The very wealthy former Ambassador to Germany under former President Obama, Phil Murphy, is running for Governor of New Jersey and he is currently battling for the Democratic nomination. The common wisdom and press coverage right now indicates he's a heavy favorite to get the Democratic nomination. As registered Democrats outnumber registered Republicans statewide by nearly two to one (over two million registered Democrats to about 1.2 million Republicans, but over 2.4 million voters haven't picked a party, according to these new figures), and also seeing that Hillary Clinton ran strongly in New Jersey (beating now-President Trump by 14 percentage points), it's a very good bet that Murphy will be New Jersey's next Governor.
I've met Murphy and spoken to him at length personally. He is a decent man, perhaps too decent for retail politics. I sense it is in that spirit that Murphy wants to turn foreclosures, in the midst of thriving working, middle and upper class neighborhoods, wants to solve the "foreclosure crisis" or "lack of affordable housing crisis" but his "plan" would risk turning any foreclosed property into a mini-ghetto.
Murphy said he would aggressively pursue the state's fair share of Wall Street mortgage settlement funds to launch a program in which the state would purchase foreclosed homes and partner with qualified nonprofits to repurpose them as affordable housing.
That's because people who can move out of the ghetto, get the hell out of them and they do not ever look back. There's no conga line of people lining up to buy homes right next to housing projects -- er, sorry, "affordable housing." Why is that? It's because public housing contains some of the worst people you would ever want to have as neighbors. The mentally ill, the drug-addled, and plenty of criminal elements.
Turn a foreclosed mini-mansion into "affordable housing," and you'll have more "for sale" signs than dandelions very quickly.
FLASHBACK: How "Foreclosure Relief" Hurts The Poor. Eric Dixon's 2012 analysis on a disastrous foreclosure relief plan which passed New Jersey's legislature, not once but twice!
If they cannot confiscate your property -- which I believe will be the end goal -- they can try to reduce its value.