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

This bill repeals exemptions that previously allowed new apartment buildings to avoid rent control during their initial mortgage period. It requires new construction to comply with municipal rent control and rent leveling ordinances from the start, rather than after a set period. Landlords of new residential developments and their tenants will be directly affected, as rent limits will apply immediately upon occupancy instead of after the mortgage period. The key change removes the existing exemption in state law (P.L.1987, c.153), applying to projects with development applications submitted after the bill's effective date. This creates a more immediate rent control framework for new housing in participating municipalities.