New Jersey S4749 mandates right of first refusal for displaced residential tenants in redevelopment projects.
New Jersey S4749 requires private developers to offer displaced residential tenants the right of first refusal to lease a comparable unit in a newly redeveloped building at a rental price no more than 10% higher than their previous rent. The developer must notify tenants of the completion date at least 90 days in advance and provide a written lease offer at least 60 days before completion. Tenants have 30 days to accept or decline the offer. If accepted, the lease includes a provision that rent increases in renewals cannot exceed local rent control ordinances.
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