Establishes Statewide rent control.

This bill establishes statewide rent control in New Jersey, directly affecting landlords and tenants of residential rental units. It limits rent increases to a maximum of two percent in a single year or four percent over a five-year period for current tenants, while allowing a one-time increase of up to ten percent for new tenancies. The law includes specific exceptions for properties already under existing affordability programs and provides a mechanism for landlords to request waivers if they can prove an undue hardship, such as rising taxes or maintenance costs. Violations of these limits would result in penalties paid to the tenant, and the act takes effect immediately but remains inactive until the seventh month following its enactment.