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The bill is co-sponsored by Councilmembers Yousef Saleh and Frank Gilmore, and has key support from Mayor Steven Fulop. and while the city has introduced affordable housing mandates, low-income, longtime residents are getting left behind, Saleh said., Jersey City was the most expensive city to rent an apartment in the entire country last year, with average prices reaching $5,500. Average rents increased by about two-thirds between 2021 and 2022, according to real estate firm Douglas Elliman., especially in neighborhoods like the Heights and Greenville, the bill sponsors said.
Solomon said the Jersey City model would be funded by developer fees, which have been optional but never actually applied to the city’s booming residential real estate market.