Establishes certain notice and compensation requirements for residential tenant displaced for purpose of renovation.

S 3031 requires landlords in New Jersey to compensate residential tenants $12 times their monthly rent plus the cost of a moving truck/van if tenants are displaced for renovation or construction work. It applies when landlords: (1) give written notice for renovation, (2) file court action claiming renovation purposes, or (3) displace tenants for personal occupancy while promising renovation (or completing it within 6 months). Landlords must pay this compensation 5 days before move-out (for notice/eviction cases) or within 5 days of displacement (for occupancy cases), with 18% interest accruing if delayed. Unpaid amounts become a priority lien on the property after 30 days, recorded with the county clerk.