Gov. Phil Murphy signed the New Jersey Land Bank Law Wednesday. The legislation makes it easier for cities to transfer vacant and abandoned properties to another entity like a redevelopment agency that would then try to rehabilitate them in order to help combat blight.
Newark has more than 1,000 abandoned properties. Friday’s bill is intended to get them rehabilitated and back on the tax rolls. It’s a concept that seems to be working in New York, Pennsylvania and the Midwest.