It’s a bit miserable to think about.
What are we to make of a world in which we are increasingly dependent on the latest technology, but whose social economies have come to resemble something more than the Middle Ages in which our planet is increasingly dominated by a relatively small coterie of extraordinarily wealthy individuals?
Over the first two years of pandemic Analysis reported by OxfamIt is a non-profit anti-poverty organization. This means that for every dollar of new wealth made by a worker in the bottom 90 percent, the billionaire made $1. 7 million.
“Although billionaire wealth has fallen slightly since its peak in 2021, it is still trillions of dollars higher than it was before the pandemic,” Oxfam said in its report, timed for the annual meeting of the World Economic Forum in Davos, Switzerland. “This crisis-induced affluence of the rich has come on top of many years of exponentially increasing fortunes at the top, and growing wealth inequality.”
How 21St Building a wealth pyramid in the working century? How does this global trend manifest itself here in New Jersey? brick by brick.
I advise Murphy ruler The decision to allow the additional state corporate tax surcharge to expire at the end of the year. CBT is only paid for by the most massive and profitable companies, and its exclusion creates frequent non-recurring profits for such giants as Amazon, like Amazon.
writes Nicole Rodriguez, CEO New Jersey Politics PerspectivesIt is a non-profit, progressive think tank. “With corporate profits at record highs and millions of New Jersey families struggling to keep up with rising costs, this is the absolute worst of the downward spiraling economy.”
Need proof of how medieval morphonomics was?
Consider that his $600m recurring winnings to anti-union giants like Amazon are worth six times $100m. NJ AFL-CIO And its founding unions like 32 BJ SEIU and HPAE, the state’s largest healthcare union, have called for hazard pay coverage for tens of thousands of essential workers who put themselves and their families at risk during COVID.
Like any macroeconomic trend, the Murphy-facilitated all-wealth-to-top push-up takes place in the landscape all around us as the security of home ownership gives way to the ultimate rental predation.
Across the country, anonymous LLCs are buying up single-family homes at such an alarming rate that housing activists warn the trend is making homeownership increasingly out of reach for first-time buyers especially in communities of color.
Investors bought 24 percent of all single-family homes sold nationwide last year, up from 15 percent to 16 percent annually since 2012. state limit Data analysis provided by CoreLogic, a California-based data analytics company. “This share decreased only slightly in the first five months of 2022, to 22 percent.”
In Newark, New Jersey’s most populous city, researchers at the Rutgers Center for Urban Inequality and Equality Law (CLiME) have documented that between 2017 and 2020, such purchases accounted for 47 percent of all home closings, more than double the current national average. .
According to the CLiME report, “This is a threefold increase in investor purchases since 2010, when less than 20 percent of all condominium sales were to institutional buyers.” Who Owns Newark- Transferring Wealth from Newark Homeowners to Corporate Buyers. These trends are part of a national style. LLCs, often backed by large equity investments, became active in residential real estate during the Great Depression and foreclosures.”
CLiME analysis continues. However, these trends show the strong potential for rapidly rising rents, lower homeownership rates, a shrinking black middle class, a challenging market for building affordable homes, and more housing instability for low- and middle-income Newarkers and displacement. What does he have? It happened In other cities and neighborhoods it’s happening in Newark—but on a scale unparalleled anywhere in the country.”
Fortunately for the residents of Brick City, aka Newark, Mayor Ras J. Baraka’s administration and city council take care of that. Last week, Newark’s municipal council gave final approval to an ordinance promoted by Baraka that places deed restrictions on sales of up to 50 percent of city-owned properties, requiring them to remain affordable for 30 years.
According to a city press release, “The deed restrictions apply to the sale of vacant lots as well as homes and to the sale of real estate by Newark Land Bank as well as direct sales of the City of Newark.” “This action also gives approved nonprofit housing developers a right of first instance to purchase City-owned properties.”
The decree was a recommendation contained in “Who owns Newark?Research report by David D. Trott, Distinguished Professor of Law, Director of the Rutgers Center for Law, Inequality, and Equity in D.C. and a member of the City’s Equitable Growth Advisory Committee.
“In cities and even suburbs across America, LLCs are eroding the American dream of homeownership as they convert owner-occupied homes into corporate-owned rental units,” said Mayor Baraka. “In Newark, as we have worked so hard to expand home ownership, we have created a strategy to do everything possible to fight this dangerous trend. The CLiME report is evidence that Newark must enact and implement stronger and more equitable laws, regulations, and policies to ensure that all residents participate in the growth of our city.”
This latest initiative follows on from a 2022 municipal ordinance designed to pierce the veil of corporate secrecy that has obscured limited liability companies (LLCs) gobbling up limited housing in Newark by forcing them to register as responsible agent in the state of New Jersey.
“Our report shows that the national trend of buying one- to four-unit homes in predominantly Black neighborhoods is sharp in Newark, with nearly half of all property sales made by institutional buyers,” said Dr. Trott in the city. Hall press release. This trend arose from the foreclosure crisis that wiped out significant wealth from the Newark middle class. Mayor Baraka’s actions are important steps toward preserving the affordability of rents and homeownership, discouraging speculation and demanding ownership transparency.”
The stakes are high.
“Unfortunately, this reality continues a long pattern of economic threat to increasingly Black and Latino majority neighborhoods in a state whose communities are among the most isolated in the country,” says Dr. Trott’s report. “From racial exclusion to predatory lending, from foreclosure to rent extraction, the Newark experience illustrates what can happen when local economies ignore property rights…These trends demonstrate the powerful potential for rapidly rising rents, declining homeownership rates, and a shrinking black middle class.” challenges to build affordable homes, and more housing instability for low- and middle-income Newarkers and displacement.”
The gap between black and white homeownership rates is on a larger scale now than it was in 1960, when housing discrimination was rampant and legal, according to US Census Bureau data. In 2022, 74.6 percent of white households owned their own homes, compared to 45.3 percent of black households — a gap of more than 29 points.
In 1960, the white ownership rate was 65%, and blacks 38%, a difference of 27 points.
Don’t be fooled state of the state Happy talk. We are moving back brick by brick.
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