Sean Ryan is associate editor of Real Estate New Jersey, from which this article is excerpted.

The good news: Gov. Corzine's new transit legislation will give the state $8 billion over the next five years, through the nearly-bankrupt Transportation Trust Fund. The bad news: it'll cost $30 billion to get that $8 billion.

The $30 billion is over the next 30 years, so there's time to figure out a way to scrounge up an extra $30 billion without anyone feeling a pinch. Plus, if Corzine hadn't found a way to pony up the state's requirement to the TTF, New Jersey could have lost its access to that $8 billion.

"Most people are interested in the state establishing a stable, long-term source of funding for the Transportation Trust Fund," says Richard Johnson, chairman of the Northern New Jersey district council of the Urban Land Institute. "We've seen various ways of how not to treat it, where it gets so burdened with debt that it doesn't have any capital to do current projects."

Recommended For You

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.