The downside to redevelopment and gentrification in many communities is often rising rents, and that story plays out in Asbury Park. But an effort to pass a new, stricter rent control ordinance was rejected by voters on Tuesday night, by a margin of nearly 2 to 1. The Asbury Park Affordable Housing Coalition fought to put the ballot ordinance, which would have capped rent increases at 4%, the current rate of inflation. This would have provided more protections for tenants than another rent control ordinance recently passed by city council. The City Council’s Rent Control Ordinance caps rent increases at 3.5% and would allow landlords to raise rents to market prices once a tenant moves out.

A bill to end financial scams has been approved by the House. The legislation, sponsored by Representative Josh Gottheimer (D-5e), would create a task force within the Securities and Exchange Commission to strengthen guarantees for the elderly, who are often victims of financial fraud but are reluctant to report it. The most common scams are those from fraudsters claiming to be from the IRS.

Work has begun on New Jersey’s first offshore wind manufacturing facility at the Port of Paulsboro Marine Terminal in Gloucester County. Ocean Wind, which is developing the offshore wind project, and EEW, a manufacturer of steel pipes, announced the start of construction this week. The South Jersey Building Trades Council is involved in the project and more than 30 New Jersey companies will be involved in the design and work on the site. The initial work will create 260 new jobs. The installation will provide the necessary foundations for the planned wind farm.

Ocean Wind is a joint venture between Orsted and PSEG, a funder of NJ Spotlight News.

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