Archive for the ‘Real Estate Development’ Category

As the new Citizen’s Budget Committee prepares to form its recommendations to the public and our elected officials, I pondered aloud to my committee, “what limits our pace of revitalization?”

I’ll get to the answer but first I’ll recap the problem and the solution.

Our economic problems are dangerous

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Economics is all about the choices humans make and in the aggregate human societies (micro economics and macro economics).  Negotiating can be thought of as a specific case of micro economics closely linked to the core concepts of marginal utility and marginal value.  Therefore, Reinvent Trenton is taking this opportunity to explain basic concepts in negotiation and the role of eminent domain in them. Read the rest of this entry »

The Trenton Times reported in “A ‘Capital’ idea that may improve Trenton” that a state agency, the Capitol City Redevelopment Corporation (CCRC), is seeking the power to use taxpayer dollars through bonds and fees to become a developer in downtown Trenton.  Assemblywoman Bonnie Watson Coleman, is pushing this bill through the legislature.

Bill “S-3116” greatly expands the role of CCRC by Read the rest of this entry »

One of the most maddening debates you can have in Trenton is about city investment in new business vs. residential living.

Almost, to a person, the political elite in Trenton will tell you that investment in business is the top priority. I’ve had this debate countless times and you can see it in the political rhetoric of our candidates. However, when pushed by the logic of residential development, they’ll eventually say, “well it’s really a chicken and egg” problem. Read the rest of this entry »

Walking the streets of Trenton, just about the best sounds you can hear are that of nail guns, circular saws and drills. They’re the sounds of revitalization. There’s a hopeful tone to the noise and the sight of a crew, hard at work, means that someone is investing in our city.

You would think that we would do everything in our power to preserve the productive work of re-building Trenton. Yet, we’ve done exactly the opposite.

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The current financial crisis and recent shock in oil prices will usher in a new era for the American lifestyle.

We’re going to be a more modest nation. We’ll buy what we need to live and be less concerned about fads and status.  We’ll be concerned about our exposure to fossil fuels and will seek out dense urban living for both the economy of heating and driving. Read the rest of this entry »

The Mercer Alliance to End Homelessness and its funder, the Educational Testing Service have produced a report, “Housing the Vulnerable in Mercer County” that defies the laws of economics, makes unfounded assertions and argues for the abandonment of Trenton. However, it does not address homelessness.

Link to the report

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I’d like to call ReinventTrenton readers attention to an excellent Harvard University Panel discussion on the causes of our financial crisis.  These are some of the best economic minds in the country including a Nobel laureate and the Dean of the Havard Business School.

Harvard Panel on the Financial Meltdown 9-25-2008

Basically, there are two drivers to the current problem, one of which affects Trenton and the other one, not so much. Read the rest of this entry »

The city is by far the largest single holder of vacant and underutilized real estate in Trenton. This is a long standing situation and is not in the best interests of Trentonians.

It is inevitable to hear Trenton politicians and citizens alike exclaim that, while the city should sell its vacant holdings, “we shouldn’t give them away”.

Oh really? And just how have the fine folks at city hall, and many of our leading activists come to this conclusion?

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ReinventTrenton.com and the Trenton Downtowner are sponsoring a quick poll to gauge public opinion on eminent domain. This is the first chance Trentonians have had to make their voice heard on this subject.

You can vote at: trentonspace.com

I’ve said many times that the use of eminent domain is a matter of principle. While I consider forcing a property owner to sell a producing property to be unprincipled, I may very well be in the minority.

The Supreme Court has found state law governing eminent domain to be constitutional but in no way does that make it right. For instance, abortion is constitutional, but many people think it’s wrong. Drilling for offshore oil could become legal but plenty of people take a principled view that its wrong as well. On both the left and right we can have principled opinions that differ with the law. This is why we vote and enact laws, otherwise the judiciary makes rules for us.

Citizens need to vote on eminent domain either directly or through their representatives. Some towns may chose to allow their government to force sales of property to developers while others may decide to more tightly restrict government power. Trenton’s citizens must make a conscious decision on the relationship between property rights and government power.

Our city council could enact an ordinance banning or limiting the practice. Or they could choose not to. Either way the people should be heard and council should actively reflect the opinion of Trentonians, not the Supreme Court or developers.