New Jersey S4749 requires developers to offer displaced tenants a right of first refusal for a new unit at no more than 10% higher rent.
New Jersey S4749 mandates that private developers who demolish an apartment building must offer each displaced residential tenant a right of first refusal to lease a comparable unit in the newly developed building at a rent no more than 10% higher than their previous rent. The displaced tenant has 30 days to accept or decline the offer. If the municipality has a rent control ordinance, the lease renewal cannot exceed the rent increase allowed by that ordinance.
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