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Bill > S3029
NJ S3029
NJ S3029Removes initial mortgage period on new construction from exemptions to municipal rent control and rent leveling ordinances.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 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 remove a specific exemption from municipal rent control and rent leveling ordinances for new construction during its initial mortgage period, meaning that newly built properties would no longer be automatically exempt from these local regulations. Rent control and rent leveling ordinances are local laws that limit how much landlords can increase rent and how often they can do so, and this bill would apply to new construction projects for which an application for development is submitted after the bill becomes law.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/13/2026)
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/2026/S3029 |
| BillText | https://pub.njleg.gov/Bills/2026/S3500/3029_I1.HTM |
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