Budget Committee Approves Stack Bill to Preserve Affordable Housing Options in New Jersey

Trenton – Legislation which would allow municipalities, with rent control ordinances, to prohibit affordable housing rent controlled units from being turned into condominiums was approved by the Senate Budget and Appropriations Committee. The bill was sponsored by Senator Brian Stack.

“According to numerous reports, the amount of affordable housing options across the country has been in decline over the past decade,” said Senator Stack (D-Hudson). “Since New Jersey is such an expensive state, and the current economic climate is causing it to become more expensive, we have to protect the affordable housing options that we still have for our lower income residents.”

Under the bill, a municipality could create an ordinance to prohibit the conversion of any affordable rental housing unit to a condominium. Upon the adoption of the ordinance, the prohibition would remain in effect until the municipality adopts a separate resolution that would suspend the prohibition.

The bill, S-1055, was released from committee by a vote of 9-2-1.