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 developers to bypass 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 promoting affordable housing and protecting tenants' rights.

The legislation is set to take effect immediately upon passage and will apply to any new development for which a complete application is submitted after the effective date. This change is intended to enhance local control over rental practices and ensure that new housing developments contribute to the overall affordability of the housing market in municipalities across New Jersey.