![]() In more recent years, factories have been converted into luxury housing all over the City. Corporate and luxury housing towers began to replace rail yards, warehouses and factories that had formed the basis of the city’s manufacturing economy. Using tax breaks and other incentives, Jersey City enticed Wall street firms and luxury housing developers to its waterfront. ![]() Canco Lofts represents the shift in Jersey City’s economy from manufacturing to real estate development and allied industries in financial services. In the 1980’s Jersey City began to look for other ways to grow its economy. Beginning in 1970’s, factory owners, in search of cheaper labor and higher profits, moved their operations down south or overseas. Factories, that once provided jobs that were the bedrock of working and middle class families, are now homes for the affluent. In Jersey City yesterday’s factories have become today’s luxury housing.
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