Signed by Governor Phil Murphy

Vote Smart's Synopsis:

Vote to pass a bill that prohibits certain rental properties from being converted into condominiums.

Highlights:

• Authorizes the state legislature to use the “Tenant Protection Act of 1992” to adequately preserve the supply of affordable housing in certain municipalities in which condominiums and cooperative conversions have been especially common (Sec. 1).

• Authorizes qualified municipalities to prohibit the conversion of affordable housing units into condominiums (Sec. 1).

• Defines an “affordable rental housing unit” as a rental housing unit that is subject to a rent control ordinance (Sec. 2).

• Defines “qualified municipality” as any municipality with a population density in excess of 25,000 per square mile, according to the most recent federal decennial census and which has adopted a rent control ordinance (Sec. 2).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that prohibits certain rental properties from being converted into condominiums.

Highlights:

• Authorizes the state legislature to use the “Tenant Protection Act of 1992” to adequately preserve the supply of affordable housing in certain municipalities in which condominiums and cooperative conversions have been especially common (Sec. 1).

• Authorizes qualified municipalities to prohibit the conversion of affordable housing units into condominiums (Sec. 1).

• Defines an “affordable rental housing unit” as a rental housing unit that is subject to a rent control ordinance (Sec. 2).

• Defines “qualified municipality” as any municipality with a population density in excess of 25,000 per square mile, according to the most recent federal decennial census and which has adopted a rent control ordinance (Sec. 2).

Full Bill Text