In an editorial, Jersey City mayoral candidate Mussab Ali details why local developers should have to be transparent to receive deeds and how that can be made possible.
Jersey City is burgeoning at a pace unseen in recent history, with our skyline constantly being reshaped by new developments and our neighborhoods bustling with energy.
Yet, accompanying this growth lies a hidden challenge that threatens the very fabric of our community: the rise of anonymous LLCs in our housing market, run by wealthy corporations – almost none of which even call Jersey City home.
These profit-over-people LLCs that acquire our homes create absentee landlords who neglect their buildings, harm our neighborhoods, and push housing costs beyond the reach of many long-standing residents, all in the name of profit.
This reality erodes the affordability and stability of our neighborhoods and demands our immediate action.
Inspired by a report from the Center on Law, Inequality and Metropolitan Equity (CLiME) at Rutgers Law School, where I work as a senior research fellow, I propose a landowner transparency ordinance for Jersey City.
This ordinance will require all property-owning LLCs to simply disclose their beneficial owners – aka who is making money – fostering transparency and accountability.
By knowing who owns our buildings, who neglects their properties, and who is price-gouging our residents, we can begin to hold them responsible for their investments – or lack thereof – in our community.
On the campaign trail, we have already heard stories of renters whose LLC landlords have shirked responsibility, leaving residents with no recourse.
There is also much that can be done at the state level. I urge support for New Jersey’s Senate Bill No. 276, introduced by Senator Brian P. Stack.
This bill mandates that LLCs disclose ownership information when they record a housing deed, which reinforces my proposal for Jersey City with statewide support.
Our city deserves a future where growth benefits all residents, not just rich investors from out of town.
Transparent property ownership is not merely a legal or financial concern; it is a commitment to preserving Jersey City’s soul and ensuring that our development is inclusive, affordable, and sustainable.
Together, we can build a Jersey City that thrives transparently, equitably, and with unwavering dedication to its diverse communities.
To truly address this issue, a comprehensive approach is necessary.
Throughout the campaign, we will continue to fight for common-sense housing ideas to champion a Jersey City for All.
