This bill establishes specific notice and compensation requirements for residential tenants who are displaced due to renovations. Under the proposed legislation, landlords are required to compensate displaced tenants for the reasonable rental cost of a moving truck or van, as well as an amount equal to 12 times the monthly rent paid by the tenant. This compensation is mandated if the landlord has either issued a written notice for possession of the premises for renovation purposes or has filed a complaint in court for the same reason. Additionally, if a tenant is displaced because the owner or a buyer intends to occupy the unit, the landlord must also provide compensation if they represented that the possession was sought for renovation purposes or if renovations were performed within six months of the tenant's displacement.

Furthermore, the bill stipulates that landlords must provide written notice to tenants at least one month prior to the requested departure date if they are attempting to persuade tenants to vacate for renovation purposes. This notice must outline the circumstances under which a tenant can be evicted for renovations and clarify that eviction is not permitted unless those circumstances are met. The Commissioner of Community Affairs is tasked with preparing a model statement for landlords to use in compliance with this requirement. The bill aims to protect tenants from being misled about their rights and ensure they receive appropriate compensation when displaced under the guise of renovation.