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 construction to be exempt from municipal rent control and rent leveling rules during an initial mortgage period. It requires new housing developments to comply with local rent control ordinances from the start, rather than having a temporary exemption. The change applies to new construction projects with development applications submitted after the bill's effective date. This directly affects developers and landlords of new residential buildings in municipalities with rent control or rent leveling laws.