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 residential construction to be temporarily exempt from municipal rent control or rent leveling ordinances during the initial mortgage period. It directly affects new residential developments in New Jersey municipalities with such ordinances, requiring them to comply with rent control rules from the start of occupancy. The key change removes the requirement for municipalities to exclude new construction from rent control for a set period after building completion. The bill takes effect immediately and applies to developments with development applications submitted after its effective date.