Newark City Council Introduces Revisions to Its Rent Control Ordinance
June 19, 2015
On June 17, 2015, the Newark City Council voted to introduce a proposal to revise the City’s rent control ordinance. While the ordinance clarifies the concepts introduced into the ordinance in 2014, it does little to address the concerns that Newark owners have expressed regarding the ordinance. The 2014 ordinance dramatically reduced rent increases, limited the ability of owners to perform capital improvements, and removed incentives to upgrade units upon turnover. This has led to a dramatic decline in investments in improving multifamily housing in Newark, which ultimately diminishes the quality of life for Newark residents. NJAA members who own property in Newark have formed the Newark Apartment Owners Association (NAOA) to create a unified voice for the multifamily industry before city hall. For more information about becoming involved, please e-mail email@example.com.