New Jersey Apartment Association Commends Governor Christie for His Conditional Veto of Bill to Roll-Back New Construction Exemption
September 10, 2013
The New Jersey Apartment Association (NJAA) with the mission to advance and protect the welfare of the apartment industry in New Jersey, including the managers and owners of more than 180,000 rental units and the more than two million residents who call apartments home throughout the state, commends Governor Chris Christie (R-Morris) for Conditionally Vetoing the reckless and unwarranted legislation aimed at rolling back the new construction exemptions on 55+ senior rentals.
The NJAA, which submitted an Absolute Veto request on June 28th, is confident that the Governor’s Conditional Veto, submitted to the Legislature for consideration on September 9th, deletes the most dangerous sections of the bill and proposes that the Department of Community Affairs conduct a study of rent control and its effects on seniors, It is hoped that a state study will help educate legislators, municipal officials and, ultimately, renters on the long-term impact artificial price controls have on the quantity and quality of affordable rental housing in New Jersey.
"The New Jersey Apartment Association thanks Governor Christie for doing the right thing and using his authority to send this bill back to the Legislature for more work," said NJAA President, Brent Kohere. "This legislation was bad from the start but thankfully, the Governor was there to protect our economy, defend rental housing, and preserve the future of multi-family investment by sending the proposal back for additional work."
"The New Jersey Apartment Association looks forward to continuing to work with the Governor and Legislative Leaders on this issue. An in-depth, statewide study of rent control and its deleterious effects on New Jersey’s economy, local property taxes base, and the quality of our rental housing stock is something we all agree is sorely needed."
The Governor’s Conditional Veto of A-2737/S-897 preserves the vital new construction exemption from local rent controls on new rental apartment construction. Preserving this important housing policy is an important victory for the NJAA and our members who provide safe, clean, affordable rental housing to hundreds of thousands of working families, young couples and seniors.
To read the complete press release, click here.