This bill mandates that owners of multiple dwellings with three or more floors must prioritize senior citizens and individuals with disabilities that limit mobility when they seek to move to a lower floor unit within the same building. Specifically, qualifying residents—defined as senior citizens or persons with mobility-limiting disabilities—will be granted the right of first refusal over both outside applicants and other non-qualifying residents wishing to move to a lower floor. The bill clarifies that these requirements will not interfere with any existing affordability, targeting, or income restrictions already in place for the multiple dwelling.

Additionally, the bill requires owners or their agents to display a sign in a prominent location that informs residents about the priority status granted to qualifying individuals. However, it is important to note that the provisions of this bill do not apply to buildings held in cooperative ownership or governed by specific real estate development acts, including the "Planned Real Estate Development Full Disclosure Act," the "Condominium Act," the "Horizontal Property Act," and the "Cooperative Recording Act of New Jersey." The bill is set to take effect immediately upon passage.