Bill
Bill > A3288
NJ A3288
NJ A3288Removes initial mortgage period on new construction from exemptions to municipal rent control and rent leveling ordinances.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill would repeal sections 1 through 7 of P.L.1987, c.153 (C.2A:42-84.1 et seq.) in order to remove the initial mortgage period on new construction from the exemptions that are required by State law to be applied to municipal rent control and rent leveling ordinances. The bill would take effect immediately, and would apply to new construction for which an application for development is submitted subsequent to the effective date of this act.
AI Summary
This bill would repeal the sections of existing law that exempted new construction from municipal rent control and rent leveling ordinances during the initial mortgage period. This means that new construction would no longer be exempt from these local ordinances, and would be subject to the same rent control and rent leveling rules as other housing in the municipality. The bill would take effect immediately and apply to new developments for which an application for development is submitted after the effective date of the bill.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly Housing Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A3288 |
| BillText | https://pub.njleg.gov/Bills/2024/A3500/3288_I1.HTM |
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