Trenton – Legislation which would allow municipalities, with rent control ordinances, to prohibit affordable housing rent controlled units from being turned into condominiums was approved by the Senate today. The bill was sponsored by Senator Brian Stack.
“Far too many reports point to a lack of affordable housing options in New Jersey and across the country,” said Senator Stack (D-Hudson). “Due to New Jersey’s high cost of living and the current economic climate causing us to become even more expensive, we have to protect the affordable housing options that we still have for our lower income residents.”
Under the bill, a municipality could create an ordinance to prohibit the conversion of any affordable rental housing unit to a condominium. Upon the adoption of the ordinance, the prohibition would remain in effect until the municipality adopts a separate resolution that would suspend the prohibition.
The bill, S-1055, was released from committee by a vote of 26-13.