All of Bergen County is still insanely and stupidly overpriced for both buying and renting. Some negative effects: (1) Companies here want to move to other States where housing is lower, that way they can pay their employees less. And for the same reason, the high cost of housing deters companies from moving TO New Jersey. You get so little for your money that employees don't want to relocate here (2) Salaries of government employees (State, County, local) are all much higher in States where housing costs are high, and that impacts taxpayers (3) Social service costs are much higher in States where housing costs are high, because most social services are essentially to subsidize a household's rent. Care to guess what the government subsizes for Section 8 rental in Paterson. It's ridiculous, Again this impacts taxpayers. (4) All other sectors of the economy suffer when most of people's income goes to rent or mortgage. There's no disposable income left to power the consumer economy. All of these 4 reasons are exactly why the economy has grown so little during the Obama years. As much as I'd like to blame Obama, I see the real reason.