Locally and statewide, NJAA closely monitors issues impacting the multifamily housing industry in New Jersey. NJAA proactively tackles these, and other, issues on behalf of our members.
At NJAA, we believe that the real solution to both affordable housing and housing affordability lies within the multifamily apartment industry. Multifamily apartments provide quality housing at all price levels and in all locations across the state.
But, state and local mandates sometimes make it difficult to keep New Jersey’s last best hope at affordable housing just that — affordable. At NJAA, we are working hard to ensure our members, and the multifamily industry, are viewed as key partners in the State’s efforts to meet the demand for affordable housing. In doing so, we not only tackle the issue of affordable housing in New Jersey, but also improve the overall quality of life for those that call apartment living home.
Rent control is a government mandate that sets a maximum allowed rent on rental units. In New Jersey, this is done at the local level. It suppresses the standard of living and quality of life for those living in rent controlled units, decreases the local property tax base and leads to housing shortages. Most of the nation has abandoned antiquated rent control regulations for innovative affordable housing policies. Yet, New Jersey remains one of only four other states, along with Washington, D.C., that still impose rent control. In fact, 35 of the 46 states without rent control have affirmatively enacted legislation prohibiting local governments from imposing it.
NJAA is working with mayors and elected officials across the state to implement permanent vacancy decontrol, which removes outdated price limits on rent controlled units only after it is vacated by a tenant. This slowly phases out rent control while protecting the residents currently living in rent controlled apartments.