Bill > S4167

This bill aims to repeal sections 1-7 of a 1987 law (P.L.1987, c.153) that currently provides exemptions for new construction from municipal rent control and rent leveling ordinances. Specifically, the bill would remove the initial mortgage period protection that has previously shielded newly constructed residential properties from local rent control regulations. By repealing these sections, the legislation would allow municipalities to apply rent control ordinances to new construction projects more quickly, potentially impacting housing affordability and landlord practices. The bill would take effect immediately and apply to any development for which a complete application is submitted after the bill's effective date. This change could potentially provide local governments with more tools to manage housing costs and protect tenants in newly constructed residential properties, while potentially affecting the financial calculations of real estate developers and property owners.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S4167