Jersey City's downtown waterfront market is one of the strongest real estate areas in this country. Developers pay millions to buy small parcels of land. Colgate sold an acre for $10 million. Before Bret Schundler ran for office, he spoke against tax abatements at council meetings. When he ran for office, his campaign literature (Special Election 1992) candidate Schundler said, "... reducing sales and property taxes for all will promote far more jobs than tax abatements for the powerful few." Previously, Mayor Cucci gave abatements linked to affordable housing. Avalon Cove, an abatement that Mayor Cucci turned down because it...