More than two million people in the US have been hit by a shortage of affordable housing in recent years, with more than 6,500 people in New York City suffering from the issue, according to the US Census Bureau.
The number of people living in poverty has also risen sharply in New Jersey, with the median household income plummeting from $37,000 to $28,000.
In the wake of the devastating Superstorm Sandy, many New Jerseyans were forced to move to other states to find housing.
With the shortage of rental housing, the city of Newark has stepped up efforts to create new rental housing for its residents.
The city of Hoboken also recently began issuing vouchers for the purchase of homes, which will help ease the shortage.
Newark, which has some of the highest property taxes in the state, is expected to receive $1.8 billion in new tax revenue this year, and the city has set aside $100 million for a housing fund for displaced residents.
The city has also started construction on a $1 billion home rehabilitation project in the heart of Newark’s downtown.
“We’re not going to just throw money at it.
It’s going to have to be a real commitment,” Mayor Ras Baraka told the New York Times.