New Jersey A3506 imposes a fee on institutional investors owning unproductive residential properties to promote housing availability and prevent.
New Jersey A3506 aims to address the housing shortage and prevent land speculation by imposing a fee on institutional investors owning unproductive residential properties. The bill defines "unproductive real property" as abandoned or vacant residential properties, excluding those predominantly used for agriculture or under development. Institutional investors must pay a fee of $30,000 per property, with additional penalties for non-compliance.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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