Christie Wins Governor's Race in Landside

NEW YORK CITY-By a margin of 64% to 22%, Republican challenger Chris Christie handily beat incumbent Democratic Gov. Jon Corzine in a poll on the upcoming gubernatorial race on GlobeSt.com and sponsored by Real Estate New Jersey. Independent candidate Christopher Daggett received roughly 14% of the vote. About three dozen respondents took the poll, which asked who they were supporting in the upcoming race as well as some of the major issues the state faces. “It’s time for a change and Corzine’s much too chummy with the unions and inner-city cronies who back him and the Democrats generally,” said a vice president with a brokerage firm in the state. Others, however, were not sold on Christie. “Chris Christie would be a terrible choice for New Jersey,” said one respondent. “I don’t see any budget experience or any other experience that would allow him to take on the financial issues that will dominate the next four years.” Even Daggett drew some votes. “He has a plan, is not party controlled and would be a fresh voice with government experience,” said one participant, referring to the state’s former Department of Environmental Protection commissioner and regional administrator of the US Environmental Protection Agency.

For some, the incumbent Democrat has done well in the face of some daunting challenges. “Corzine has probably done what he can in a difficult economic environment,” said one participant. That is probably why when asked the major issue New Jersey faces, nearly 42% replied the state budget deficit. Coming in second was a poor pro-business climate, cited by a third. “The budget and taxes, I believe, are getting out of control,” one respondent stated. A partner at an owner/developer picked a poor pro-business climate. “Not because it is the most important issue, but because it encompasses the major issues,” the respondent declared. “If we get the state working with less fluff, we can tackle the other issues. We need to make the state more competitive and stop pushing people out of the state through higher taxes.” In terms of the challenges impeding commercial real estate development, more than half pointed to the length and complexity of the permit process. COAH took second place, with 11.4% of the vote. One respondent suggested that affordable housing development, which should be set at a “reasonable number,” could be financed through a fee on home sales. “A small fee on all sales will not impact the state in the same way COAH does,” the owner/developer partner said. Meanwhile, economic development in the state is hampered by a loss of private sector jobs and residents to other states; no coordinated plan for sustained economic growth; and New Jersey’s external image as a high-cost state, all of which garnered 23.5% of the votes. Said one participant: “The state is getting clobbered by [Pennsylvania Gov. Edward G.] Rendell.” More than 67% of the respondents rated Gov. Corzine as poor on business issues and 50% said that high taxes on businesses was his biggest misstep in his first term. “By taxing businesses, the engine that drives the economy and employment, you are dissuading companies from staying in New Jersey when Pennsylvania is aggressively pursuing New Jersey companies with lower taxes and incentives,” said a VP with a national owner/developer. On the plus side, 48% applauded Gov. Corzine for his support of the Permit Extension Act of 2008, which allows developers forced to delay projects due to funding shortfalls to keep previously obtained permits valid until July 1, 2010. Another 22% cited his creation of a Real Estate Advisory Board. When asked if Christie would be more receptive to the industry’s needs, 69.4% answered yes. About 44% said they were not sure about Daggett.