This bill mandates the Commissioner of Community Affairs to conduct a comprehensive study aimed at quantifying the costs associated with housing regulations established by the Department of Community Affairs (DCA) and their impact on the housing market. The study will involve a thorough review of all DCA rules and regulations related to newly constructed or restored housing, including affordable housing, and will identify the regulatory compliance costs that developers must bear. Additionally, the study will assess how these regulations affect the rental and owner-occupied residential property markets, as well as the implications of permitting delays on overall housing costs.

The findings of this study are to be compiled into a report that the Commissioner must submit to the Legislature within nine months of the bill's effective date. The bill emphasizes the significant role that regulatory costs play in the overall expenses of single-family and multi-family residences, which can account for a substantial percentage of total development costs. By providing insights into these regulatory impacts, the bill aims to inform policymakers and stakeholders about the factors contributing to housing prices in the state. The bill is set to take effect immediately upon passage.