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 local rent regulations, thereby potentially increasing affordability and stability in rental markets.

The legislation is set to take effect immediately upon passage and will apply specifically to developments for which a complete application for development is submitted after the effective date of the act. This change is intended to enhance the oversight of rental prices in newly constructed properties, aligning them with municipal efforts to control rent increases and protect tenants.