NJAA Urges Governor to Veto Retro-Active Senior Rent Control Bill
June 28, 2013
The narrow passage of A-2737/S-897 raised immediate requests by housing-related organizations led by the NJAA to New Jersey Governor Chris Christie for an Absolute Veto.
The bill would make New Jersey the only state in the nation to regulate prices on newly constructed apartment buildings. These bills contravene a well-established housing policy that encourages construction of multi-family rental housing by providing an exemption from rent control for newly constructed multi-family rental buildings. This policy has been critical to urban revitalization and the production of much needed rental housing throughout the state.
Rent control is not only a poor housing policy universally decried by economists for market distortions and inefficiencies, but it also significantly erodes and artificially constrains the municipal property tax base. Moreover, rent control creates significant disincentives for property owners to invest in and maintain the existing housing stock, and as such, over time, systematically suppresses the standard of living for those who choose to live in rental housing.
Click here for a copy of NJAA’s press release with a copy of its veto request on A-2737/S-897.