Allows certain senior citizens to apply for rent increase limit.

This bill, the "Senior Citizen Tenant Protection Act," would allow New Jersey residents aged 55 or older who have lived in the same rental unit (not public housing) for at least 10 years and earn $80,000 or less annually to apply for "protected senior citizen tenant" status. Approved tenants would limit rent increases to 75% of the annual Consumer Price Index change in their region, adjusted each year. Landlords violating this limit could face penalties of $500 or three times the excess rent, plus legal fees. Landlords may request hardship waivers if the limit causes financial strain, but waivers do not override local rent control laws.