At a recent Rutgers Center for Real Estate event, he talked about the new Opportunity Zone program created by legislation he co-sponsored.
“Success to me looks like investors stepping up and working with local community leaders. Because, as mayor of my city, I knew where we desperately needed investment and where the real opportunities were and, working together with private-sector individuals, we’ve created some really remarkable things in Newark.
“Success to me means that we have about $6 trillion unrealized capital gains sitting on the sidelines. Success to me is moving a significant amount of that money into nontraditionally invested areas, from the rural Appalachian Mountains to urban places like Camden, that they’re doing it in partnership with local communities.
“I do believe that local community should be designing their own destiny and that, that investment in things from businesses, infrastructure to real estate, creates a multiplier effect of workforce development and expanding opportunities.”