Allows certain senior citizens to apply for rent increase limit.

This bill, the "Senior Citizen Tenant Protection Act," allows New Jersey residents aged 55 or older who have lived continuously in the same rental unit for 10 years and earn $80,000 or less annually to apply for protected status. Once approved, landlords cannot raise their rent by more than an annual index factor tied to regional inflation (based on the Consumer Price Index), preventing rent hikes that outpace fixed incomes like Social Security. Landlords may request a waiver for financial hardship, but must prove they cannot earn a reasonable return without it, and waivers do not override local rent control laws. The law aims to protect long-term senior tenants from displacement due to unaffordable rent increases.