Seven candidates are running for mayor of Jersey City, the second largest municipality in the Garden State. The city hasn't elected a new mayor in 12 years, but that's about to change on Nov. 4. 

Two of the candidates sat down with CBS News New York's political reporter Marcia Kramer for this episode of "The Point."

James McGreevey

Former Gov. James McGreevey was born in Jersey City, and now he wants to be the mayor. 

Given affordability is a key issue this election cycle, how does he plan to address the cost of living? 

He outlined a three-part approach to building affordable housing, including partnering with houses of worship and reclaiming distressed properties. 

"As mayor, we have to be persistent and deliberate in the approach to affordable housing. I commit in the first four years -- 1,000 units of senior citizen housing, 1,000 units of affordable housing," he said.  

McGreevy also spoke about mass transit, saying he supports creating more bus lanes and residential parking permits.

"I think you've got to look at connecting the systems. Whether it's PATH, whether it's light rail, whether it's bus rapid transit, whether it's parking for cars, you have to have an integrated system," he said. "Right now in Jersey City, it's not integrated. It's piecemeal, so people get frustrated."

He also discussed his plan to lower the cost of utilities with community solar reserves captured on roofs of buildings, and said the city needs to be strategic in providing services to its large immigrant population. 

McGreevy added he would also like to require licenses for e-bikes. 

James Solomon

Councilman James Solomon is running neck-and-neck with McGreevy. 

On the issue of affordability, he told Kramer his number one priority is to demand that developers commit 20% of buildings for affordable housing, something New York City does. He also said he wants to cap the rent and stabilize property taxes. 

"Since I've been a councilman for eight years, I made a promise not to take donations from developers. My two major opponents in the race have taken hundreds of thousands of dollars, some are actually proposing unlimited tax breaks for developers," said Solomon. "For me, it's not that development is wrong, but you've got to make sure the development process benefits everyone."

When it comes to utilities, he said the mayor has the most power over water and sewer, and he wants to eliminate what he called a secret water tax on the city level. 

Solomon also said he will fight to keep Jersey City a sanctuary city, and that he supports the plan for bus rapid transit along Kennedy Boulevard. 

"You're going to need New Jersey Transit's partnership. So on day one, what I've promised to do is sit with the future governor and say the number one investment that I need in Jersey City is transit," he said. 

Watch each candidate's extended interview above.