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 options within municipalities.

The legislation is set to take effect immediately upon passage and will apply specifically to developments for which a complete application is submitted after the effective date of the act. This change is intended to enhance local control over rental pricing and contribute to the overall goal of maintaining affordable housing in New Jersey.