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 the same rent control regulations as existing properties, thereby promoting affordability in housing.

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