New Jersey Assembly Bill A4573

New Jersey 2024-2025 Regular Session

• Introduced: 6/13/24
• Refer: 6/13/24
• Refer: 9/23/24

Caption

Requires study of vacant commercial space for small businesses.

Impact

The findings from this study are expected to address several critical issues such as tracking existing vacancies, evaluating local government programs, and understanding business owners' experiences with current commercial real estate resources. By establishing a clearer picture of the vacant commercial real estate landscape, the bill aims to inform strategies that could revitalize these spaces and make them more accessible to small businesses. This proactive approach may enable local governments to tailor their assistance programs effectively.

Summary

Assembly Bill A4573 mandates the Business Action Center in the Department of State to conduct a comprehensive study on the status and implications of vacant commercial real estate in New Jersey. The bill is aimed primarily at supporting small businesses by understanding the impact of vacant properties on economic development. It requires the preparation of a report within one year of enactment that will guide future policies and initiatives to benefit business owners seeking commercial space.

Contention

While the bill seems widely supportive among stakeholders who advocate for small business growth, there may be concerns regarding the allocation of state resources for this study and whether it will yield actionable outcomes. Skeptics might argue about the effectiveness of another report in a landscape where many existing studies have been conducted without subsequent action. Furthermore, it also prompts discussion about the role of local versus state governance in facilitating commercial development and how various municipalities can better serve their businesses.