Posts Tagged ‘Trenton’

All Trentonians know that our high crime rate isn’t good for the economy. However, not many of us know just how bad it is. It turns out that economists have studied the subject and have asked themselves that very question.

In “CRIME, URBAN FLIGHT, AND THE CONSEQUENCES FOR CITIES”, economists Julie Berry Cullen and Steven D. Levitt worked through quite a bit of crime, census and other data in addition to third party research to build up an econometric model of the effects of crime. It’s worth noting that Steven Levitt later went on to write Freakonomics which is referenced in my earlier article on the economics of crime.

I’ve provided a link to the article but I’ve summarize it fairly simply below. I’ll warn readers of the report in advance that this is an academic paper and some of the conclusions it draws are a bit disturbing to the politically correct mind. Read the rest of this entry »

If you’re a Trenton watcher and haven’t been living in a cave, then you’ve noticed our shiny new $60M train station. The Trenton train station is unique along the Northeast corridor in that not only is it the 6th busiest station but it has both Amtrak, NJ Transit, NJ Light Rail and Septa carriage.

Every day hundreds of people from mainly outside Trenton travel through our station. They typically spend as little time in Trenton as possible.

The city is proposing to change that.

It is leveraging a generous state tax incentive to encourage commercial development around urban NJ’s train stations. I have to say, I’m for the tax incentive. The state and federal government have spent $Billions over the year building roads to increase sprawl, it’s good to finally put some balance in the equation.

With the incentive behind it, the city has courted three developers to build three seperate large projects immediately adjacent to the station. I think this is great and can’t see any downside. I even support demolishing the historic-ish building on the north side of Greenwood Ave. to make way for the building.

However,there are two big questions that come to mind as I review the current version of the city’s development plan for the area and come away from tonight’s (6/25) public meeting on the subject. Read the rest of this entry »

Trenton is far from average

Trenton’s median income is in the bottom 9% of communities in New Jersey. Our schools are in the bottom 2% and our crime is in the bottom 1%. Real median income (adjusted for inflation) in Trenton actually declined 6.7% during the ‘90s while New Jersey’s median income rose 4%.

Because our income level and resulting tax base is so low we receive subsidies from the rest of the state most notably Abbott funding. To be a sustainable community we need to pay our own way which means our income must be in the 50^th percentile, roughly that of Hamilton.

One can argue though that an urban city in New Jersey with “average” income would be a great place to live.

Making revitalization decisions isn’t easy

Trenton has been trying to revitalize for many years but with little success, therefore its time to realize that if revitalization were easy everybody could do it. Read the rest of this entry »

For Trenton watchers who missed the news that a new arts festival called “Art All Night” happened over the weekend (June 21-22), you need to get your glasses checked. The promotion was everywhere.

“Art All Night” is a free event sponsored by Artworks in Trenton that showcases art submitted by anybody that wants to. Every professional and amateur artists was welcome to submit 1 piece and as a result over 600 artists were represented. In addition: films, bands, art demonstrations and food were part of this quirky art event led by Michael Gumpert and now in its 2nd year.

The event moved to a new space this year, a ~100,000 SF former Roebling wire rope factory and attracted many more patrons (probably double or triple) than last year’s already healthy attendance.

But the question is, what does it mean to Trenton? Read the rest of this entry »

Unlike other industrial towns that have re-invigorated themselves (Pittsburgh, Jersey City and even Newark) Trenton has been left behind. Trenton’s Mayor Palmer is a nice guy and seems to mean well but just hasn’t been able to steer the city towards any meaningful revitalization. For the past 17 years during the Palmer administration, we’ve been treated like a welfare state chasing every government handout available and with predictable results. We’ve chased away high income residents and attracted poverty.

The facts speak for themselves.
According to the U.S. Census Bureau, from 1999 to 2006 New Jersey’s per capita income has risen 18% while Newark’s has risen 24% and Jersey City a whopping 29%. Meanwhile, Trenton has lost ground with a meager 9% gain in the same seven years moving from $14,621 to $15,933. In 2006, while Trenton was busy electing the mayor that delivered these sad results, the city’s per capita income actually shrunk by 0.4% while New Jersey, as a state, grew 1.3%, Newark gained a respectable 4.8% and Jersey City grew an astounding 14.6% and

Given Trenton’s abysmal record it’s clear that the current administration either doesn’t really want to fix the problem or just doesn’t know how. Furthermore, it pains Trentonians to see the US Conference of Mayors being led to believe that Trenton is a model of economic revitalization. It clearly is not!

As a long time Trenton activist, real estate investor and student of urban economic issues I’m offering this paper as an alternative approach to Trenton’s revitalization.

Read the rest of this entry »