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AN ORDINANCE AMENDING TITLE II, CHAPTER II, ARTICLE V OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, TO ESTABLISH THE NEWARK EQUITABLE GROWTH ADVISORY COMMISSION, IN THE OFFICE OF THE MAYOR, COMPRISED OF A CROSS-SECTION OF STAKEHOLDERS FROM THE COMMUNITY, ACADEMIA, BUSINESS AND NON-PROFIT SECTORS FOR THE PURPOSE OF ENSURING THAT DEVELOPMENT POLICIES AND PROJECTS IN THE CITY OF NEWARK, STATE OF NEW JERSEY, FOLLOW PRINCIPLES OF EQUITY AND ACHIEVE THE MAXIMUM AMOUNT OF INCLUSION AND OPPPORTUNITY FOR ITS CURRENT AND FUTURE RESIDENTS.
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WHEREAS, the City of Newark (the "City") is benefitting from economic and real estate development that will transform City neighborhoods and bring greater resources to all Newark residents; and
WHEREAS, the City faces a longstanding crisis of affordability in housing and research has shown that growing cities with affordability crises tend to displace the most vulnerable residents; and
WHEREAS, lack of adequate public and private investment in new or renovated affordable housing has contributed to this crisis; and
WHEREAS, high rates of foreclosure have increased the renter population while providing grist for a speculative market of investor landlords; and
WHEREAS, the City is committed to an overall policy of equitable growth to ensure that the benefits of new development extend to all Newark residents of limited economic means; and
WHEREAS, the City recognizes that the majority of its residents are renters and face significant challenges in terms of income, wealth, and health as housing costs continue to rise in the City; and
WHEREAS, the City further recognizes the contributions to sound equitable policies that non-governmental stakeholders and experts can make when given the formal responsibility of an advisory commission.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
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