I had a lovely client who along with her partner wanted to rent a house on a big property so their dogs could run. We found her a great place, and the lease was signed. She paid all the fees and deposits. And then days before the move in date, she had to back out of the deal because she lost her job. She was a project manager on the ARC tunnel project planned to link NJ to NY with an additional rail tube across the Hudson river. She had been working on it for eleven years. And then it was over. Her job was just one small casualty of the Christie administration's cancellation of a major project that would have provided a vital additional link between New Jersey and New York.
As any commuter knows, our single tunnel just isn't enough. And the easy access of our state to one of the biggest economic center's in the western world has always created enormous opportunities for New Jersey's own economy and its citizens. As reported by The New York Times, the tunnel would have shortened commute times and linked additional communities.
As any New Jersey Realtor will tell you, one of the single most effective ways to boost property values is to offer a quick commute to Manhattan. Bigger property values equals bigger tax revenues for the state. One non-profit research group estimated that home values within two miles of the rail station would have risen by $19,000 and by $29,000 for homes within half a mile. Given the estimated $18 billion increase in property values, NJ would have immediately started raking in an additional $375 million in tax receipts per year.
Consider too the additional jobs that would have resulted directly from the tunnel project and indirectly from easier access to other business markets. And let us not forget the benefits to our environment and to our communities that always follow from better public transit and increased walkability. We all know that Governor Christie inherited one of the most difficult fiscal situations since World War II. And we know that the budget needs to be balanced. No one would deny that these are tough economic times, but axing the ARC midtown direct tunnel project was penny wise, pound foolish.