S.220

Establishes standards for expiration of rental housing affordability controls in New Jersey.

The bill sets standards for the expiration of rental housing affordability controls in New Jersey. It mandates that if the household income remains below 80 percent of the regional median income, the landlord cannot increase rent until the household vacates. If income exceeds this threshold, the landlord can increase rent to market rates after 60 days. The landlord must provide written notice at least 120 days before the controls expire, detailing the expiration date, proposed rent increase, and the implications for continued occupancy.