New Jersey S4833 clarifies exemptions to municipal rent control and rent leveling ordinances for newly constructed multiple dwellings.
New Jersey S4833 amends existing law to clarify and enforce exemptions to municipal rent control and rent leveling ordinances for newly constructed multiple dwellings. The bill specifies that exemptions apply only to multiple dwellings constructed for rental occupancy, not those built for sale. It mandates that owners must file a claim of exemption before construction completion and provide tenants with written notice of the exemption. Exemptions are limited to the term of the initial mortgage loan or 30 years if no mortgage is obtained.
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