Removes initial mortgage period on new construction from exemptions to municipal rent control and rent leveling ordinances.

This bill repeals the exemption that currently allows new apartment buildings to avoid municipal rent control or rent leveling rules for a period tied to their mortgage (typically 5-10 years). It directly affects new residential construction projects in municipalities with rent control ordinances, requiring them to comply with local rent rules immediately upon completion instead of during the initial mortgage period. The key mechanism is repealing specific sections of existing law (P.L.1987, c.153) that created this exemption. The change applies to new construction developments submitting a complete development application after the bill takes effect.