New Jersey A5581 requires developers to offer displaced tenants a right of first refusal for new leases.
New Jersey A5581 mandates that private developers 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 percent higher than their previous rent. The developer must notify tenants of their right to first refusal and provide a written lease offer at least 60 days before the building's completion. Tenants have 30 days to accept or decline the offer.
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