Establishes additional factors for municipal adjustment used in calculating fair share affordable housing obligations; provides population-based cap for housing obligations.

This bill modifies how New Jersey municipalities calculate their affordable housing obligations by adding specific factors that can reduce the amount of land counted as available for development. It directly affects towns and cities that must meet state-mandated fair share housing requirements, allowing them to exclude certain types of land from their calculations. The key provisions include excluding government-owned land dedicated to public purposes, conservation areas, small private parcels, historic sites, agricultural land with development restrictions, environmentally sensitive areas, and lands where infrastructure or school capacity would be significantly strained. Additionally, the bill eliminates the Council on Affordable Housing and requires municipalities to determine their housing obligations using updated formulas that consider these new adjustment factors.