Residents in historic Ivy League city divided over affordable housing

A battle for affordable housing is raging in an Ivy League city, as officials try to figure out how to meet housing needs without destroying land whose history dates back hundreds of years.

Town of Princeton, NJ, council member Mia Zaks tells Realtor.com® that people in the suburbs may feel threatened by apartment buildings, which is a point of contention.

At issue: a proposed development on nearly 12 acres of land where the former Tennent Roberts Campus of Princeton Theological Seminary is located. The former seminary was founded in the early 19th century.

The planned development calls for a Apartment complex with 238 apartments with a swimming pool and a roof terrace – no more than four stories high. Projected rental prices are expected to cost $3,536 for a one-bedroom, up to $4,992 for a two-bedroom with den.

“Princeton has no shortage of awareness of the city’s rich history. That’s what sets the city apart. That’s especially true of this neighborhood, which is in the heart of the Princeton Historic District and has long been listed on the National and State Registries of Historic Places.” Sean Wilentzprofessor of history at Princeton University, Realtor.com tells us.

The concern is around the density of buildings and whether the current road infrastructure can handle the influx of traffic.

Others believe this development will not provide enough low-income housing, despite state laws requiring at least 20% of apartments to be reserved for low-income residents (in this case, approximately 48 units are planned).

“Princeton as a whole is deeply committed to the value of affordable housing,” Sacks said. “Most people in Princeton want to live in a racially and economically diverse community. We are already an international community because we have the university here.”

Sacks adds that officials have focused on integrating new units into the city using a “smart growth paradigm.”

“This means identifying locations in the city center that can be adaptively reused or redeveloped to take advantage of pre-existing municipal infrastructure, sewerage, roads, electricity, etc.,” she says.

Wilentz argues, “As far as this particular project is concerned, in addition to gestures for ‘smart growth,’ the city is presenting the project to the public as a massive affordable housing initiative, without saying anything about the 80% luxury units. all about affordable housing, see?!” I have met Princetonians who sincerely believe that the Stockton Street proposal consists of 238 affordable units.”

The costs to taxpayers are also a concern.

Wilentz says developers will need a Payment in Lieu of Taxes (PILOT) agreement.

“The PILOT for the Stockton Street project is a $30 million windfall for the developer at the expense of the taxpayers of Princeton and especially the poorer cities in Mercer County,” he says.

However, Princeton officials say the proposed project could not be developed to these standards without the help of a PILOT.

Princeton’s financial adviser estimates that Princeton will generate more than $48 million over the life of the PILOT, while the property has historically been tax-free with no payment to Princeton, the county or Princeton Public Schools, according to an attorney who prepared a report. fact sheet for the project on behalf of the Princeton council members.

“We can’t solve the housing crisis with just single-family homes,” Sacks said. “There needs to be zoning changes that allow for more duplexes, triplexes, smaller lots with more units and, yes, larger multi-family apartment complexes.”

The municipality is trying to reach a compromise on large apartment buildings. Sacks says the answer isn’t necessarily acquiring and developing farmland, but building close to downtown. (The location of the Stockton project is about a five-minute walk from the train station and the centre.)

“Foot traffic is essential. The mom and pop stores on our Main Street cannot compete in an Amazon economy unless there is more foot traffic,” Sacks said.

10 year plan

March 15 marked a deadline in New Jersey for each of the state’s municipalities to share a 10-year plan for creating affordable housing. It’s part of the Mount Laurel Doctrine which was included in law in 1975.

The New Jersey Supreme Court says municipalities cannot use zoning laws to exclude low- and moderate-income families from living within their boundaries.

Every decade, New Jersey municipalities are expected to share their plan for building enough affordable housing. Often, private developers will come in, buy land and build apartment complexes with 20% of the units reserved for low-income families.

But not everyone is happy with the requirements. Several towns and cities in the Garden State have taken their arguments to the next level The US Supreme Court can only be deniedmost recently by the Supreme Court.

“The problem becomes that no one actually wants it in their neighborhood. They want it in theory, but not in practice, and the other problem is a misunderstanding of the economics of how housing is built,” Sacks says.

She explains that approximately 700 units have been built and occupied since 2021. She adds that some are 100% affordable and some are inclusive, meaning the housing project includes a percentage of units reserved for low- to moderate-income families.