Rich Castaldo, an entrepreneur and New Jersey Assembly candidate, said that rising property taxes and insurance rates are making New Jersey unaffordable for residents. He made this statement on his X profile on February 26.
"New Jersey property taxes are KILLING this state and the hardworking people that live here," said Castaldo. "Taxes went from 8500/yr to almost 12,000/yr in less than 4 years. This state is not affordable to live anymore and getting worse every year."
According to Bankrate, the average cost of full-coverage car insurance in New Jersey is $2,864 per year, which is 7% higher than the national average. Drivers with a DUI or poor credit can see their rates double or more, while those with excellent credit pay about 24% less. Shopping around and maintaining a clean driving record can help lower insurance costs.
Rich's X post
| x.com
Reinsurance News reports that excessive litigation and third-party litigation funding (TPLF) are major factors driving up auto insurance costs, as hedge funds and private investors profit from lawsuits. Legal system abuse has led to $13.3-24.5 billion in excess losses for commercial auto liability over the past decade. As a result, insurers are raising premiums, limiting coverage, or exiting markets to mitigate financial risks.
As per Baker Botts, TPLF allows external financiers to fund lawsuits in exchange for a share of the settlement, helping plaintiffs manage legal costs. However, critics argue it can lead to conflicts of interest, influence over case strategies, and an increase in frivolous lawsuits, particularly in patent litigation. With substantial Wall Street backing, litigation funders may pressure businesses into settlements, diverting resources away from innovation and core operations.
Increased litigation poses a burden on small businesses as legal costs and settlement pressures can drain financial resources and limit growth. According to Hoegen Law reports, many small businesses lack the funds to fight prolonged legal battles. This financial strain can lead to higher prices for consumers, reduced hiring, and stifled innovation, ultimately impacting economic sustainability.
According to his website, Castaldo is a serial entrepreneur and tech innovator who founded BPM Marketing LLC and created projects like COMVO: The Free Speech Network App and mycovidhelper.com. A former minor league baseball player, he transitioned to business after the 2008 financial crisis and later earned honors at Rutgers University.
