This bill proposes the repeal of sections 1 through 7 of P.L.1987, c.153 (C.2A:42-84.1 et seq.), effectively removing the initial mortgage period on new construction from the exemptions that currently allow for municipal rent control and rent leveling ordinances. By eliminating this exemption, the bill aims to ensure that new construction is subject to local rent regulations, thereby potentially increasing the availability of affordable housing options.

The legislation is set to take effect immediately and will apply to any new construction for which a complete application for development is submitted after the bill's effective date. This change reflects a shift in policy towards greater oversight of rental prices in newly constructed properties, aligning them with existing municipal rent control measures.