In a recent development, while Jersey City has experienced a flourishing property market, longtime homeowners are facing another problem.
Many homeowners are complaining that they are being bombarded by real estate solicitations regardless of the fact they are not welcomed by them. The situation was getting quite out of hand and the Jersey City Council developed a resolution in response. This resolution includes an anti-solicitation city program called as the “No Knock” registry.
Residents who don’t want to be solicited by real estate professionals are required to sign up with this registry. In return, they will be given “No Knock” decals for their front doors. These decals are a warning for real estate solicitors not to knock. Violation of the policy will result in a fine up to $2,000 and a sentence of 90 days of community service.
Rising Prices and Harassed Homeowners
According to figures reported by the RealtyTrac, the median house prices in the Jersey City have risen 17% over a course of 6 years. The figure was $260,000 in 2010 and became $305,000 in 2016.
On the other hand, there has been a fair amount of residential development. As a result, many homeowners are upset as they are frequently contacted by real estate developers and investors. They are worried because the situation has reached a level of harassment.
Residents like Assunta Folcarelli and Michael Griffin express their worry over the matter. Folcarelli says that she keeps getting calls and letters despite her constant decline of the offers. She adds that the entire situation seems scary because where is she supposed to go if she gives up her house?
Griffin is of the opinion that many residents are vulnerable. They are easily swayed by the large amounts of money they are offered but have no idea about tax deductions and other elements. Moreover, they can’t survive through renting in Jersey City. Therefore, Griffin thinks that the city needs to protect such residents.
The “No Knock” Policy Expanding
Avi Schnall, who is the director of the Jersey office of Agudath Israel of America, an Orthodox Jewish advocacy organization, said that the officials had connected with Orthodox and other clergy leaders. They had collaborated to develop the “No Knock” policy and Schnall admits that it was a fair step since they were made part of the conversation.
According to Schnall, many orthodox Jewish buyers have started to purchase in Jersey City after being priced out of Brooklyn. It has been estimated that 40 to 50 Hasidic families are now living in the city.
The “No Knock” policy against the real estate solicitors has also been adopted by New Jersey towns of Toms River and Jackson.
Jersey City started to take the applications for the registry at the end of March. The City Clerk, Robert Byrne, is of the opinion that the new registry will not be a problem in terms of expense for the city.