Governor Mikie Sherrill unveiled a comprehensive five-pillar plan to accelerate housing production and bring down costs, announcing immediate actions including doubling planned housing on state-owned land from 20,000 to 40,000 homes.
Speaking at the Governor's Conference on Housing and Economic Development in Atlantic City, Sherrill also announced a shot clock to ensure permit applications move forward on clear timelines and a new tax credit auction expected to generate tens of millions of dollars for affordable housing.
The plan was developed by the Housing Governing Council, established by Executive Order No. 17 during Sherrill's first 100 days in office. The Council's report found New Jersey must build 350,000 additional homes to keep pace with growth, increase affordability, and remain competitive.
"Too many New Jerseyans cannot afford their rent or mortgage, seniors are being priced out of their homes, and young people cannot afford to buy their first house --all while the actions of the Trump Administration continue to drive up prices and construction costs," Sherrill said. "We need a new approach, and this plan sets in motion urgent statewide action--bringing together government, builders, labor, business, and community leaders--to speed up housing production, get shovels in the ground, and drive down costs."
The plan centers on five pillars: delivering more homes where New Jerseyans want to live, work, and stay; increasing the state's "speed to shovel" through faster, clearer, and more predictable approvals; partnering with municipalities to build and preserve housing; expanding access to housing opportunities for New Jersey families; and lowering costs, fighting unfair housing practices, and keeping New Jerseyans housed.
The report highlights actions already underway, including transit-oriented housing developments in Red Bank, Bayonne, and Linden; a permitting dashboard covering six projects representing more than 3,700 potential homes; tripling the number of municipalities receiving hands-on housing development assistance; fully funding the state's homelessness response system for veterans; and cracking down on unfair practices that lead to rent increases.
The strategy calls for development near transit, jobs, schools, and opportunity, along with redevelopment of underused state property, vacant office buildings, and aging strip malls. It also focuses on preserving existing affordable homes, revitalizing downtowns, expanding homeownership pathways, narrowing racial wealth gaps, and protecting open space and the environment.
"A home is the foundation on which people build their lives and financial security, and I'm taking strong action to ensure New Jerseyans can afford to build their futures here," Sherrill said.