Title
Dept/ Agency: Offices of Municipal Council/City Clerk
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Establishing the Newark Municipal Council’s position on the housing crisis in The City of Newark.
Purpose: Urging The State of New Jersey to declare a moratorium on mortgage
foreclosures in the County of Essex and the City of Newark until the
homes are reevaluated for their true market worth.
Entity Name: Newark Municipal Council
Entity Address: 920 Broad Street, Newark, NJ 07102
Contract Basis: N/A
Additional Information: N/A
Sponsor: Crump
Body
WHEREAS, the New Jersey State Constitution (Article I.2.a) reads, “All political power is inherent in the people. Government is instituted for the protection, security and benefit of the people, and they have the right at all times to alter or reform the same, whenever the public good may require it”; and
WHEREAS the New Jersey Constitution says (Article I.) “all persons are by nature free and independent, and have certain natural and unalienable rights, among which are those of enjoying and defending life and liberty, of acquiring , possessing, and protecting property, and of pursuing and obtaining safety and happiness”; and
WHEREAS, the Municipal Council of The City of Newark is instituted for the protection, security, and benefit of the people of Newark, New Jersey; and
WHEREAS, the Housing Crisis of 2008 has had devastating consequences on the life, liberty and pursuit of happiness on the people of the City of Newark; and
WHEREAS, Essex County is among the worst hit be the national foreclosure crisis; and
WHEREAS, the Financial Crash of 2008 was a direct result of the Housing Crisis; and
WHEREAS, standard econometric tools can be used to measure the overvaluation by lending institutions from 1998-2007; and
WHEREAS, the Financial Crash of 2008 has had a devastating effects on the ability of the City of Newark to provide for the common good of its citizens, leading to ...
Click here for full text