NAA & NMHC Join NJAA Coalition In Support of Veto for Controversial Bill to Roll-Back New Construction Exemption on Local Rent Controls

As the deadline for Governor Chris Christie to act on A-2737/S-897 draws closer, the National Apartment Association (NAA) and National Multi Housing Council (NMHC) announced their support this week for NJAA’s Absolute Veto request. The NJAA submitted an Absolute Veto request to the Governor on June 28th; one day after the State Legislature narrowly passed legislation to retro-actively roll-back the new construction exemption. The NJAA has fought this initiative for six years and our Absolute Veto request is the latest step taken to stop this deleterious bill.  A-2737/S-897 seeks to reverse over two decades of established housing policy that encourages construction of rental housing by providing an exemption from rent control for newly constructed rental buildings. This policy has been critical to urban revitalization and the production of much needed rental housing throughout the state. A-2737/S-897 would retro-actively remove age 55+ senior housing from this important program, leading to fewer units being constructed for this growing demographic. NAA & NMHC join the NJAA, and a broad Jersey-based coalition including NJ Builders Association (NJBA), the NJ Association of Realtors (NJAR), and the Smart Growth Economic Development Coalition, calling on Governor Chris Christie to veto the bill.   Click here for NJAA’s Absolute Veto request and click here for NAA & NMHC’s joint letter. NJAA will continue to keep members updated as the final deadline approaches for the Governor to take action.