The Real Deal New York

New Jersey hoping cash can beat NYC’s cachet

New Jersey real estate players are betting that de Blasio will push businesses across the Hudson

November 16, 2014 01:00PM

Jersey City and Bill de Blasio

Jersey City and Bill de Blasio

New Jersey is hoping to cash in on Mayor Bill de Blasio’s reluctance to give tax breaks to massive companies.

New Jersey real estate experts believe that the combination of New Jersey’s revamped and far more generous incentive programs, combined with de Blasio’s resistance to gifting corporations taxpayer money, could draw companies across the Hudson River, according to NorthJersey.com.

For instance, Gil Medina, executive vice president of CBRE Group, said he is “hearing from pretty much anyone who is involved in economic development in New Jersey” that de Blasio’s position is going to benefit New Jersey.

Medina described the state’s competition as the “cachet of New York City versus the cash flow of New Jersey.”

Still, Medina and others wonder if de Blasio will even stick to his guns.

“Mayor de Blasio has given a very strong perception among decision makers that business retention and attraction is not a priority of his administration,” Medina said. “I am not sure how much of this is fact, or if it’s perception. But that perception exists.” [NorthJersey.com]Christopher Cameron

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