Newark Star Ledger: Newark teachers, police, firefighters offered rental discount
A real estate investment firm from New York unveiled an initiative today that offers discounted apartments to teachers, police officers and firefighters who live in Newark.
The firm, Apollo Real Estate Advisors, recently paid $43 million for nine rental properties in the city’s Weequahic section and plans to give a 10 percent discount on its apartments in those buildings. The rent for the studio, one-, two- and three-bedroom apartments ranges from $600 to $1,100.
“This is providing the people who work in the city of Newark a quality environment, said James H. Simmons III, a partner with the company. “If they can have quality housing in the city of Newark, they will stay.”
Brilliant idea. Partnering with private firms to create incentives like this for city services is a creative and helpful way for the City Hall to bring talent and encourage investment, without adding financial burden to the city budget.