The bill, P.L.2025, c.85, introduces new definitions and regulations concerning rent increases for covered dwelling sites within manufactured home parks in New Jersey. It defines key terms such as "Commissioner," "covered dwelling site," "landlord," and "tenant," and establishes that landlords cannot increase rent by more than 3.5% over a 12-month period without specific approval. Additionally, it allows landlords to petition the Commissioner for rent increases beyond this limit under certain conditions, such as unanticipated cost increases or capital improvements. The bill also outlines penalties for landlords who violate these provisions, including fines and the potential for tenants to recover damages.

Furthermore, the bill clarifies that it does not preempt existing municipal ordinances that impose stricter rent control measures, while also allowing municipalities to adopt regulations consistent with the new law. It allocates $2 million from the General Fund to the Department of Community Affairs to support the implementation of the act and mandates the Commissioner to adopt necessary rules and regulations. The act will take effect immediately, but certain sections will remain inoperative until eight months after enactment, applying to tenancies that commence thereafter.