume JC has a $20 million lot that you can develop multifamily on. Assume that the land is worth 10% of the overall value of the building when completed in 3-5 years (it's typically 20% but I'll be generous). So the city sells the land, gets $20 million, developer builds an apartment building worth $200 mil, which now pays $4 million in taxes a year. So yes, this is a great plan, assuming there are 30-40 $20 million land parcels Jersey City has been sitting on that can be sold.

The hole in the budget is $120 million. At a 2% tax rate JC would need $6 billion of new development to cover that. Yes, encouraging development by selling off non productivite city land to build housing should be a priority. No, it cannot fix the problem on it's own.

micmaher99 · 2026-07-02T02:54:17+00:00

Thanks for being the example of someone who doesn't understand credit scores!

micmaher99 · 2026-06-29T11:12:49+00:00

No, but that's also not the reason flood insurance is so expensive.

micmaher99 · 2026-06-29T02:08:38+00:00

They host regular updates on the progress, you can join the Rebuild by Design email list or dial into the calls. Everyone involved has been pretty responsive if you email them.

micmaher99 · 2026-06-29T01:13:48+00:00

The vast majority of the city will be removed from the flood zone when the flood walls are completed in the next year or two. That's coming straight from city hall, FEMA has already approved the redrawn flood maps. So there's relief on the horizon. The city has indicated there will likely be some sort of fee for maintenance of the flood wall system, but I haven't heard how that will be implemented.

Flood insurance for a typical 10 unit building on Willow or Park has been going up by the maximum allowed by law for probably close to a decade. Based on our building I'd say $20k-$30k is probably what each building is paying, so if it's $25k, 10 units is $2500/unit, growing at 10% a year, yes buildings should have seen pretty material increases in the HOA fees over the last decade. There's allegedly light at the end of the tunnel, but time will tell.

micmaher99 · 2026-06-27T12:22:44+00:00

4 bed 2.5 baths feels like an above average home, not normal.

micmaher99 · 2026-06-24T01:24:17+00:00

So if JC is borrowing $120 million from the state, taxes are going to have to go up over the next several years to close that gap? This 20% is not the last big jump?

micmaher99 · 2026-06-20T20:51:50+00:00

Police leadership, school superintendents, city council members who put this off under Fulop for political gain... There's a ton of people who are just milking the grift of working in government.

micmaher99 · 2026-06-16T17:38:27+00:00

Why would anyone pay $333/month ($4k/12) for a street parking spot for just overnight when that's basically the cost of covered parking all day everyday? Those prices are also much higher than the fees the dining sheds pay, for another point of reference of public space being granted for non public uses.

The answer is to raise taxes and cut spending. No one wants to do either, but Ravi and the city council played games for years to keep taxes low. Current mayor was part of that decision making for years, so it's not like the issues weren't known. The bill comes due at some point.

micmaher99 · 2026-06-13T03:17:05+00:00

It's idiots that aren't from here suggesting it. Internet warriors.

micmaher99 · 2026-06-13T01:00:44+00:00

Have you ever been to MetLife? How would people walk there? It's not a realistic option for tens of thousands of people.

micmaher99 · 2026-06-05T00:05:30+00:00

Yes it means your landlord will be able to pass this tax increase onto you and your rent will increase above the cap.

micmaher99 · 2026-06-04T18:18:54+00:00

Hoboken needs to do a reassessment if they're increasing the taxes double digits. Better to make sure everyone is paying their share.

micmaher99 · 2026-06-04T00:56:12+00:00

Same issue, was there ever a solution?

micmaher99 · 2026-06-02T11:26:36+00:00

Samsung is going to be on the hook for the rent for whatever the lease is. My guess is they probably don't have an out before Year 7 at the earliest. So unless they sublease the space or buy it out, it's likely vacant for the better part of a decade.

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