Rent Control Loophole big enough for a 10 story Roller Coaster !!

Hoboken rent conrol loophole

Many people in Hoboken are becoming more away of rent control but they are not aware that any 4 unit multi family building built after 1986 is not subject to rent control for 30 years after it is built. I am linking to a synopsis of the law from the New Jersey Department of Community Affairs for anyone interested in the applicability of rent control to their particular building.

2A:42-84.5. Exemptions from rent control, leveling, stabilization; legislative intent a. It is the intent of P.L.1987, c.153 (C.2A:42-84.1 et seq.), that the exemption from rent control or rent leveling ordinances afforded under P.L.1987, c.153 (C.2A:42-84.1 et seq.) shall apply to any form of rent control, rent leveling or rent stabilization, whether adopted now or in the future, and by whatever name or title adopted, which would limit in any manner the periodic or regular increases in base rentals of dwelling units of multiple dwellings constructed after the effective date of P.L.1987, c.153 (C.2A:42-84.1 et seq.). No municipality, county or other political subdivision of the State, or agency or instrumentality thereof, shall adopt any ordinance, resolution, or rule or regulation, or take any other action, to limit, diminish, alter or impair any
exemption afforded pursuant to P.L.1987

Rent Control not for New Buildings

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