N.J. DCA Landlord/Tenant Information Series — Condominium and Cooperative Conversion Law

Citation
N.J. DCA Landlord/Tenant Information Series — Condominium and Cooperative Conversion Law
Jurisdiction
New Jersey (state)
Source
Official source
Original Source
https://www.nj.gov/dca/codes/publications/pdf_lti/condo_laws.pdf ↗

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Full Text

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b. Within a zone which includes the area declared to be in a state of emergency and, if
so indicated in the Notice of Rent Protection Emergency extending a distance not to exceed 10
miles in all directions from the outward boundaries thereof, there shall be a limitation on the
amount of rent which may be charged a tenant undertaking a new lease for residential premises
during the duration of the declaration of a "Notice of Rent Protection Emergency" made pursuant
to section 1 of P.L.2002, c.133 (C.2A:18-61.62). The amount of rent which may be charged
shall be limited to the product of the fair market rental value of the premises prior to the
emergency conditions and two times the rate of inflation as determined by the increase in the CPI
for the immediately preceding nine month period. For the purposes of this section, "CPI" means
the annual average over a 12-month period beginning September 1 and ending August 31 of the
Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), All Items Series
A, of the United States Department of Labor (1957-1959 = 100), for the New York, NY-
Northeastern New Jersey region.