The New Jersey State Policy Lab is publishing our first report, Vacant Commercial Property in New Jersey: Causes and Solutions, written by Michael Hayes and Pengju Zhang.
The economic recession caused by the COVID-19 pandemic has resulted in an increase in vacant and under-occupied commercial property across New Jersey. This increase is expected to put downward pressure on economic growth and government revenues in both the short and long run.
This project explored existing and prospective tax and subsidy policies that both New Jersey state and local governments could use to encourage property owners to reuse and/or activate currently vacant commercial properties in the state.