In Hoboken, the 1988 Affordable Housing Ordinance (AHO) aims to counter the historical gentrification that has affected Hoboken’s diverse demographic. As with many communities, Hoboken is struggling to provide the affordable housing that will help it maintain its culture and diversity.
Stanford economist Raj Chetty found that children who moved to lower poverty neighborhoods saw their earnings as adults increase by approximately 31%, an increased likelihood of living in better neighborhoods as adults, and a lowered likelihood of becoming a single parent. Children living in stable, affordable homes are more likely to do well in school and have opportunities to learn outside the classroom.
With the dramatic drop in income for countless people due to the COVID-19 pandemic, millions fell behind in their rent or mortgage payments. The federal government helped for a month or two. Now our cities and rural areas are filled with people in deep financial trouble, facing frightening consequences of not being able to make their monthly payments.