The legislation’s supporters said that provision would help reduce racial disparities in homeownership, noting census data shows 77% of non-Hispanic white households own their homes, compared to 42% of Black residents and 40% of Hispanic residents.
“The homeownership divide has contributed substantially to New Jersey having one of the starkest racial wealth gaps in the nation, with its white families holding $322,500 at the median compared to only $17,700 for the state’s black families,” said Harbani Ahuja, associate counsel for the New Jersey Institute for Social Justice’s economic justice program.