This bill aims to enhance housing availability and reduce speculation in New Jersey's real estate market by imposing a fee on institutional investors who own or acquire unproductive residential properties, defined as abandoned or vacant. The fee is calculated at $30,000 for each unproductive property owned by the investor as of the last day of the calendar year. The legislation outlines definitions for "subject property" and "unproductive real property," while providing exemptions for certain entities, including nonprofit organizations focused on affordable housing, small institutional investors, and financial institutions acquiring properties through foreclosure.

Furthermore, the bill requires institutional investors to submit an annual report to the Commissioner of Community Affairs detailing their ownership of subject properties and any properties at risk of becoming unproductive. Failure to submit this report will result in civil penalties, which will increase for repeated offenses. Each day the report is not received will be treated as a separate violation. The Commissioner is also tasked with developing rules and regulations for the bill's implementation, which will take effect six months after enactment. The bill is designed to incentivize the productive use of residential properties and mitigate the impact of institutional investors on the housing market.