ASSEMBLY, No. 2379
STATE OF NEW JERSEY
INTRODUCED SEPTEMBER 26, 1996
By Assemblymen GREEN, KELLY, Assemblywoman J. Smith, Assemblymen Gregg, Weingarten and
An Act concerning rental housing and amending P.L.1987, c.153.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 7 of P.L.1987, c.153 is amended to read as follows:
7. This act shall take effect immediately, and shall expire [ten] fifteen years following enactment, but the expiration of this act shall not affect any multiple dwelling for which an exemption from a rent control or rent leveling ordinance was afforded prior to the expiration date, but the period of exemption so afforded shall continue for the full period afforded under [this act] P.L.1987, c.153 (C.2A:42-84.1 et seq.).
(cf: P.L.1992, c.206, s.1)
2. This act shall take effect immediately.
This bill extends for five years the exemption from rent control or rent leveling ordinances for newly constructed multiple dwellings currently provided under P.L.1987, c.153 as amended by P.L.1992, c.206. The current exemption is due to expire in 1997.
The sponsor has received information from builders of rental housing in urban areas that several thousand new units of rental housing have been built or are currently in the process of being built as a result of the almost decade-long exemption from rent control or rent leveling ordinances for newly constructed multiple dwellings originally provided under P.L.1987, c.153 and extended under P.L.1992, c.206. One developer has provided information that indicates that, in the past five years, his company has completed or received site plan approvals for almost 3,500 multifamily rental housing units. A second developer has provided information that, over the past six years, his company has developed approximately 700 units of multifamily rental housing and currently has over 400 units of new multifamily rental housing under construction. Both developers have indicated to the sponsor that the statutory exemption from rent control or rent leveling ordinances for newly constructed multiple dwellings was instrumental in their development of new multifamily rental housing units.
Extends for five years exemption from rent control or rent leveling ordinances for new multiple dwellings.