A 3506
Promotes housing availability and prevents speculation by imposing fee for institutional ownership of certain unproductive residential property.
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to increase housing availability and prevent speculation in New Jersey by imposing a fee on institutional investors who own unproductive residential properties. The fee is calculated based on the number of such properties owned. The bill defines ‘unproductive’ properties as those that haven’t had continuous occupancy and seeks to incentivize the productive use of real estate, reduce land speculation, and generate revenue for housing initiatives. The revenue generated will be used to address the state’s housing shortage and support local communities.
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