A city ordinance introduced this week would address a 1987 state law exempting new construction from local rent control.
The 777 Apartments near Newark Penn Station, seen here during a topping-off ceremony in June 2022, would be subject to rent control under a proposed city ordinance despite a 1987 state law exempting newly constructed apartments from local rent control.A decade-long building boom in Newark has added thousands of new apartments to the city as development spreads west from Jersey City’s red-hot real estate market.
Details of the ordinance are still being drafted. But officials say it would likely exempt small rental properties, particularly owner-occupied buildings of four units or less.Regardless of the proposed or existing ordinances, no rent increases of any amount for any apartments are permitted under a moratorium the city imposed as an emergency measure during the coronavirus pandemic.
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