S 3029
Removes initial mortgage period on new construction from exemptions to municipal rent control and rent leveling ordinances.
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Sign in to take action- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill aims to change how New Jersey’s municipal rent control and rent leveling ordinances treat new construction. Currently, these ordinances exempt new buildings from rent restrictions for the initial mortgage period. This bill seeks to remove that exemption, meaning that new buildings would be subject to rent controls and leveling from the start. The legislation repeals specific sections of existing law to achieve this change.
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